MARA Holdings Inc. (NASDAQ:MARA) more than doubled its market valuation over the last three months, powered by gains in the apex cryptocurrency and its gradual pivot toward the Bitcoin (CRYPTO: BTC) "Standard."
What happened: Shares of the leading Bitcoin mining company closed at a 9-month high of $27.42 last Friday. The rally brought the firm's market capitalization to an all-time high of $8.825 billion.
At Monday's close, MARA was valued at $8.24 billion, reflecting an addition of $4.31 billion since Sept. 6, or 109%. During this time, the stock price has nearly doubled from $13.37 to $25.63.
Interestingly, its gains in this period have surpassed those of other major miners, including Riot Platforms Inc. (NASDAQ:RIOT) and Core Scientific Inc. (NASDAQ:CORZ), which grew by 89% and 72%, respectively.
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Why It Matters: The gains have coincided with Bitcoin's rally, which has gained 70% since Sept. 6.
Furthermore, MARA significantly expanded its Bitcoin stockpile in the period, growing it from 25,945 to 34,794, an addition of 8,849, according to data from bitcointreasuries.net.
MARA was the second-largest corporate holder of Bitcoin as of this writing and was strongly replicating market leader MicroStrategy Inc.'s (NASDAQ:MSTR) playbook of using interest-free debt to acquire more of the digital asset.
The company announced another private offering of $700 million of zero-coupon convertible senior notes Monday after completing a $1 billion offering of 0% convertible senior notes in November.
MicroStrategy co-founder Michael Saylor referred to MARA as the company on the "Bitcoin Standard."
$MARA is a company on the #Bitcoin Standard.
— Michael Saylor️ (@saylor) December 2, 2024
Price Action: At the time of writing, Bitcoin was trading at $95,953.94, down 1.02% in the last 24 hours, according to data from Benzinga Pro.
Shares of MARA closed 6.53% lower at 25.63 during Monday's regular trading session. The stock has a consensus price target of $23.83 based on the ratings of 17 analysts.
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オーストラリアでは、moomooの投資商品及びサービスはMoomoo Securities Australia Limitedによって提供され、オーストラリア証券投資委員会（ASIC）の管理を受けております（AFSL No. 224663）。「金融サービスガイド」、「利用規約」、「プライバシーポリシー」などの詳細は、Moomoo Securities Australia Limitedのウェブサイトhttps://www.moomoo.com/auでご確認いただけます。
Interestingly, its gains in this period have surpassed those of other major miners, including 
興味深いことに、この期間中のMARAの利益は、リオット・プラットフォームズ（ナスダック:RIOT）およびコア・サイエンティフィック（ナスダック:CORZ）などの他の主要マイナーの成長を上回っており、それぞれ89%と72%の成長を記録しています。