Why Marathon Patent Group Stock Soared Last Month
Shares of Marathon Patent Group (NASDAQ: MARA) gained 59.3% in March 2021, according to data from S&P Global Market Intelligence. The cryptocurrency mining company saw Bitcoin (CRYPTO: BTC) prices rise 27% over the same period. Like other mining specialists, Marathon tends to amplify the price trends of their underlying cryptocurrency tokens, and that was the case for Marathon in March.
Marathon's March gains weren't all about pure Bitcoin price gains. Near the end of the month, Marathon announced a North American Bitcoin mining pool that aims to distribute mining rewards among its own cryptocurrency mining systems and a larger group of third-party miners. This pool will comply with U.S. cryptocurrency regulations, accepting new miners in June 2021. Marathon's stock rose 10% on this news alone even though the Bitcoin market was relatively sleepy that day.
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Source Fool.com
