Bitcoin Hits $88,000; MARA Holdings, CleanSpark up 9%; Strategy up 8%; Canaan up 6%
Crypto shares gained in Monday trading as Bitcoin hit $88,000, marking a new high since March 7.
MARA Holdings, CleanSpark rose 9%; Strategy rose 8%; Canaan, Riot Platforms rose 6%; Coinbase rose 4%.
Michael Saylor’s Strategy bought $584.1 million of Bitcoin after raising more than $700 million last week through the sale of so-called perpetual strife preferred stock.
The purchase, the latest in a series of almost weekly acquisitions since late October, increased the dot-com-era software maker turned leveraged Bitcoin proxy’s holding of the cryptocurrency to around $44.3 billion.
The former MicroStrategy purchased 6,911 Bitcoin at an average price of approximately $84,529 from March 17 through March 23, according to a filing with the US Securities and Exchange Commission on Monday.
Shares of Strategy have surged about 2,350% since Saylor began investing the company’s cash into Bitcoin as a hedge against inflation in 2020. Bitcoin is up over 670% during the same period.
Hedge funds have been driving some of the demand for the convertible debt that’s been doled out in public offerings, as they seek out Strategy for trades that incorporate buying the bonds and selling the shares short, essentially betting on the underlying stock’s volatility.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Most Discussed
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10