Is crypto winter finally over? While it’s increasingly obvious winter in the Northern Hemisphere is done, it’s not quite so clear for crypto holders. Yet Marathon Digital Holdings (NASDAQ:MARA) proved to be crypto’s crocus today, as it recovered in the midst of a Bitcoin (BTC-USD) recovery as well. Marathon was up just over 14% in Monday’s trading.
Bitcoin itself crept back toward $29,210 in Monday’s trading, and that made Marathon Digital look a whole lot better. Bitcoin hasn’t been this high since last June, and now, technical analysis is starting to pivot on Bitcoin, turning what once was support into resistance. This is great news for Marathon Digital, who just posted a record-breaking quarter for Bitcoin mining, putting up a grand total of 2,195 Bitcoin mined in that three-month period. Better yet, this record-breaking stint means that Marathon’s right on track to meet its first-half target of 23 exahashes.
Marathon Digital put quite a bit behind its Bitcoin mining operations. Back in the first quarter of 2022, Marathon Digital hiked its operational hash rate by nearly 200%, which allowed it to move forward with great rapidity, pulling in Bitcoin like nobody’s business. Yet, even as Marathon Digital celebrated incredible progress, something incongruous happened. Its chief financial officer, Hugh Gallagher, announced plans to depart on May 12. That’s only about a year after he stepped in, and Marathon Digital is already looking for a new CFO.
Despite the loss of Gallagher, it’s not really impacting analyst support. Analyst consensus calls Marathon Digital stock a Strong Buy, with four Buy recommendations and one Hold. In addition, with an average price target of $12.50, Marathon Digital stock has 37.36% upside potential.
