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Marathon Digital, the world’s largest Bitcoin <a href="https://cointelegraph.com/bitcoin-price">(BTC)</a> miner by market cap, saw its shares rise 18% after it was confirmed to be joining the S&amp;P SmallCap 600 index fund.
The S&amp;P Dow Jones Indices <a href="https://www.prnewswire.com/news-releases/vistra-set-to-join-sp-500-aaon-to-join-sp-midcap-400-marathon-digital-holdings-to-join-sp-smallcap-600-302136050.html" target="_blank" rel="noopener nofollow">said</a> after trading on Friday, May 3 that Marathon would replace heating and ventilation manufacturing firm Aaon in the index on May 8.
The S&amp;P SmallCap 600 tracks 600 United States companies with a market cap between $1 billion and $6.7 billion posting profits both in the most recent quarter and the last four quarters.
On Monday May 6, Marathon Digital (MARA) shares rallied nearly 18% to $20.67, <a href="https://www.google.com/finance/quote/MARA:NASDAQ" target="_blank" rel="noopener nofollow">according</a> to Google Finance.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/bf379f48-c91d-4c08-b757-428c05618642.png">
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 Marathon’s change in share price on May 6. Source: Google Finance
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Its stock price is up 25.2% since the April 20 <a href="https://cointelegraph.com/news/bitcoin-halving-2024-completion-confirmed">Bitcoin halving</a> which sliced miner block rewards from 6.25 BTC to 3.125 BTC, worth $198,000 at current prices. 
However, MARA is down 9.86% year-to-date, it reached a 2024 high of $31.03 on Feb. 28. 
Marathon is likely to be one of the larger-weighted stocks given its $5.6 million market cap and that the S&amp;P SmallCap 600 uses a float-adjusted market cap weighting method.
Marathon’s addition to the index comes as it is set to post its first-quarter earnings on May 9, which investment research firm Zacks <a href="https://www.zacks.com/stock/news/2267073/marathon-digital-holdings-inc-mara-earnings-expected-to-grow-what-to-know-ahead-of-next-weeks-release?art_rec=quote-stock_overview-earnings_news-ID01-txt-2267073" target="_blank" rel="noopener nofollow">expects</a>&nbsp;will see a 280% year-on-year (YOY) revenue increase to $193.9 million and $0.02 earnings per share — a 166.7% YOY jump.
Related: <a href="https://cointelegraph.com/news/marathon-digital-consults-kenyan-government-crypto-policy">Marathon Digital, Kenyan government discuss crypto policy, energy use</a>
Shares of Marathon’s rival Bitcoin mining firms also performed well on May 6 with&nbsp;CleanSpark (CLSK) and TeraWulf (WULF) seeing respective jumps of nearly 8% and 10.7%.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/507c14ca-33f7-49ac-95b5-e8bc0228c853.png">
 <figcaption style="text-align: center;">
 Change in share prices of the top eight largest Bitcoin mining firms on May 6. Source: Companies Market Cap
 </figcaption>
</figure>
The rise in Bitcoin mining stocks comes amid a <a href="https://cointelegraph.com/news/bitcoin-mining-earnings-post-halving">decrease in miner revenue</a> due to the impact of the halving. 
Transaction fees were <a href="https://cointelegraph.com/news/miners-reap-bitcoin-runes-fees">consistently above 3.125 BTC</a> for the first few hundred blocks post-halving, effectively offsetting the newly halved block subsidy.
However, transaction fees have since fallen and are now hovering around 0.2 BTC to 1 BTC at block 842,350, <a href="https://mempool.space/" target="_blank" rel="noopener nofollow">according</a> to mempool.space data.
Magazine: <a href="https://cointelegraph.com/magazine/runes-supporters-unlock-bitcoins-potential/">68% of Runes are in the red — Are they really an upgrade for Bitcoin?</a>

Bitcoin miner Marathon Digital to join S&P SmallCap 600, shares jump 18%

Cointelegraph

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