Marathon Patent Group Inc (NASDAQ: MARA) is screaming for the top in the market this morning, and for good reason. The company published a new investor presentation, outlining an improved financial position. Here’s what’s going on:
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MARA Stock Is Up On Improved Financial Position
In a recent press release, Marathon Patent Group announced that it has published a new investor presentation. The new presentation contains updated financial information as of November 5, 2020 and can be accessed here.
First and foremost, the new MARA investor presentation outlines a balance sheet that features $24.6 million in cash with absolutely no debt. Moreover, the presentation outlines the company’s exclusive partnership with Beowulf and Bitmain that offer up low energy costs and consistent access to industry leading Bitcoin miners.
Moreover, in the new presentation, the company provides detailed information usrrounding its growth strategy and expected financial performance once all 23,560 miners are deployed in the second quarter of next year.
Based on its strategy, MARA now expects to produce between 15 and 20 Bitcoins per day at an average cost of $3,863 per Bitcoin. That’s not too shabby when you consider the fact that Bitcoin currently trades at over $18,000 per coin.
As a result, the company expects that once all miners are fully operational, it will generate $8.8 million in revenue per month with $6.7 million of that number representing gross profit monthly.
In a statement, Merrick Okamoto, CEO at MARA, had the following to offer:
Due to the substantial progress we’ve made in the past few months scaling the business and improving our financial position, we thought it was appropriate to disclose more pertinent operational and financial metrics subsequent to publishing our third quarter 2020 results. We believe our new investor presentation will serve as an excellent educational resource for our current and prospective investors as it fairly represents where our business is today and where we anticipate heading in the coming quarters.
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This Is Massive News
Ultimately, Marathon Patent Group is making the right moves at the right times. Keep in mind, that the company is centered around mining bitcoin. Of course, with Bitcoin trading at over $18,000 per coin, and the ability to mine for under $4,000 per coin, the company is on track for overwhelmingly appealing margins ahead.
Moreover, the high cost of Bitcoin has to do with increasing demand, which is likely to continue. The fact of the matter is that with massive stimulus hitting the tape as a result of COVID-19, along with economic hardship around the world, fiat currency is quickly losing its shimmer as investors look toward cryptocurrency as an opportunity.
MARA has obviously been taking advantage of this trend. Today, the comapny has more than $24 million in cash on hand and absolutely no debt. Moreover, with the announcement, there’s plenty of profitability to look forward to ahead. All in all, MARA stock is one to watch closely.
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