Marathon Digital Holdings, Inc. (NASDAQ:MARA) operates as a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets in United States. The company was formerly known as Marathon Patent Group, Inc. and changed its name to Marathon Digital Holdings, Inc. in February 2021. Marathon Digital Holdings, Inc. was founded in 2010 and is headquartered in Las Vegas, Nevada.
Marathon is one of the favorite bitcoin mining stock in a fast growing industry that exploded in 2021. Marathon Digital Holdings is HODLing 6,225.6 Bitcoin as of August 2021 and will increase its Bitcoin stash leading up to full mining capacity in July 2022. Total miners deployed reached 19,395, which is a far cry from MARA’s 133,000 miner goal next year.
Marathon should become the largest Bitcoin mining company in America, giving them a ton of upside at the current price range. 133,000 deployed miners would make them a market leader in an industry that got a massive boost after China’s Bitcoin mining ban.
MARA stock currently trades at a price to sales ratio of around 30 but that’s with Marathon operating at less than 20% full capacity. Once all miners are deployed, Marathon could achieve $100+ million in Bitcoin mining revenue with the added bonus of HODLing newly minted Bitcoin.
Marathon Digital Holdings, Inc. has been gaining hedge funds’ attention as the number of hedge funds tracked by Insider Monkey having stakes in the company stood at 19 in Q2.
Marathon Digital Holdings, Inc. reported a 91% quarter-over-quarter growth in mined bitcoins at 1,252, valued at $336.3 million, in Q2. In October, DA Davidson initiated its coverage on Marathon Digital Holdings, Inc. with a Buy rating and a $65 price target, highlighting the company’s unique position in crypto mining.
Due to its Bitcoin holdings alone, it should boost MARA stock accordingly. MARA stock could trade at over $100+ by next year and is one of the safer crypto stocks to own currently.