Why Bitcoin- And Ethereum-Related Stock Applied Blockchain Is Surging After Hours

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Applied Blockchain Inc (NASDAQ:APLD) shares are trading higher in Monday’s after-hours session after the company announced it secured a five-year hosting contract with Marathon Digital Holdings Inc (NASDAQ:MARA). The company also updated its outlook.

Applied Blockchain will provide comprehensive hosting services for Marathon’s Bitcoin miners at the company’s co-hosting datacenters. The contract covers 200 megawatts of Bitcoin (CRYPTO: BTC) mining capacity. 

Applied Blockchain also provided an operational guidance update. The company raised its fourth-quarter revenue expectations from a range of $5.7 million to $6.2 million to a range of $7 million to $7.4 million versus the estimate of $5.68 million. 

Applied Blockchain is a builder and operator of next-generation data centers across North America, which provide substantial computing power to blockchain infrastructure and support Bitcoin mining.

APLD Price Action: Applied Blockchain has traded between $5.70 and 85 cents over a 52-week period.

The stock was up 28.3% in after hours at $1.36 at press time, according to data from Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.