Marathon Digital Holdings (MARA) stocks rose Monday after the cryptocurrency miner announced a significant increase in mining capacity in the first quarter, which significantly increased its stake in Bitcoin (BTC).
MARA stock rose 15.8% to close at $ 56.56, a new all-time high. Crypto mining inventory grew up to 17.1% earlier in the day.
By comparison, the technology-oriented Nasdaq Composite Index rose 1.7% on Monday. Meanwhile, the Bitwise 10 Crypto Index Fund was up 1.9%
At current values, Marathon Digital has a total market capitalization of $ 5.6 billion, making it one of the largest crypto proxy stocks.
Marathon mined 196 BTC in the quarter ended March 31, increasing its total inventory to 5,134.2 BTC, the company announced on Monday. At the current values, Marathon Bitcoin holdings are nearly $ 302 million.
In addition to mining the digital asset, Marathon bought 4,812.66 BTC in January at an average price of $ 31,168.
The company grew its mining operations in the first quarter after receiving 10,300 S-19 Pro ASIC miners from Bitmain. Marathon’s mining fleet now consists of 5,800 miners who collectively generate 0.71 exahashes per second of hashing power.
The company’s cash on hand at the end of the first quarter was $ 212 million. Total liquidity, defined as cash and BTC holdings, was approximately $ 513.9 million.
As Cointelegraph recently reported, Marathon plans to redirect all hashing power to its new, regulatory-compliant mining pool on May 1st. The mining pool has been set up to comply with all US anti-money laundering guidelines and other regulators set by the Office of Office of Foreign Assets Control.