Bitcoin miner Marathon's market cap rises $800 million as stock jumps 18%

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The Block2024/05/06 21:28

By:RT Watson

Marathon Digital’s shares increased by 18%, and its market capitalization by about $800 million, in the wake of S&P Global announcing the company would be added to the SmallCap 600 index.The company also filed an 8-K outlining a 2024 bonus structure worth as much as $32.9 million to top executives including CEO Fred Thiel.

Bitcoin miner Marathon's market cap rises $800 million as stock jumps 18% image 0

On the heels of SP Global announcing Marathon Digital would be added to a small-cap stock index, the bitcoin miner's shares rose by 18% on Monday, boosting the company's market capitalization by about $800 million, according to Ycharts data.

Marath0n Digital's shares closed the day's trading at $20.67, according to Yahoo Finance. The company's market capitalization rose to $5.5 billion from Friday's market capitalization of $4.7 billion, according to Ycharts data .

After Friday's trading session closed, SP Global said Marathon Digital would be added to its SP SmallCap 600.

"The index is designed to track companies that meet specific inclusion criteria to ensure that they are liquid and financially viable," according to SP Global.

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Also on Monday, the company filed an 8-K with the Securities and Exchange Commission outlining an executive bonus structure for top executives worth as much as $32.9 million cumulatively. The three executives listed up for bonuses included Marathon Digital CEO Fred Thiel, CFO Salman Khan and General Counsel Zabi Nowaid.

The incentives "align the interests of the company’s executives with those of its stockholders since the value of the awards is directly tied to the company’s stock price," Marathon Digital said in its filing.

Despite Monday's big jump, Marathon Digital's stock is still down 9.8% in the year-to-date period.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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