- Marathon reports a 45% sequential increase in its monthly BTC production.
- The digital-asset technology company also sold 1,500 bitcoin last month.
- Wall Street sees upside in Marathon stock to just under $12 on average.
Shares of Marathon Digital Holdings Inc. have fallen nearly 15% in recent sessions after the miner disclosed it sold more bitcoin last month than it mined.
How many BTC did it sell last month?
Marathon sold a total of 1,500 bitcoin in January as the BTC price continued to rise, using proceeds to fund operational expenses.
At the same time, the company produced a record 687 bitcoin in January, a 45% sequential increase. In its monthly production and mining update, management said:
Improvements in our operational efficiency, along with proactive measures we’ve taken to strengthen our balance sheet, have placed Marathon in a strong position to achieve growth and operational targets in 2023.
Marathon’s stock has more than doubled since the start of the year, yet Wall Street maintains a consensus overweight rating on MARA and sees upside to just under $12 per share on average.
Marathon Digital to continue selling BTC
As production increases, Marathon said it will continue to liquidate some BTC holdings to cover operating costs. The company’s press release added:
We remain confident in our ability to scale Marathon into one of the largest and most energy-efficient bitcoin mining operations globally by installing 23 exahashes of computing power near the mid of 2023.
Marathon reported increases in both unrestricted cash and unrestricted bitcoin holdings last month, with $133.8 million in cash and 8,090 BTC on hand.
The company is scheduled to report fourth-quarter results early next month. Consensus estimates call for a loss of $0.19 per share this quarter, versus earnings of $0.36 per share a year earlier. Last week, BlackRock confirmed it holds 8.62 million shares of Marathon—about 7.4% of the company.