Compute North is Marathon Digital’s primary mining hosting provider.Read MoreCoinDesk
Marathon Digital (MARA) has one less bull on Wall Street after BTIG’s Gregory Lewis downgraded the stock from buy to neutral following Compute North’s bankruptcy filing.
A crypto mining data center provider, Compute North is the primary host for Marathon’s mining rigs, noted Lewis in a note to clients, and the upcoming restructuring is likely to slow Marathon’s hash capacity growth in the near-term.
There’s some good news over a longer time frame, said Lewis, as Compute North’s bankruptcy may give Marathon a chance to build a data center infrastructure footprint at “distressed pricing.” Lewis also expects that current hosting contracts will be renegotiated.
For its part, Marathon Tweeted late Thursday that the bankruptcy protection filings won’t affect current mining operations and that the company is in communication with Compute North.
Marathon Digital shares are down 5% early on Friday as the downgrade combines with lower markets in general and another decline in bitcoin (BTC) to below $19,000.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Bitcoin Magazine Bitcoin Rally Accelerates, With $80,000 in Sight After ETFs Have Stellar Week Bitcoin’s…
A weekly momentum divergence formed on the Bitcoin chart ahead of last week’s advance, and…
Bitcoin Magazine Strategy Again Skips Bitcoin Buy And Establishes USD Cash Dollar Reserve Bitcoin treasury…
Your day-ahead look for Aug. 24, 2026Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
Households shown bitcoin’s prior-year return were 23% more likely to report owning crypto in a…
BTC was little changed Monday after last week's 24% surge triggered by a Treasury buyback…