The cryptocurrency market is showing no signs of fading, invigorating blockchain miner Marathon Digital (NASDAQ:MARA) as it heads toward its fourth-quarter earnings disclosure, which may produce a positive surprise given the crypto rally. While some traders remain bearish on MARA stock, pessimistic positions are at risk of getting blown up.

According to data from CoinMarketCap, the total market capitalization of the global crypto ecosystem stands at $2.06 trillion, representing a 3.2% lift over the past 24 hours. Subsequently, the robust sentiment for cryptos is dramatically invigorating MARA stock today, which is gaining about 20% this afternoon.

Per the company’s Form 10-K disclosure, Marathon is an enterprise that “mines” cryptocurrency “with a focus on the blockchain ecosystem and the generation of digital assets.” Specifically, its strategy is to produce and hold the benchmark crypto, Bitcoin (BTC-USD) as a long-term investment “after paying for cash operating costs of production.” Inherently, then, the fortunes of MARA stock are tied to the blockchain.

Beyond just the excitement of the soaring crypto market, stakeholders of MARA stock have another possible catalyst on the horizon: Marathon’s Q4 earnings report. This report is due to be disclosed on Feb. 28 after the closing bell.

As Zacks Equity Research notes, the crypto miner’s earnings surprise history has not been impressive; on average, Marathon’s trailing four-quarter negative earnings surprise sits at 65.5%. In Q4 2022, Marathon conspicuously reported a loss per share.