Marathon
Digital Holdings, the largest publicly listed Bitcoin (BTC) miner on Wall
Street (NASDAQ: MARA),
has caught the attention of financial group Macquarie, which initiated coverage
of the company’s shares with an “Outperform” rating. Due to the company’s moves towards the artificial intelligence (AI) industry, the stock is expected to grow by nearly 50% in the coming weeks and months.
On
September 24, 2024, Macquarie initiated coverage of Marathon Digital Holdings
with an “Outperform” recommendation. This positive outlook for MARA’s
stock has garnered attention in the financial markets.
A $22 price
target would be MARA’s highest since late July and would represent a
significant rebound from current lows. The company can’t consider the current
year successful: while Bitcoin continues to gain 50%, its stock has fallen by
35%.
However,
this is expected to change due to the company’s moves towards AI, a trend
followed by an increasing number of firms in the mining sector. They focus on high-performance computing (HPC), as confirmed by a recent analysis
from investment management firm VanEck.
VanEck’s
head of digital assets research, Matthew Sigel, estimates that this strategic
pivot could unlock $38 billion in value for mining companies by 2027.
“AI
companies need energy, and…