Marathon Digital Holdings, Inc. MARA and Hut 8 Corp. HUT shares are moving Friday. The companies announced the termination of property management agreements at two of Marathon’s recently acquired Bitcoin BTC mining sites.
Recent Developments:
Marathon Digital and Hut 8 have independently disclosed that an agreement was reached on Jan. 30 to end Hut 8’s operational control over these sites, transitioning these responsibilities to Marathon.
Hut 8 will continue to offer managed services and conduct self-mining activities at the two mining sites until April 30. A termination fee of $13.568 million will be paid to Hut 8 within 30 days of the termination date.
“We are very proud of the work we’ve done since taking over management at the Kearney and Granbury sites and want to recognize the incredible talent and dedication our teams on the ground have demonstrated for more than a year,” said Asher Genoot, President of Hut 8.
“We look forward to gaining more influence over our new sites in Texas and Nebraska and leveraging our operational expertise to realize the full benefits of our recent acquisition,” said Fred Thiel, CEO of Marathon Digital.
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MARA, HUT Price Action: According to Benzinga Pro, Marathon Digital shares are up 1.29% at $18.84, and Hut 8 shares are down 0.13% at $7.46 at the time of publication.
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