MARA Holdings Inc. (NASDAQ:MARA) shares are trading higher Wednesday, potentially driven by Bitcoin's (CRYPTO: BTC) continued price surge. Here's what you need to know.

What To Know: Bitcoin has gained about 125% so far this year. Several crypto-related stocks are moving higher Wednesday after Bitcoin briefly hit all-time highs. Bitcoin was up about 1.1% over a 24-hour period, trading around $94,100 at last check.

Optimism around President-elect Donald Trump's incoming administration has also boosted sentiment. Trump has said he would establish a strategic Bitcoin reserve upon his return to the White House.

Speaking at Benzinga's Fintech Deal Day on Tuesday, Michael Terpin, CEO of The Transform Group, predicted that Bitcoin could reach $193,000 in late 2025, with potential highs of $200,000 to $300,000 by the end of its current cycle if regulatory conditions improve.

The trading activity in Marathon, one of the largest Bitcoin miners, is closely tied to Bitcoin's performance. Rising Bitcoin prices increase the value of MARA's Bitcoin holdings. Interestingly enough, MARA Holdings is outperforming other Bitcoin mining peers on Wednesday. The outperformance may be due to the company's strategy to raise capital to accumulate Bitcoin, similar to MicroStrategy Inc (NASDAQ:MSTR), which continues to see relative outperformance.

MARA Holdings adopted a "full HODL" strategy for its Bitcoin treasury policy earlier this year, retaining all Bitcoin it mines and periodically making strategic open market purchases. The company held a total of 26,747 Bitcoin as of Sept. 30.

MARA Holdings on Monday announced an upsized offering of $850 million in convertible senior notes due in 2030. The company said proceeds will be used to repurchase existing debt and acquire more Bitcoin.

MARA Price Action: MARA Holdings shares were up 16.3% at 23.12 at the time of writing, according to Benzinga Pro.

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