Solomon Samuel 
After a severe crypto winter in 2022, the 100% Bitcoin price increase in 2023 has also boosted the profits of Bitcoin miners.
According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Bitcoin mining giant Giant Marathon Digital is gearing up for a significant fundraiser.
According to the filing, Marathon Digital has announced plans to raise $750 million through a hybrid equity offering. The company held 13,726 bitcoins as of September 30 and generated over 1,000 bitcoins per month.
It has filed Form S-3 with the United States Securities and Exchange Commission. This offering’s proceeds will be used to purchase new mining equipment and expand the company’s operational capacity.
Marathon Digital’s stock is traded publicly on the Nasdaq under the ticker symbol “MARA.” During this week’s significant Bitcoin price increase, Marathon Digital’s stock also rose sharply.
This week, shares of Marathon Digital on NASDAQ as MARA have increased by 23%. This increase is comparable to Bitcoin’s (BTC) 12% increase over the same period, although it is essential to note that BTC trades continuously while stocks adhere to standard trading hours.
Fundamental economic principles, however, suggest that this price movement in the underlying asset is consistent with expectations.
MARA stock has gained an astounding 164% since the beginning of the year, as of the current price of $9. However, the stock is still trading at a 50% discount from its July 2023 closing price of $19 per share.
Next month, in November 2023, Marathon Digital is scheduled to disclose its Q3 2023 financial results, so there are high expectations.
During the final quarter of Q2 2023, the Bitcoin miner’s revenue increased by threefold, surpassing $80 million. In addition, the company reduced losses during the previous quarter and is expected to continue doing so in the future.
As the price of bitcoin has increased this year, bitcoin producers have sold their holdings.
