Marathon Digital stock rallies after producing a record 1,245 bitcoin in May

Shares of Marathon Digital Holdings Inc. (MARA) rose 2.2% in premarket trading Friday, after bitcoin miner said it produced a record 1,245 bitcoin in May, which is up 366% from a year ago and 77% more than in April. "The increased production was due to an increased hash rate and a significant increase in transaction fees, which accounted for approximately 11.8% of the total bitcoin we earned in the last month," said Chief Executive Officer Fred Thiel. He said the operational hash rate in May rose 9% from April to 15.2 exahashes, and the installed has rate grew 13% to 20.1 exahashes, which puts the company on track to reach its target of 23 exahashes near the middle of the year. The company said it now holds a total of 12,259 unfrestricted bitcoin. At current prices, with bitcoin up 1.0% at $27,082, the holdings are valued at about $332 million. The company sold 554 bitcoin in May and plans to sell a portion of its holdings to support monthly operations. Marathon Digital's stock has rocketed 192.1% year to date through Thursday, while bitcoin has run up 63.2% and the S&P 500 has gained 9.9%.

-Tomi Kilgore

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06-02-23 0613ET

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