Home Market News Small Caps Why Marathon Digital, a Bitcoin-Related Stock, is Riding the Blue Skies

Why Marathon Digital, a Bitcoin-Related Stock, is Riding the Blue Skies

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Why Marathon Digital, a Bitcoin-Related Stock, is Riding the Blue Skies

Bitcoin Rumors Boosting Crypto-Related Stocks


Marathon Digital Holdings Inc (NASDAQ: MARA) is experiencing a 6.7% surge, trading at $8.22 as Monday’s session comes to a close. The spike in Bitcoin, driven by a now-refuted rumor of Bitcoin spot ETF approval, has resulted in an overall uptick in crypto-related stocks.

Fact Check: BlackRock Denies Bitcoin ETF Approval


In response to journalist Eleanor Terrett from Fox Business, BlackRock has confirmed that their Bitcoin ETF application is still under review. CoinTelegraph has also issued an apology for a misleading tweet about the BlackRock Bitcoin ETF, committing to an internal investigation and a public sharing of its findings.

See Also: Cathie Wood Says ‘Hopes Are Rising’ For Bitcoin ETF Approval By SEC

The Impact on Marathon Digital


Marathon Digital Holdings is primarily engaged in Bitcoin mining, which involves solving complex mathematical puzzles to validate transactions on the Bitcoin network and earn new Bitcoins as a reward.


The profitability of mining operations directly correlates with the price of Bitcoin. When the Bitcoin price rises, miners like Marathon Digital can mine more Bitcoins and generate higher revenue.

Although the rumor about a Bitcoin spot ETF approval has been debunked, the stock market is known for speculative trading based on news and rumors. Traders may have reacted to the rumor by speculating on Marathon Digital’s potential performance, even if the rumor turned out to be false.

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