2 years ago
Marathon Digital (MARA) is connected gait to go the largest publically listed bitcoin miner this year, Jefferies said successful a enactment connected Friday.
The bank's expert besides started sum with a 12-month terms people of $51, implying a 158% summation from caller close.
“MARA is connected way to beryllium the largest publicly-traded miner by the extremity of 2022, with deposits paid connected much BTC ASIC miners than immoderate of its peers,'' expert Jonathan Petersen wrote.
Marathon is “highly profitable” contempt the caller selloff arsenic the company’s mining borderline is astir 80%, compared to astir 90% successful November, according to the note.
“We estimation that BTC volition emergence astatine a +32% CAGR done '24 and that MARA's gross and EBITDA volition emergence astatine a +120% and +95% CAGR, respectively,” Petersen said.
The banal has been initiated with a bargain standing by Jefferies.
Marathon’s banal fell astir 74% since reaching its November peak, according to TradingView data, arsenic the crypto miners tumbled with crisp selloff successful bitcoin and broader crypto market.
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Aoyon Ashraf is crypto mining newsman with much than a decennary of acquisition successful covering equity markets
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