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Why are MicroStrategy, MARA, and RIOT stocks up? Details here…
MicroStrategy, MARA Holdings, and Riot Blockchain stocks have experienced a significant surge in the past 24 hours, with the primary catalyst being Bitcoin’s (BTC) new all-time high of around $107K. This upward trend is not unprecedented, as historical data suggests that BTC’s valuation can have a substantial impact on these companies’ stock performance.
MicroStrategy, for instance, aggressively acquired 15,350 Bitcoins at an average price of $100.3K, resulting in their total holdings increasing to 439,000 BTC valued at approximately $3.9 billion. This strategic move led to impressive financial results, with a Bitcoin yield per share reaching 46.4% for the quarter and a staggering 72.4% year-to-date.
MARA Holdings also contributed to this surge by purchasing 11,774 BTC at an average price of $96K per coin, generating returns of 12.3% for the quarter and 47.6% year-to-date. The company now holds a total of 40,435 BTC, valued at $3.9 billion.
Riot Blockchain, on the other hand, took advantage of its increased funding from an upsized convertible bond issue to purchase 667 BTC at an average price of $101,135 each, expanding its holdings to 17,429 BTC valued at approximately $1.8 billion. This strategic move enabled the company to achieve a substantial Bitcoin yield per share of 36.7% for the quarter and 37.2% year-to-date.
In addition to these stock surges, it is essential to note that the current demand from new investors has exceeded the previous March peak at $70K by approximately 4%. Although this level of demand might seem significant, it is relatively moderate compared to prior cycles where peaks surged by 205% and 133%.
Source: ambcrypto.com
