Why Bitcoin- And Ethereum-Related Stock Marqeta Is Rising

Marqeta Inc MQ shares are trading higher by 3.57% to $8.14 Thursday morning after the company announced a $100 million buyback program.

What Else?

"The share repurchase program demonstrates the confidence our Board and management team have in the strength of our business and future growth prospects," said Jason Gardner, Founder and CEO of Marqeta.

"We see a specific moment-in-time opportunity for us to execute a share buy-back program as we do not believe our current valuation reflects our performance or our long-term market opportunity. Our strong balance sheet with $1.7 billion in liquidity enables us to execute this program while continuing to invest in both organic and inorganic opportunities to grow the business."

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According to data from Benzinga Pro, Marqeta has a 52-week high of $37.90 and a 52-week low of $6.05.