Paypal Stock – Marathon Digital Holdings Inc continues to rise on Bitcoin tailwinds

• NASDAQ:MARA added 4.96% on Wednesday despite the broader markets continuing to sell off. 
• Its name is the only thing that Mara has changed as it reiterates commitment to digital assets.
• Mara sets to expand operations by opening a new mining data center in Montana.

NASDAQ:MARA has had a parabolic start to the year as shareholders continue to ride the wave of the price of Bitcoin, which has already nearly doubled year to date. On Wednesday, shares of Marathon Digital Holdings surged by 4.96%, far outpacing the broader markets as the benchmark S&P 500 index fell a further 1.3% and the NASDAQ dropped 2.7%. Cryptocurrencies and the companies that follow them were some of the only signs of green as global markets trended downwards once again as equities remain threatened by a potential bear market.

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If Marathon Digital Holdings did not quite sound right, that is because the company recently changed its name from Marathon Patent Group. The new title reaffirms Marathon’s commitment to cryptocurrencies and digital assets as its main focus for the future, and appropriately the company announced last week that it had purchased a further 4,812 Bitcoin during the recent price correction. The transaction comes after other companies such as Tesla (NASDAQ:TSLA), Square (NYSE:SQ), PayPal (NASDAQ:PYPL), and Microstrategy (NASDAQ:MSTR) all announced investments in the asset, with Microstrategy leading the way, having amassed some 70,000+ Bitcoin in its holdings.

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Marathon also announced a strategic partnership with Beowulf Energy LLC, to open up a new Bitcoin mining center. The new facility will be a part of Beowful’s existing data center in Montana, and early estimates have this agreement cutting down costs by Mara for nearly 40% in terms of energy consumption. This could have a tremendous impact on Marathon’s margins moving forward.