Bitcoin-Linked MicroStrategy and Marathon Digital Shares Are Soaring Today: What's Going On?

MicroStrategy Inc MSTR and Marathon Digital Holdings Inc MARA shares are ripping higher Tuesday afternoon following investments from Soros Fund Management.

What To Know: According to a new regulatory filing, George Soros, the billionaire hedge fund manager behind the Soros Fund increased his stake in MicroStrategy and initiated a new position in Bitcoin BTC/USD and Ethereum ETH/USD miner Marathon Digital during the fourth quarter.

Related Link: George Soros Dumps Twitter And COVID-19 Play Zoom — Take Positions In Crypto-Linked Stocks In Q4

MicroStrategy is a business intelligence, mobile software and cloud-based services company, but more than anything else, it's a bet on Bitcoin. In its most recent earnings report, MicroStrategy said it increased its holdings to 132,500 bitcoins.

Marathon Digital is focused on mining digital assets. The company owns cryptocurrency mining machines and a data center to mine the digital assets.

The pair of crypto-related names also appear to be catching a boost from an upside move in the crypto market. Bitcoin was up 2.71% over a 24-hour period at $22,209 at last check. Ethereum was outpacing Bitcoin, up 4.49% at $1,557.78 at time of publication.

MSTR, MARA Price Action: MicroStrategy was up 10.1% Tuesday afternoon at $274.30, while Marathon Digital was up 14.9% at $6.72, according to Benzinga Pro.

Photo: Serg Dementev from Pixabay.