Crypto Stocks Mixed; Marathon Digital Jumps 7%; MicroStrategy Gains 6%

Tiger Newspress
2024-11-19

Bitcoin is back in the vicinity of an all-time peak, supported by a series of developments highlighting the deepening embrace of the digital-asset industry in the US under crypto cheerleader Donald Trump.

At the top of the tape was the revelation that the president-elect’s Trump Media & Technology Group Corp. is in talks to buy digital-asset marketplace Bakkt Holdings Inc., which sparked a surge in the shares of both companies.

Other developments included Nasdaq Inc.’s plan to list options on the $43 billion iShares Bitcoin Trust as early as Tuesday and Goldman Sachs Group Inc.’s push to spin out its digital-asset platform, signs of how crypto and its underlying blockchain technology are burrowing deeper into the financial system.

Crypto stocks mixed in morning trading. Marathon Digital rose 7%; MicroStrategy rose 6%; Canaan rose 4%; while Coinbase and Bitfarms fell 2%.

Marathon Digital priced its offering of $850M aggregate principal amount of 0.00% convertible senior notes due 2030.

MicroStrategy said on Monday that it intends to offer $1.75 billion aggregate principal amount of its 0% convertible senior notes due 2029 in a private offering.

MicroStrategy (MSTR) also expects to grant to the initial purchasers of the notes an option to purchase, within a 3-day period, up to an additional $250 million aggregate principal amount of the notes.

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