Stock Track | MARA Holdings Soars 5.14% as Bitcoin Rebounds and Firm Boosts BTC Holdings

Stock Track12-19 22:34

MARA Holdings, a leading bitcoin mining and digital asset company, saw its stock price surge 5.14% in the pre-market trading session on Thursday, following a significant rebound in the cryptocurrency market and the company's massive investment to increase its bitcoin holdings.

The rally in MARA's shares was fueled by multiple positive developments. Firstly, bitcoin, the world's largest cryptocurrency, regained strength and reclaimed the $100,000 mark after initially slumping in response to the Federal Reserve's cautious outlook on future interest rate cuts. As a major bitcoin miner and holder, MARA's fortunes are closely tied to the performance of the digital asset.

More importantly, MARA announced a substantial investment of $1.53 billion to acquire 15,574 bitcoins at an average price of $98,529 per coin. This acquisition was funded through the proceeds from two offerings of 0% convertible senior notes, announced in late November and early December. With this purchase, MARA's total bitcoin holdings now stand at a staggering 44,394 BTC, valued at approximately $4.45 billion, cementing the company's commitment to a long-term "HODL" strategy.

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