Bitcoin mining firm Marathon Digital’s shares rallied 18% on news that it would be added to the S&P SmallCap 600 index fund.
miner by market cap, saw its shares rise 18% after it was confirmed to be joining the S&P SmallCap 600 index fund.after trading on Friday, May 3 that Marathon would replace heating and ventilation manufacturing firm Aaon in the index on May 8.
The S&P SmallCap 600 tracks 600 United States companies with a market cap between $1 billion and $6.7 billion posting profits both in the most recent quarter and the last four quarters.However, MARA is down 9.86% year-to-date, it reached a 2024 high of $31.03 on Feb. 28. Marathon is likely to be one of the larger-weighted stocks given its $5.6 million market cap and the S&P SmallCap 600 using a float-adjusted market cap weighting method.
Marathon’s addition to the index comes as it is set to post its first-quarter earnings on May 9, which investment research firm Zackswill see a 280% year-on-year revenue increase to $193.9 million and $0.02 earnings per share — a 166.7% YOY jump.Shares of Marathon’s rival Bitcoin mining firms also performed well on May 6 with CleanSpark and TeraWulf seeing respective jumps of nearly 8% and 10.7%.
Change in share prices of the top eight largest Bitcoin mining firms on May 6. Source: Companies Market CapCrypto firms to see more enforcement actions within 2 years — CFTC chair
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