Friday, February 23, 2024
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MARA Stock Outlook: Be a Crypto Champ With Marathon Digital

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What’s the best way to add some cryptocurrency-sector exposure to your stock portfolio in 2024? Sure, you can buy a Bitcoin (BTC-USD) exchange-traded fund. Yet, there’s an alternative that offers the prospect of outsized returns. Indeed, the Marathon Digital (NASDAQ:MARA) stock outlook calls for magnified moves when Bitcoin heads higher.

And if you don’t have at least a little bit of crypto power in your portfolio, now’s a great time to get started. After all, financial giants like BlackRock (NYSE:BLK) are getting into the crypto game. We’re still in the early innings, though, so it’s definitely not too late to start a position in Marathon Digital stock.

Why Choose MARA Stock?

Don’t get the wrong idea. It’s fine to diversify your holdings with Bitcoin and/or a Bitcoin ETF. However, maybe you’re looking for fast action and bigger price moves. Marathon Digital stock can provide this.

Of course, it’s important to invest in a high-quality business and not just a fast-moving stock. I encourage you to conduct your full due diligence on Marathon Digital before considering a share stake. I think you’ll find that the company is among the most ambitious Bitcoin miners on the planet.

For example, in January of this year, Marathon Digital produced a whopping 1,084 Bitcoins. That’s a 58% increase compared to the 687 Bitcoins that Marathon Digital produced in January of 2023.

If you’re into the technical stuff, then you’ll also want to know that Marathon Digital ramped up its installed hash rate by 143%, from 11 exahashes per second in January 2023 to 26.7 EH/s in January 2024. Clearly, Marathon Digital is a well-oiled machine in the Bitcoin-production business.

Marathon Digital Eyes Global Expansion

Marathon Digital is based in Florida, but the company is definitely expanding beyond America’s borders. In fact, a Blockworks report observes that Marathon Digital is expanding its presence into Paraguay and the United Arab Emirates.

Yet, that’s not the end of the story, as there are indications that Marathon Digital is preparing to enter into a potentially untapped regional market. According to Charlie Schumacher, vice president of corporate communications at Marathon Digital, the company is “looking at Africa” as another region in which to branch out.

Why Africa, and why now? Schumacher believes that Bitcoin mining “is, among other things, a technology solution for the energy sector, and Africa may be a great place to prove out this thesis.” Thus, I’d say that if Marathon Digital succeeds in expanding its operations into the African continent, it could be a win-win for all parties involved.

MARA Stock Outlook: If Bitcoin Jumps, This Will Soar

Marathon Digital stock serves as a perfect portfolio diversifier. It can also provide leverage on Bitcoin’s price moves.

Obviously, the MARA stock outlook is bullish if you expect Bitcoin to surpass $50,000 soon. If and when Bitcoin heads higher, you’ll want to have exposure to an active cryptocurrency miner like Marathon Digital.

Marathon Digital is a pioneer as the company ventures into possibly untapped regional markets. In the final analysis, it makes sense for all crypto-friendly investors to consider a share position in Marathon Digital.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

David Moadel has provided compelling content – and crossed the occasional line – on behalf of Motley Fool, Crush the Street, Market Realist, TalkMarkets, TipRanks, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.

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