Marathon Digital’s stock rallies toward a record win streak, even as bitcoin falls

Shares of Marathon Digital Holdings Inc.
MARA,
+15.24%
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 miner’s stock was rallying again, even as bitcoin
BTCUSD,
-0.24%
fell 0.2%, as Marathon’s stock and bitcoin continue to decorrelate. Marathon’s 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 Marathon’s 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 Marathon’s stock but raised his price target to $14 from $11, after the company’s announcement on Thursday that it has added Anchorage Digital Bank National Association at a bitcoin custodian. Marathon’s stock has run up 685.1% year to date, while bitcoin has surged 163.5% and the S&P 500
SPX,
+0.14%
has gained 24.1%.