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Marathon Announces Strong Earnings and Bitcoin L2, Gemini Comes to Settlement Agreement

Feb 29, 2024
Author
Tom Couture
Tom Couture AC
Market Update The January PCE report this morning was largely in line with expectations, alleviating fears of a reacceleration of inflation. U.S. equities responded positively to the data, with SPY gaining 0.17% and the QQQ rising 0.42%. Crypto markets are mixed, with $BTC declining 0.78% to $62k and $ETH rising 1.45%. Yesterday marked the largest day of net inflows into Bitcoin ETFs since the launch, totaling $673 million and bringing cumulative AUM to an impressive $7.4 billion. Altcoins are seeing some buying pressure as $BTC.D (-1.41%) is retreating. $SOL and $BONK are two of the strongest performers today, gaining 9.32% and 25.29%, respectively, potentially indicating an upcoming period of Solana ecosystem outperformance similar to Q4 2023.Bitcoin miner Marathon Digital reported 2023 earnings yesterday, announcing the company’s return to profitability, with a net income of $261.2 million. Marathon saw a 229% year-over-year increase in revenue to a record-setting $388 million and increased Bitcoin production by 210%, mining 12,852 BTC. Marathon boasted increases in hash rate, unrestricted cash and cash equivalents, and a 56% reduction in debt. Along with the impressive earnings report, Marathon announced the development of Anduro, a new multi-chain L2 network built on

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