Marathon Digital Holdings has announced its mining Kaspa (KAS). Following this, the KAS Price pumped 12% in the last 24 hours and hit $0.1794.
This is a Bitcoin mining company with almost $400 million in revenue last year.
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Institutional Exposure to Kaspa and KAS Price Rally
According to a video by analyst Tactical Investing, this development helps attract major financial institutions to Kaspa.
Companies like BlackRock and Vanguard, which are among the top shareholders of Marathon Digital. Does this now indirectly mean they hold Kaspa through their investments in the mining company?
This institutional involvement could potentially lead to increased legitimacy and interest in Kaspa from the broader financial sector.
The news of Marathon’s involvement has had a positive impact on Kaspa. The KAS price has increased by nearly 12% in the past 24 hours, approaching its all-time high of $0.1919.
KAS price prediction does look promising right now for 2025; you can read more details here.
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Show more +Marathon’s Mining Operations and Strategy
Marathon Digital revealed that they have already mined approximately 93 million Kaspa, valued at around $15 million. The company has purchased about 60 petahash of KS3, KS5, and KS5 Pro ASIC miners, with 30 petahash currently operational in their Texas facilities. The remaining capacity is expected to be fully energized by Q3 2024.
Read more: YouTube Analyst Makes Urgent Shiba Inu (SHIB) Price Prediction – Meme Coin Crash or Rally?
Marathon’s Chief Growth Officer emphasized that mining Kaspa allows the company to create a revenue stream diversified from Bitcoin while leveraging their core competencies in digital asset computation. The company estimates that their Kaspa mining operations can generate profits with margins of up to 95% under current network conditions.
Marathon’s decision to mine Kaspa could encourage other publicly traded mining companies to explore similar diversification strategies, potentially leading to increased adoption and development of emerging cryptocurrencies.
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