Marathon Digital Holdings Inc MARA shares are trading higher by 7.4% to $12.86 Friday morning amid strength in crypto-related stocks as Bitcoin trades near 18-month highs.
What's Going On With Bitcoin?
Bitcoin moved higher Thursday after MicroStrategy Inc MSTR, led by Michael Saylor, purchased an additional 16,130 Bitcoins valued at around $608 million at current prices.
This purchase was made at an average price of $36,785 per Bitcoin, adding to their total holdings of 174,530 Bitcoins acquired at an average price of approximately $30,252 per coin.
The Securities and Exchange Commission (SEC) has also acknowledged Fidelity Investments' filing for a spot Ethereum exchange-traded fund (ETF).
Fidelity submitted their application on November 17, indicating interest in launching an Ethereum ETF.
Why This Matters To MARA Investors
Bitcoin mining companies like MARA benefit when the price of Bitcoin rises. Higher Bitcoin prices often result in increased revenue and profitability for these firms.
Consequently, the news of Microstrategy's large Bitcoin acquisition and the overall positive trend in Bitcoin's price could potentially translate into higher profitability expectations for MARA, encouraging investors and boosting its stock price.
See Also: Galaxy Digital CEO Lauds Michael Saylor As 'Legend'
According to data from Benzinga Pro, MARA has a 52-week high of $19.88 and a 52-week low of $3.11.
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