On Wednesday, Marathon Digital raised $300 million and purchased 4,144 Bitcoin, expanding its corporate stash to more than 25,000 BTC and cementing its place as the second-largest public Bitcoin holder.
The move pushes Marathon past MicroStrategy in corporate holdings, giving it a Bitcoin portfolio valued at roughly $1.5 billion, while the company diversifies into mining Kaspa and leasing data centers for AI.
Revenue jumped 78 percent to $199.7 million in the latest quarter, though Bitcoin production fell 30 percent after the April halving, and analysts now forecast the share price to climb toward $22.70 from its current $16.30.