Why Marathon Digital and Other Crypto Mining Stocks Surged Today
The crypto mining industry consolidated a bit on Tuesday, and in reaction, investors bid up not only Marathon Digital Holdings (NASDAQ: MARA) -- the company doing the consolidating -- but other notable stocks in the business.
Marathon itself saw its stock price rise by almost 11%, while the smaller Cipher Mining (NASDAQ: CIFR) saw a more than 14% gain. TerraWulf (NASDAQ: WULF) and SOS Limited (NYSE: SOS) were also winners on the day, advancing a respective 9% and 10%. For perspective, the broad S 500 index inched up only 0.6%.
Before market open, Marathon shook up the crypto miner scene by announcing that it had agreed to acquire a pair of Bitcoin (CRYPTO: BTC) mining sites. It bought the pair from subsidiaries of finance company Generate Capital at a price of $178.6 million. This purchase price is to be paid entirely in cash.
Source Fool.com
