Shares of Marathon Digital Holdings Inc.
MARA,
reversed course to fall 7.1% in premarket trading, to put them in danger of snapping a record-long win streak, as bitcoin
BTCUSD,
also turned lower. The cryptocurrency miner’s stock was up as much as 2.5% in the premarket, according to FactSet data, before taking a dive, and was down as much as 9.8% earlier before bouncing. Meanwhile, bitcoin was down 1.6%, reversing an earlier gain of as much as 0.9%. Marathon’s stock had rocketed 112.1% during its 11-day win streak to close Wednesday at its highest price since March 29, 2022. Helping fuel the gains was optimism that a spot bitcoin ETF could be approved as early as next week. Keep in mind that during the 11-day win streak, it had traded in negative territory in seven of the sessions before recovering to close higher. The stock’s and bitcoin’s pullback comes as futures
ES00,
for the S&P 500
SPX,
inch up less than 0.1%.
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