Crypto
MARA Shares Plummet 10.1% as Bitcoin Price Falls Below $80,000
Marathon Digital Holdings (MARA) shares dropped 10.1% on August 31, wiping out $464 million in equity value as Bitcoin prices dipped below $80,000.
The company's market capitalization fell to $4.12 billion, with its 35,577 BTC holdings valued at approximately $2.84 billion based on Friday's Bitcoin price of $79,741.
The decline in MARA shares also reflects the negative impact of a 27% drop in revenue for the second quarter, which declined to $174.9 million.
Marathon Digital Holdings' balance sheet is being used as a funding mechanism, with the company selling 2,213 BTC over the quarter and using 18,750 BTC as initial collateral for credit facilities.