What's Going On With MARA Shares Monday?

MARA Holdings, Inc. MARA stock is trading higher on Monday, along with other crypto-linked stocks, after Bitcoin BTC/USD reached an all time high.

The Details: As of early Monday afternoon, Bitcoin is trading above $107,000, according to data from Benzinga Pro. MARA, heavily involved in Bitcoin mining, benefits from this surge.

Other Bitcoin miners, such as Riot Platforms, Inc. RIOT and CleanSpark, Inc. CLSK, also stand to benefit from Bitcoin’s gains.

What Else: In early December MARA completed its $850 million offering of zero-coupon convertible senior notes due 2031. The company anticipates about $835.1 million in net proceeds from this offering.

MARA plans to use about $48 million of the net proceeds from the sale of the notes to repurchase roughly $51 million of its existing convertible notes due 2026 in private transactions. The remaining proceeds will go toward acquiring additional bitcoin and general corporate purposes, including working capital, strategic acquisitions, asset expansion and debt repayment.

In addition, at the start of the month, the company signed a definitive agreement to acquire a wind farm in Hansford County, Texas, with 240 MW of interconnection capacity and 114 MW of nameplate wind capacity. 

The company plans to build and operate a behind-the-meter data center powered entirely by the site's 114 MW of wind capacity at no additional energy cost. This is part of MARA’s strategy to transform underutilized sustainable resources into economic value, achieve near-zero energy costs and support the broader adoption of renewable energy.

Related Link: Elon Musk’s Tesla Nearly 5 Times More Expensive Than Industry Average: Stock Surges Over 60% Since Election

MARA Price Action: At the time of publication, MARA shares are trading 11.5% higher at $25.34, according to data from Benzinga Pro.

Image: Eivind Pedersen from Pixabay