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Marathon Patent Group, Inc. (MARA)

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2.4600+0.1200 (+5.13%)
At close: 4:00PM EDT

2.7400 +0.28 (11.38%)
Before hours: 5:07AM EDT

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Previous Close2.3400
Open2.4800
Bid2.8000 x 3200
Ask2.8300 x 3200
Day's Range2.3700 - 2.6800
52 Week Range0.3500 - 5.2500
Volume18,962,936
Avg. Volume17,967,816
Market Cap79.072M
Beta (5Y Monthly)2.69
PE Ratio (TTM)N/A
EPS (TTM)-0.5270
Earnings DateMay 14, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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  • Marathon Patent Group Appoints Former Las Vegas Monorail Executive Simeon Salzman as its Chief Financial Officer
    GlobeNewswire

    Marathon Patent Group Appoints Former Las Vegas Monorail Executive Simeon Salzman as its Chief Financial Officer

    Simeon Brings More Than 18 Years of Experience in Finance and Public Accounting to Support Marathon Patent’s Next Phase of GrowthLAS VEGAS, Oct. 20, 2020 (GLOBE NEWSWIRE) -- Marathon Patent Group, Inc. (NASDAQ:MARA) ("Marathon" or "Company"), one of the largest Bitcoin Mining companies in North America, today announced the appointment of Simeon Salzman to the position of Chief Financial Officer. Simeon will report to Chairman and CEO, Merrick Okamoto, while overseeing all financial activities, including audits, acquisitions, finance, and tax and accounting. Simeon succeeds former CFO, David Lieberman, who had worked closely with Okamoto for 18 years. Mr. Lieberman will continue to serve on the Company’s Board of Directors. “Marathon Patent Group is at the forefront of a dramatic transformation of the Bitcoin ecosystem,” said Simeon Salzman, CFO for Marathon Patent Group. “I am excited to join the company as they begin the build out and rapid deployment of miners at their new data center. I look forward to helping the company build upon the strong foundation Merrick and his team have created with a goal of capitalizing on the exponential growth taking place in digital asset mining in North America.”Prior to joining Marathon, Mr. Salzman served as the Chief Financial Officer and Senior Vice President of the Las Vegas Monorail Company, a private non-profit 501c(4) entity, from 2018-2020. There, he was responsible for overseeing all financial functions including audit, treasury, and corporate finance.  In addition, he was responsible for internal control compliance and management strategy.Prior to being CFO of the Las Vegas Monorail Company, Mr. Salzman served as the Chief Financial Officer for Wendoh Media and Corner Bar Management for over three years, from 2015-2018.  Through enhanced analytical reviews, budgeting, internal control implementation and reducing overhead, Mr. Salzman was able to save over $1.4 million in aggregate costs and generate EBITDA of over 25% for eight consecutive quarters.Mr. Salzman holds a Bachelor of Science in Accounting and a Bachelor of Arts in Criminal Justice and Criminology from the University of Maryland, College Park.  He is a Certified Public Accountant.Marathon Chairman and CEO, Merrick Okamoto also stated, “While we are excited to welcome Sim to our team, I want to personally thank David Lieberman for the foundational work he has led during his tenure at the Company. We wish him well as he enters the next chapter of his life in retirement.”Investor NoticeInvesting in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2019. If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or Bitcoin hashrate may also materially affect the future performance of Marathon's production of Bitcoin. See "Safe Harbor" below.Forward-Looking StatementsStatements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.About Marathon Patent GroupMarathon is a digital asset technology company that mines cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets.Marathon Patent Group Company Contact: Jason Assad Telephone: 678-570-6791 Email: Jason@marathonpg.comMarathon Patent Group Investor Contact:Gateway Investor Relations Matt Glover and Charlie Schumacher Telephone: 949-574-3860 Email: MARA@gatewayir.com

  • GlobeNewswire

    Marathon Patent Group Announces Joint Venture with Beowulf Energy for 105-Megawatt Bitcoin Mining Data Center

