5 Top Performing Bitcoin Stocks in January

4. Marathon Digital Holdings, Inc. (NASDAQ:MARA)

Stock Performance in January: +112%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) is operating in blockchain and crypto mining space. In January, Marathon Digital Holdings, Inc. (NASDAQ:MARA) gained a whopping 112%. In November 2022, Marathon Digital Holdings, Inc. (NASDAQ:MARA) produced 472 BTC and increased its total Bitcoin holdings to 11,757. As of the end of November, Marathon Digital Holdings, Inc. (NASDAQ:MARA) had deployed about 69,000 active miners producing 7.0 EH/s. Marathon Digital Holdings, Inc. (NASDAQ:MARA) has also deployed new 14,000 miners in Texas. This shows Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s resilience as most of its peers remained under pressure during the same period amid tough regulatory environment.

In December, Marathon Digital Holdings, Inc. (NASDAQ:MARA) mined 475 BTC in December. As of the end of the third quarter, 8 hedge funds had stakes in Marathon Digital Holdings, Inc. (NASDAQ:MARA), as compared to 12 funds in the previous quarter.

Here is what Horizon Kinetics 1st/2nd Quarter Interim Commentary has to say about Marathon Digital Holdings, Inc. (NASDAQ:MARA) in its Q1 2022 investor letter:

“Investors also tend to not give sufficient credit to the power of management to enhance or create additional value with such an asset. The commercialization of land requires considerable management expertise. This particular transaction involves two other parties that will build and operate up to 60 megawatts of bitcoin mining, which was stated could accommodate up to 2.0 Exahash of operational capacity. That is quite sizable. As a reference point, Marathon Digital Holdings (NASDAQ:MARA), which has a $1.0 billion stock market value, even after a year-to-date decline of 70%, had about 3.6 EH/s of capacity at year-end 2021, though it expects to reach 13.3 EH/s during this calendar year. The TPL venture is expected to begin operations in the fourth quarter of this year.”