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Why are MicroStrategy, MARA, and RIOT stocks up? Details here…
In recent hours, the stock prices of MicroStrategy, MARA, and Riot have made a significant surge. The rapid increase in value has left many wondering what could be behind this sudden rise.
One reason for their growth is the impressive performance of Bitcoin. As it reached an all-time high of $107K, the stocks of these companies followed suit. This correlation highlights the strong link between the two assets. Any notable fluctuations in the price of Bitcoin tend to have a direct impact on the stock prices of these companies.
Another reason contributing to their upswing is their own strategic decisions and actions. MicroStrategy, for instance, aggressively acquired 15,350 Bitcoins at an average price of $100.3K. This move has resulted in impressive yields, with a reported return of 46.4% for the quarter and a whopping 72.4% year-to-date.
MARA Holdings also saw significant gains following its own strategic decision to utilize proceeds from zero-coupon convertible notes offerings to purchase 11,774 Bitcoins at $96K per Bitcoin. This move yielded a remarkable 12.3% return for the quarter and an impressive 47.6% year-to-date.
Riot Blockchain took advantage of increased funding from an upsized $594 million convertible bond issue by purchasing 667 Bitcoins at an average price of $101,135 each. This strategic acquisition expanded their holdings to 17,429 Bitcoins valued at $1.8 billion.
Source: ambcrypto.com