    The Data Center Will Generate 1.265 EH/S by 2Q 2021 with an Option to Expand to 3.320 EH/S. Marathon Will Own 100% of the Data Center, Which Will Have One of the Lowest Energy Costs in the U.S. for a Bitcoin Mining Operation. Beowulf Presently Owns and Manages Over 2.3 Gigawatts of Electric Generating Capacity; Beowulf has Earmarked 500 Megawatts for Future Blockchain and Data Center ExpansionLAS VEGAS, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Marathon Patent Group, Inc. (NASDAQ:MARA) ("Marathon" or "Company") today announced the formation of a new joint venture with Beowulf Energy LLC (“Beowulf”) focused on delivering low cost power to Marathon’s Bitcoin mining operations.In connection with the joint venture, Marathon has entered into agreements with Beowulf to co-locate its Bitcoin Mining Data Center (the “Data Center”) at the Big Horn Data Hub, which comprises 20 acres of land adjacent to Beowulf’s Hardin Generating Station, a 105 MW power facility located in Hardin, Montana. Beowulf will provide power from the Hardin plant to the Data Center at a production cost of $0.028/kWh. Beowulf will also become an equity shareholder of Marathon as a result of the joint venture. Marathon will retain 100% of the Bitcoin mining output generated at the Data Center.Marathon will deploy the 11,500 next generation S19 Pro Antminers (110 TH/s) it previously acquired through its partnership with Bitmain Inc. at the Data Center. These miners will generate 1.265 EH/s when fully deployed, with full deployment anticipated through Q2 2021. Currently, 500 of the S19 Pro Antminers have been delivered and deployed at the Data Center. The Data Center has the capacity to deploy up to 30,000 S19 Pro Miners that will generate 3.320 EH/s, providing Marathon with substantial opportunity for future expansion.The Data Center will lower Marathon’s aggregate mining cost for electricity and data center management to $0.034/kWh, which is 38% below the Company’s current cost of mining. This low-cost electricity reduces Marathon’s breakeven costs to produce Bitcoin from approximately $7,500 per Bitcoin today to $4,600 per Bitcoin, dramatically improving the Company’s future profitability.   Marathon Chairman and CEO Merrick Okamoto stated, “The closing of this joint venture with Beowulf represents the completion of a long journey to own a Bitcoin mining facility. Partnering with an experienced independent power producer enables us to maintain control and certainty of Marathon’s energy and operational costs, at rates that represent some of the lowest in North America.”Nazar Khan, Executive Vice President of Beowulf, commented, “In pursuing the co-location of a Bitcoin mining operation at Hardin, we sought to capture the inherent value to the Data Center of securing a long-term supply of reliable, secure, and low-cost power while benefitting from the significant on-site technical expertise to ensure efficient operations. Our expert in-house engineers and technicians have designed the Data Center to support the immense computing speeds of the latest generation S19 Pro Antminers. Located in Eastern Montana, the Data Center has a meaningful competitive advantage on energy pricing, moderate climate, and regulatory stability. Beowulf has also earmarked an additional 500 megawatts of generation capacity for subsequent blockchain and data center expansion.”Investor NoticeInvesting in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2019. If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or Bitcoin hashrate may also materially affect the future performance of Marathon's production of Bitcoin. See "Safe Harbor" below.Forward-Looking StatementsStatements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.About Marathon Patent GroupMarathon is a digital asset technology company that mines cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets.About Beowulf EnergyFounded in 1994, Beowulf is an independent infrastructure company that develops, builds, owns, and operates power generation and industrial infrastructure facilities worldwide. Headquartered in Maryland, the company has extensive development and operational experience in domestic and international energy markets. Beowulf has developed, constructed, acquired, and operated over $5 billion of power generation and industrial assets. Beowulf is led by its founder, Chairman, and Chief Executive Officer, Paul B. Prager.Marathon Patent Group Company Contact: Jason Assad Telephone: 678-570-6791 Email: Jason@marathonpg.comMarathon Patent Group Investor Contact:Gateway Investor Relations Matt Glover and Charlie Schumacher Telephone: 949-574-3860 Email: MARA@gatewayir.com

  • GlobeNewswire

    Marathon Patent Group Engages Gateway to Lead Expanded Investor Relations Program

    LAS VEGAS, Sept. 23, 2020 (GLOBE NEWSWIRE) -- Marathon Patent Group, Inc. (NASDAQ:MARA) ("Marathon" or "Company"), has appointed Gateway Investor Relations (“Gateway”), a leading strategic financial communications and capital markets advisory firm, to provide investor relations and consulting services to the company. Gateway is a strategic financial communications firm specializing in advising public companies across a broad range of industry classifications. Founded in 1999, the firm provides high-level capital markets consulting, corporate communications, and investor outreach. The firm is also specifically experienced in helping technology companies access and effectively navigate the U.S. capital markets.“As one of the only Nasdaq-listed cryptocurrency mining companies in the U.S., Marathon is uniquely positioned to offer investors a familiar, trusted, and transparent means of gaining exposure to Bitcoin,” said Merrick Okamoto, Marathon’s chief executive officer. “Over the past few months, we’ve completely transformed the business by substantially improving our financial position and establishing a consistent supply of the best miners available by entering into an agreement to purchase 10,500 S-19 Pro Miners from Bitmain. As a result, we are on track to become one of the largest Bitcoin miners in North America, representing approximately 1.2% of the global hashrate. With a clear path to scaling efficiently and a growing appetite among the investment community for exposure to our industry, we believe it is an opportune time to engage Gateway to help us proactively evangelize the Marathon story amongst the U.S investment community.”Gateway will work closely with Marathon management to develop and deploy a comprehensive capital markets program. Gateway will also assist in organizing non-deal roadshows and securing invitations to select financial conferences (including the Gateway Conference) for Marathon management over the next 12 months.About Gateway Investor Relations Gateway is a leading strategic financial communications and capital markets advisory firm. For more than 20 years, the firm has delivered superior performance in strategic consulting, corporate messaging and positioning, investor awareness, and analyst and financial press coverage. Gateway executives have extensive experience in capital markets and financial communications, and represent clients in a wide range of industries, including technology, consumer, industrials, financial services, and business services. To learn more, please visit gatewayir.com or follow the firm on Twitter, LinkedIn and Facebook.Investor Notice Investing in Marathon’s securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 1A of the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2019. If any of these risks were to occur, Marathon’s business, financial condition or results of operations would likely suffer. In that event, the value of the Company’s securities could decline, and you could lose part or all of your investment. The risks and uncertainties Marathon describes are not the only ones facing the Company. Additional risks not presently known to Marathon or that Marathon currently deems immaterial may also impair business operations. In addition, the Company’s past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See "Safe Harbor" below.Future changes in network-wide mining difficulty rate or Bitcoin hashrate may also materially affect the future performance of Marathon's production of Bitcoin.Forward-Looking Statements Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.Marathon Patent Group Company Contact: Jason Assad Telephone: 678-570-6791 Email: Jason@marathonpg.comMarathon Patent Group Investor Contact: Gateway Investor Relations Matt Glover and Charlie Schumacher Telephone: 949-574-3860 Email: MARA@gatewayir.com