Nasdaq-listed cryptocurrency mining firm Marathon Patent Group reached a total market value of $1 billion as its shares surged Wednesday to more than three year highs of over $17.00.
- Shares of the Las Vegas-based company have soared over 1,700% in the past 12 months. Bitcoin gained roughly 330% over the same period.
- Marathon has been mining some cryptocurrency since at least 2016, but considerably increased its focus on mining operations in the past few years. At the cryptocurrency market’s prior peak in late 2017, Marathon barely had a $50 million market capitalization.
- Coinciding with its recent nearly parabolic increase in share price, Marathon has aggressively expanded its mining capacity, with a total of 90,000 new machines purchased in October and December.
- The company also completed a $200 million capital raise Monday and announced a “clean block” mining pool with DMG Blockchain Solutions that “that adheres to the Office of Foreign Asset Controlâ€™s (OFACâ€™s) compliance standards and reduces the risk of mining blocks that include transactions linked to nefarious activities,” per a release.
- Marathon reached the billion market value club a week after publicly traded bitcoin miner Riot Blockchain also reached a $1 billion market value.
- Bitcoin’s sustained rally over the past year has benefited publicly traded mining companies across the board, with the gains of nearly all of theirshares outperforming the leading cryptocurrency, per CoinDesk’s prior reporting.