As a crypto investor with some experience under my belt, I’m excited about Marathon Digital joining the S&P SmallCap 600 index fund. This confirmation of Marathon’s addition has caused a significant rally in its shares, with an impressive 18% increase on May 6 alone.
As a researcher studying the cryptocurrency market, I came across an intriguing development regarding Marathon Digital Holdings, the largest Bitcoin miner by market capitalization. The confirmation of their inclusion in the S&P SmallCap 600 index fund triggered a notable surge in their shares, with a 18% increase observed in the aftermath of this announcement.
After market close on May 3, the S&P Dow Jones Indices announced that Marathon would take over Aaon’s spot in the index starting May 8.
The S&P SmallCap 600 index represents approximately 600 American businesses whose market value falls within the range of $1 billion to $6.7 billion, demonstrating consistent profitability in their latest quarterly report as well as the previous four quarters.
On Monday, May 6th, I observed a significant surge in the value of Marathon Digital (MARA) shares. According to my go-to source, Google Finance, the price jumped approximately 18%, reaching a peak of $20.67.
As a researcher studying the Bitcoin market, I’ve noticed an intriguing development: The stock price has experienced a significant surge of over 25.2% since the Bitcoin halving in April 2020. This event saw miner block rewards reduced from 6.25 BTC to 3.125 BTC, equivalent to approximately $198,000 at present prices.
However, MARA is down 9.86% year-to-date, it reached a 2024 high of $31.03 on Feb. 28.
With a float-adjusted market capitalization of $5.6 million, Marathon is expected to carry significant influence among smaller companies in the S&P SmallCap 600 index due to this larger size.
As a financial analyst, I’m excited to share that Marathon is set to join the S&P 500 index with its first-quarter earnings report scheduled for May 9. According to Zacks Research, these earnings are projected to bring in a significant revenue increase of approximately 280% year-over-year (YOY), reaching $193.9 million. Additionally, the firm anticipates an impressive earnings per share growth of around 167% YOY, amounting to $0.02.
As a crypto investor, I’ve noticed that Marathon’s Bitcoin mining competitors, CleanSpark (CLSK) and TeraWulf (WULF), had impressive gains on May 6. Specifically, CleanSpark’s shares surged by almost 8%, while TeraWulf experienced a notable increase of around 10.7%.
Amidst a decline in Bitcoin miner revenues caused by the effects of the recent halving, there has been an uptick in the value of mining stock investments.
The transaction fees remained significantly higher than 3.125 Bitcoins during the initial phase following the halving event, balancing out the reduced block reward due to the halving process.
At block 842,350, as reported by mempool.space, transaction fees have decreased significantly and currently range between approximately 0.2 to 1 Bitcoin.
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2024-05-07 03:22