Options Traders Love This Crypto-Adjacent Stock

f Marathon Digital stock is fresh off its second best year ever

Deputy Editor
Jan 2, 2024 at 12:25 PM
facebook X logo linkedin

After jumping to $26.69 to kick off 2024, the shares of Marathon Digital Holdings Inc (NASDAQ:MARA) sport a more 2.9% midday lead to trade at $24.16. This positive price action follows Bitcoin's (BTC) first move above the $45,000 level since April 2022, which is boosting the cryptocurrency sector.

Marathon Digital stock has been a massive sector outperformer over the last year, boasting a 613.5% gain compared to a 113.1% 12-month lead for the ProShares Bitcoin Strategy ETF (BITO). MARA scored a Dec. 27, 52-week high of $31.30, locking in 2023 as its second-best yearly performance, lagging only behind a 1,084.5% gain in 2020.

MARA Chart January 22024

Unsurprisingly, the equity is popular with options traders. MARA once again took a spot on Schaeffer's Senior Quantitative Analyst Rocky White's list of stocks that attracted the highest weekly options volume in the last two weeks. Per White's data, 4,000,807 calls and 2,300,040 puts were exchanged over this 10-day period, with the most popular contract being the weekly 12/29 30-strike call.

MAO Chart January 22024

Despite this outperformance, analysts remain hesitant. In fact, seven of the nine in coverage rate Marathon Digital stock a "hold" or worse, leaving room for an unwinding of pessimism. Further, while short interest is unraveling -- down 16.7% over the last month -- the 44.99 million shares sold short still represent 20.8% of MARA's total available float. 


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI