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Published: Dec. 22, 2023 at 12:53 p.m. ET

Shares of Marathon Digital Holdings Inc. MARA shot up 8.4% toward a 20-month high in midday trading Friday, to put them on track to extend their win streak to a record nine sessions. The cryptocurrency miners stock was rallying again, even as bitcoin BTCUSD fell 0.2%, as Marathons stock and bitcoin continue to decorrelate. Marathons stock has rocketed 83.3% during its current win streak, the best nine-day performance since it soared 83.7% during the nine-day stretch that ended Jan. 23, 2023. Over the past nine days, bitcoin has gained six times and has climbed 6.2%. The correlation coefficient between Marathons stock...

Shares of Marathon Digital Holdings Inc. MARA shot up 8.4% toward a 20-month high in midday trading Friday, to put them on track to extend their win streak to a record nine sessions. The cryptocurrency miners stock was rallying again, even as bitcoin BTCUSD fell 0.2%, as Marathons stock and bitcoin continue to decorrelate. Marathons stock has rocketed 83.3% during its current win streak, the best nine-day performance since it soared 83.7% during the nine-day stretch that ended Jan. 23, 2023. Over the past nine days, bitcoin has gained six times and has climbed 6.2%. The correlation coefficient between Marathons stock and bitcoin has dropped to 0.44 during the month of December, from 0.66 year to date and from 0.90 in 2022. B. Riley analyst Lucas Pipes reiterated his neutral rating on Marathons stock but raised his price target to $14 from $11, after the companys announcement on Thursday that it has added Anchorage Digital Bank National Association at a bitcoin custodian. Marathons stock has run up 685.1% year to date, while bitcoin has surged 163.5% and the S&P 500 SPX has gained 24.1%.

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Marathon Digitals stock rallies toward a record win streak, even as bitcoin falls - MarketWatch