Shares of crypto miner Marathon Digital Holdings fell nearly 18% to as low as $23.07 on Friday afternoon, putting the stock on pace for its worst day since Jan. 18 after logging an impressive rally earlier this month.
Marathon’s stock
MARA,
rebounded slightly over the course of the afternoon session, but was still down 16% to $23.60 as of 3:30 p.m. Eastern time, according to FactSet data.
The losses come after the company’s shares surged 112% during a 11-day win streak to close Wednesday at $31.07, their highest price since March 29, 2022, before falling 9.5% on Thursday. The stock previously fell 17.4% on Jan. 18.
Marathon shares are still up nearly 600% so far this year, putting the stock on pace for its best year since 2020, per FactSet data. Its recent rally is in part driven by optimism that a spot-bitcoin
BTCUSD,
exchange-traded fund may soon be approved in the U.S.
Other crypto miners have also rallied this year, with shares of Riot Platforms
RIOT,
up over 360% this year to date and shares of Ebang International
EBON,
up more than 430% during the same period.
Bitcoin edged lower on Friday and is down 1.1% over the past 24 hours to slightly above $42,000, according to CoinDesk data. The cryptocurrency is up 156.9% so far this year, while still down almost 40% from its peak in 2021.