Skip to content

Crypto Miner Marathon’s 54% Surge Still Leaves Stock Deep in Red

  • Losses from digital-asset rout far outstrip weekly rally
  • Marathon among few miners not forced to unload Bitcoin

Crypto mining giant Marathon Digital Holdings Inc. had its best weekly gain since February 2021, leading a rally in digital-asset shares as the crypto market enjoyed a respite from recent steep declines. The stock’s gains, while impressive, were nowhere near enough to erase losses incurred this year.

Marathon surged 54% in a holiday-shortened week to close at $8.51 in Nasdaq trading, with Bitcoin on track for its biggest weekly gain since March. Other top public miners also rose: Riot Blockchain and Core Scientific each advanced more than 30%. Even after the gains, Marathon is down almost 75% so far in 2022, while the broader NYSE FactSet Global Blockchain Technologies Index is down 65%, reflecting a tumble in cryptocurrencies that wiped out some $2 trillion in market value since last fall.