MARA Holdings, Inc. (NASDAQ:MARA) shares are trading higher Wednesday, along with other crypto-linked stocks, amid a rise in the price of Bitcoin (CRYPTO: BTC).
The Details: Bitcoin mining stocks are rising Wednesday as Bitcoin moves higher. Bitcoin was last up about 3.65% over a 24-hour period, trading at approximately $109,500 at the time of publication, according to Benzinga Pro.
Bitcoin appears to be benefitting from technical momentum after it bounced off support and saw momentum increase to the upside. Large transaction volume for Bitcoin has reportedly increased by 22.7%, while daily active addresses recently rose 5.4%.
The value of MARA Holdings’ underlying Bitcoin holdings rises as Bitcoin prices increase. The company held a total of 49,940 Bitcoin as of June 30.
MARA Holdings provided a production and mining operations update for June earlier this week. The company said it produced 713 Bitcoin last month, down 25% from May due to weather-related curtailment and the temporary deployment of older machines while storm-related damage was being remediated. Blocks won were also down 25% month-over-month to 211.
Despite the slowdown in mining last month, MARA Holdings reported an energized hashrate of 57.4 EH/s and said it’s targeting 75 EH/s by the end of the year.
“This target represents over 40% growth from 2024, supported by machine orders already in place,” said Fred Thiel, chairman and CEO of MARA Holdings.
“As the largest public bitcoin miner, this goal aligns with both our rapid expansion and commitment to low-cost power with efficient capital deployment.”
MARA Price Action: At the time of publication, MARA Holdings shares were trading 12.5% higher at $17.72, according to data from Benzinga Pro.
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