Marathon Patent Group Inc (NASDAQ: MARA) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced that it has entered into a key patent acquisition agreement, leading to excitement among investors and sending the stock screaming for the top. Today, we’ll talk about the news, what we’re seeing from the stock, and what we’ll be watching for with regard to MARA ahead.
MARA Announces Acquisition Of Key Patents
As mentioned above, Marathon Patent Group is having an incredibly strong start to the trading session this morning after announcing that it has signed a purchase agreement to acquire patents. In a press release issued early this morning, MARA said that these patents are related to the transmission and exchange of cryptocurrencies between buyers and sellers. In a statement, Merrick Okamoto, CEO at MARA, had the following to offer:
“Given our proficiency in identifying and acquiring important intellectual property, we believe that these patents afford us a unique and leverageable position, in addition to complementing our efforts as we enter into the digital asset and cryptocurrency business.”
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that the news moves the market. In particular, news regarding the blockchain and cryptocurrencies has caused quite a bit of movement in the market as of late. So, with Marathon Patent Group releasing such news, it only makes sense that we’re seeing a dramatic climb in the value of the stock today. As is almost always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:53), MARA is trading at $3.87 per share after a gain of $0.40 per share (11.42%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on MARA. In particular, we’re interested in following the company’s break into the cryptocurrency and digital asset space. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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