Bitcoin miner Marathon’s market capitalization increased by $800 million as its stock price rose 18%.
Shares of the Bitcoin miner rose 18% on Monday, shortly after S&P Global announced it would add Marathon Digital to its small-cap index, increasing the company’s market capitalization by about $800 million, Ycharts reports. The data revealed.
Marath0n Digital’s stock closed the day at $20.67, according to Yahoo Finance. The company’s market capitalization rose to $5.5 billion from $4.7 billion on Friday, according to Ycharts data.
After the trading session closed on Friday, S&P Global said Marathon Digital would be added to the S&P SmallCap 600.
According to S&P Global, “The index is designed to track companies that meet specific inclusion criteria to ensure they are liquid and financially viable.”
Also on Monday, the company filed an 8-K with the Securities and Exchange Commission outlining its executive bonus structure for top executives worth a cumulative $32.9 million. The three executives selected for the bonus included Marathon Digital CEO Fred Thiel, CFO Salman Khan and General Counsel Zabi Nowaid.
“Because the value of the prize is directly tied to the company’s stock price, the incentives align the interests of the company’s management with those of its shareholders,” Marathon Digital said in the filing.
Despite Monday’s big gain, Marathon Digital’s stock is down 9.8% year-to-date.
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About the author
RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal and has covered companies including Disney, Netflix, and Warner Bros. and the creator economy, with a primary focus on technological innovation across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a wide range of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.
