Bitcoin miner Marathon Digital CEO: Plans to pursue more acquisitions
Bitcoin miner Marathon Digital plans to acquire competitors and related infrastructure in the next two years, becoming an industry consolidator. Due to the recovery of the cryptocurrency market, Marathon Digital's stock price has risen by over 400% this year. The U.S. Securities and Exchange Commission plans to approve a Bitcoin exchange-traded fund that directly invests in Bitcoin, which should be beneficial for miners.
Fred Thiel, CEO of Marathon Digital Holdings(MARA.US), said the company plans to acquire a rival bitcoin miner and related infrastructure within the next two years. "We intend to expand significantly in 2024 and 2025, and I think you will see us become an industry integrator," said Thiel." Marathon Digital is already one of the biggest players in the field in the United States. Due to the collapse of a series of cryptocurrencies, including Core Scientific Inc. With companies going bankrupt, digital assets plummeted in 2022, and bitcoin miners ushered in a revival this year as bitcoin prices rebounded. The Las Vegas-based company's shares have risen more than 400 percent this year, compared with bitcoin's gain of about 160 percent over the same period. Thiel said that the US Securities and Exchange Commission (SEC) plan to approve a US exchange-traded fund (ETF) to invest directly in bitcoin, which should be good for miners because it will boost the overall demand for bitcoin.