Why Mara Holdings Stock Dived by Nearly 7% Today

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Why Mara Holdings Stock Dived by Nearly 7% Today

Motley Fool12-03 06:23

The company is putting an even larger bet on the world's No. 1 cryptocurrency. However that coin hasn't exactly been jumping lately. Mara Holdings (MARA -6.53%) is going all-in on the world's ...

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The company's stock closed Monday almost 7% lower following news that it would aggressively pursue more Bitcoin (BTC -1.78%) mining and purchasing, fueled partially by a new round of capital raising. This contrasted notably with the rise of the S&P 500 index, which ended the day more than 0.2% higher.Busy Bitcoin bullsIt was a busy news days for Mara with the release of its monthly production update and the announcement of that financing.As for the update, the company mined 907 Bitcoin in November, up a robust 26% over the October tally. Its hash rate -- essentially the speed at which its machines collectively process the calculations required to mine the cryptocurrency -- increased 15% to over 46 exahash (EH) per second. In addition to mining Bitcoin, Mara also actively buys it. In November it loaded up on 6,474 Bitcoin, putting its year-to-date total at 12,965.Neither buying nor mining is a low-cost activity, so the company is going to the well again for more funds. It announced a new issue of senior convertible notes, which are to be sold in a private offering. The aggregate principal amount of the issue is $700 million, and they mature in 2031. They are zero-coupon securities, meaning that they pay no interest if left unconverted. It's expected the initial buyers of the notes will be granted an option to buy an additional $105 million of the securities.This should sound familiar to Mara watchers. The news comes less than a month after the company announced a similar flotation, which was soon upsized to $1 billion. Faded rallyAll of this would be highly encouraging to the market if Bitcoin were rallying like it has in recent weeks. But it isn't. Recently, it slumped a bit to hover around the $95,000 level, apparently too shy to take the leap to $100,000 and beyond. Mara depends on the performance of Bitcoin, and when that performance is uninspiring, investors tend to shun the stock.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"movement","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}