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Bitcoin miner Marathon Digital stock gains ground after listing by S&P Global

  • Marathon saw its stocks rise by 18% on Monday after being announced by S&P Global in its SmallCap 600 index.
  • The company's market cap rose by about $800 million. 
  • Marathon filed an 8-K with the SEC for three of its top executives.
Bitcoin miner Marathon Digital stock gains ground after listing by S&P Global
Michael EbiekutanMichael EbiekutanFXStreet

Following Bitcoin miner Marathon Digital's inclusion as an upcoming member of the S&P SmallCap 600, the company's stock received an 18% boost, accompanied by an $800 million rise in market cap.

Also read: With Bitcoin miners bracing for effect of fourth halving, here's what to expect

Marathon Digital joins S&P's SmallCap index

Marathon Digital, a prominent Bitcoin mining company, has been making headlines after being listed by S&P Global in its SmallCap 600 index. The announcement led to a significant increase in the company's stock value, which rose by 18% on Monday. 

According to reports, Marathon's market cap increased by $800 million over the weekend, marking a significant achievement for the digital asset company. As a result, its market cap has increased from $4.7 billion to $5.5 billion.

Read more: Ethereum traders show uncertainty, SEC delays decision on Invesco's ETH ETF application

The Bitcoin mining company was announced on Friday as part of the list, and its stocks began to rise quickly from that time and closed the day at $20. The SmallCap 600 is an index of companies with a small market cap, selected based on their recent profitability and many other features. The companies considered to be small-cap must have a market cap of $1 billion to $6.7 billion.

Marathon has also filed an 8-K with the SEC for compensation of some of its highest executives.

The document stated the company's commitment to providing long-term incentives to workers as part of its LTIP Awards. The LTIP awards "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."

Also read: Grayscale GBTC sees second straight trading session of inflows at almost $4 million

The incentive is being awarded to three of the company's executives, including Fred Thiel, the CEO, CFO Salman Khan, and Zabi Nowaid, the company's General Counsel. The move is expected to boost morale and align the executives' interests with those of the company's stockholders.

Author

Michael Ebiekutan

With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi

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