MARA Holdings Inc. (NASDAQ:MARA) has more than doubled its stock valuation over the past three months, driven by gains in the leading Cryptocurrency and its gradual turn toward the “Standard” of Bitcoin (CRYPTO:BTC).
What happened
Shares of the leading Bitcoin Mining company closed at $27.42 last Friday, their highest level in 9 months. The rally took the firm’s market capitalization to an all-time high of $8.825 billion.
At Monday’s close, MARA was worth $8.24 billion, reflecting an addition of $4.31 billion since Sept. 6, or 109%. During this time, the share price has almost doubled, going from $13.37 to $25.63.
Interestingly, its profits in this period have surpassed those of other large miners, including Riot Platforms Inc. (NASDAQ:RIOT) and Core Scientific Inc. (NASDAQ:CORZ), which grew 89% and 72%, respectively.
Why is it important
The gains have coincided with the rally in Bitcoin, which has gained 70% since September 6.
Additionally, MARA significantly expanded its Bitcoin arsenal in the period, going from 25,945 to 34,794, an addition of 8,849, according to data from bitcointreasuries.net.
To date, MARA was the second largest Bitcoin holding company and had firmly replicated the market leader, MicroStrategy Inc. (NASDAQ:MSTR), using the playbook of interest-free debt to acquire more of the digital asset.
The company announced another private offering of $700 million in zero coupon convertible senior notes on Monday, after completing an offering of $1 billion in 0% convertible senior notes in November.
The co-founder of MicroStrategy, Michael Taylorreferred to MARA as the company that follows the Bitcoin “Standard.”
$MARA is a company on the #Bitcoin Standard. https://t.co/bk8dBbQaqM
— Michael Saylor⚡️ (@saylor) December 2, 2024
Price movement
At the time of writing, Bitcoin was trading at $95,953.94, down 1.02% over the past 24 hours, according to data from Benzinga Pro.
MARA shares closed down 6.53% to $25.63 during Monday’s regular trading session. The stock has a consensus price target of $23.83 based on ratings from 17 analysts.
Photo courtesy of Shutterstock
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