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Here's Why Marathon Patent Group Stock Came Crashing Down Today

TheMotleyFool

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Here's Why Marathon Patent Group Stock Came Crashing Down Today

Shares of bitcoin-mining company Marathon Patent Group (NASDAQ: MARA) came crashing down on Wednesday after the company announced a $250 million stock offering. The immediate issue here is shareholder dilution, but the massive move could hold clues to the future of the company. As of 12:30 p.m. EST, Marathon stock was down 15%.

The price of bitcoin has risen dramatically over the last few months, and investors have played this trend by trading penny stocks of bitcoin miners like Marathon, Riot Blockchain, Bit Digital, and others. Even though Marathon stock is down today, it's still up a massive 2,200% over the past six months. That's how much this has been pumped thus far.