On the heels of S&P Global announcing Marathon Digital would be added to a small-cap stock index, the bitcoin miner's shares rose by 18% on Monday, boosting the company's market capitalization by about $800 million, according to Ycharts data.
Marath0n Digital's shares closed the day's trading at $20.67, according to Yahoo Finance. The company's market capitalization rose to $5.5 billion from Friday's market capitalization of $4.7 billion, according to Ycharts data.
After Friday's trading session closed, S&P Global said Marathon Digital would be added to its S&P SmallCap 600.
“The index is designed to track companies that meet specific inclusion criteria to ensure that they are liquid and financially viable,” according to S&P Global.
Also on Monday, the company filed an 8-K with the Securities and Exchange Commission outlining an executive bonus structure for top executives worth as much as $32.9 million cumulatively. The three executives listed up for bonuses included Marathon Digital CEO Fred Thiel, CFO Salman Khan and General Counsel Zabi Nowaid.
The incentives “align the interests of the company's executives with those of its stockholders since the value of the awards is directly tied to the company's stock price,” Marathon Digital said in its filing.
Despite Monday's big jump, Marathon Digital's stock is still down 9.8% in the year-to-date period.
About Author
RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.
