Several publicly traded companies are looking to increase their Bitcoin holdings amid market volatility. In a recent filing with the U.S. Securities and Exchange Commission (SEC), Marathon Digital Holdings announced plans to raise capital through the sale of shares, aiming to acquire more BTC. The funds raised will be utilized for general corporate purposes, but the company’s primary goal is to utilize the proceeds for Bitcoin purchases. Marathon Digital plans to sell these shares either on the Nasdaq or through a negotiated transaction. This fundraising is expected to help the company regain lost momentum. The move comes as Marathon Digital has witnessed fluctuations in its stock price since the start of 2024, with recent gains attributed to favorable earnings reports and renewed investor interest.
While trading volumes are currently up by 1.71% this week and 1.75% for the month, the company’s past performance indicates a bearish trend. In the last quarter, its stock fell approximately 35.72%, and it saw a decline of 31% over the past six months. However, in recent weeks, the stock has experienced a slight rebound, driven by positive earnings reports and anticipated future revenue growth.
Marathon Digital’s upcoming Q1 2025 financial projections show an estimated revenue of $223.77 million and a price target of $22.54. However, despite recent gains, the company faces challenges as its stock prices continue to fall, with potential support levels at $12.37 and $10.89. If bullish momentum continues, resistance could be found around $17.14 and $18.62.
Institutional investors have been actively participating in Bitcoin markets, contributing significantly to its growth. Notable examples include Microstrategy’s substantial BTC holdings of 506,317 BTC, followed by Marathon Digital with 46,374 BTC and Riot Platform Inc., which holds 18,692 BTC. The company, Metaplanet based in Japan, has seen notable growth in its Bitcoin holdings, now holding 3,350 BTC.
The overall dominance of Bitcoin continues to rise, currently at 62.38%, a substantial increase of 7.23% compared to the year-to-date timeframe.