Marathon Patent Group (MARA)

Feb 11, 2021Trade Ideas

With cryptocurrencies likely to move even higher, miners are sure to follow.

We already highlighted opportunity in Bit Digital (BTBT) as it traded around $24.50. While it has since pulled back to $24, it’s still a good bet. Another miner to consider is Marathon Patent Group (MARA), which is now up to $38.25. From here, we’d like to see it closer to $50.

All thanks to retail and institutional interest.

After Elon Musk’s Tesla said it bought $1.5 billion worth of Bitcoin, BNY Mellon announced it would begin financing Bitcoin and other digital currencies.

“Growing client demand for digital assets, maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field,” said Roman Regelman, CEO of asset servicing and head of digital at BNY Mellon, as quoted by CNBC.

Even Mastercard has said it will open up its network to select cryptocurrencies.

With regards to MARA, investors can buy the stock, and/or buy to open the MARA March 19, 2021 40 calls at market. Investors can hedge with the MARA March 19, 2021 38 put.

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