A pair of large bitcoin miners are ready to sell their stock due to falling token prices which has led other miners to trade in some of their bitcoin holdings.
Both Marathon Digital Holdings Inc. and Hat8 Mining Corporation have applied to the Securities and Exchange Commission for an option to sell the company's stock for cash. Both are bidding to remain flexible in the face of the dramatic collapse of Bitcoin which could force miners to shake up with less efficient operations.
While Bitcoin is down about 38% from its all-time high in November, shares of both Marathon and Hat 8 are down more than 55% from their respective peaks. The shelf registration of Hut 8 Mining was filed Friday for $ 65 million in ordinary shares. Marathon has already filed for ?????? 750 million in shares, preferred stock, warrants and units on Monday.