MARA Stock Soars $722 Million Amid Bitcoin Rally
MARA Holdings Inc., listed on NASDAQ under the ticker MARA, witnessed a significant surge in its stock price by 19.4% compared to Wednesday's close. This increase added approximately $722 million to its market capitalization. The company's fortunes were tied closely with Bitcoin, which also experienced a gain of 11.3%, trading around $77,094.
The difference in valuation between MARA and Bitcoin is striking, with the former returning about 1.7 times more than the latter. This suggests that investors are valuing MARA's offerings beyond its cryptocurrency holdings. The company disclosed holding 35,577 Bitcoin as of June 30, resulting in an initial mark-to-market gain of $279 million using the two-day price change in Bitcoin.
The market increase outpaced the gains from the reported cryptocurrency holdings, highlighting how MARA's treasury is increasingly serving as a financing mechanism. After the quarter ended, MARA secured $600 million in Bitcoin-backed facilities to finance its Long Ridge acquisition without issuing new equity.