Marathon Digital (NASDAQ:MARA) Holdings, Inc. (NASDAQ:MARA), a Nevada-based cryptocurrency company, has announced an increase in its authorized shares for its 2018 Equity Incentive Plan. On Thursday, stockholders approved an amendment to expand the plan by 15 million shares. The approval came during the company's annual meeting held on Wednesday.
The amendment, detailed in the company’s proxy statement filed on April 29, 2024, and supplemented on June 20, 2024, aims to provide additional shares for employee compensation and incentives. The full text of the amendment can be found attached to the company's 8-K filing as Exhibit 10.1.
At the annual meeting, stockholders also participated in the election of directors. Fred Thiel, Kevin DeNuccio, and Said Ouissal were elected as Class I directors, with their terms set to expire at the 2027 annual meeting.
Moreover, stockholders ratified the appointment of Marcum LLP as the independent registered public accounting firm for the year ending December 31, 2024, and approved, on an advisory basis, the frequency of future stockholder votes on executive compensation to occur annually. This decision diverges from the board's recommendation for a three-year frequency.
The company's stockholders also voted on other proposals, including the approval of the aforementioned amendment to the 2018 Plan, which passed with significant support.
These corporate governance decisions are part of Marathon Digital's ongoing efforts to align with its strategic goals and provide incentives to attract and retain talent.
The information for this article is based on a press release statement from Marathon Digital Holdings, Inc. and the company's recent SEC filing.
In other recent news, Marathon Digital Holdings expanded its mining operations by extracting 93 million Kaspa (KAS) coins, valued at approximately $15 million. The company has invested in 60 petahash of Kaspa-specific ASICs, with half already operational in Texas and the remaining set to be fully functional by Q3 2024.
In terms of financial performance, Marathon Digital reported record Q1 2024 results, with net income of $337 million and revenues of $165 million. The company also reported a 22% month-over-month increase in its operational hash rate, reaching 25.7 EH/s for May 2024, and an increase in its Bitcoin holdings to 17,857 BTC, with a total cash and Bitcoin value of $1.5 billion.
Meanwhile, Core Scientific Inc. has been garnering investor attention with significant contract wins in the data center space. BTIG adjusted its outlook on Core Scientific, raising its price target to $15.00 and maintaining a buy rating, following the company's disclosure of a 200MW high-performance computing contract with CoreWeave and additional data center contracts totaling 70MW.
These recent developments underline the ongoing activities and financial health of both Marathon Digital Holdings and Core Scientific Inc. The companies continue to make strategic moves in the cryptocurrency mining and data center sectors, focusing on multi-year contracts and increased production.
InvestingPro Insights
Amidst the corporate governance updates at Marathon Digital Holdings, Inc. (NASDAQ:MARA), investors are keeping a close eye on the company's financial metrics and market performance.
According to real-time data from InvestingPro, Marathon Digital has a market capitalization of $5.43 billion, with a notable revenue growth of 328.1% in the last twelve months as of Q1 2024. This surge in revenue is complemented by a gross profit margin of 44.14%, reflecting the company's ability to translate sales into profit efficiently.
InvestingPro Tips highlight that analysts are optimistic about Marathon Digital's sales growth in the current year, which aligns with the company's strategic initiatives.
Moreover, while the stock has experienced significant volatility and has taken a substantial hit over the past six months, with a 30.06% decline in price total return, the company's liquid assets surpass its short-term obligations, indicating a strong liquidity position. This is an essential factor for investors considering the company's capability to weather short-term market fluctuations.
For those interested in a deeper analysis, InvestingPro offers additional insights on Marathon Digital, including valuation multiples and profitability forecasts. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and discover the 10 additional InvestingPro Tips available for Marathon Digital at https://www.investing.com/pro/MARA.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.