largest miner by market cap, Marathon Digital, saw its shares hike by 17.98% during Monday’s trading session. By hiking as it did, MARA marked an extended recovery, pushing it closer to $20 as it effectively reversed over 90% of its losses in April.last Friday. Marathon Digital was included in the S&P 600, an index that tracks the smallest traded public U.S companies based on market cap.
The development happened last Friday after market hours, but was only priced on Monday, as underlined by the aforementioned jump. The S&P 600, also known as the S&P SmallCap 600, requires a market cap of $1 billion—$6.7 billion for listing. Additionally, firms have to record positive profits for the last four quarters.
After Monday’s rally, MARA had a market cap of $5.64 billion. With a Q1 earnings report scheduled for 9 May, staying on the index will depend on future quarterly earnings.Despite the Monday jump and overall recovery in May, however, MARA’s YTD performance was down 9.86% at press time. In fact, the YTD performance across most miners’ stocks, like Riot Platforms and Hut 8, have fallen by double-digits.
However, BTC closed in the red during MARA’s Monday rally. Ergo, it will be interesting to see how BTC reacts to Marathon Digital’s quarterly earnings report on 9 May.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.Subscribe to get it daily in your inbox.
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