MARA Holdings (MARA) stock is soaring 5.01% in pre-market trading on Wednesday, riding the wave of a broader rally in cryptocurrency-related stocks. The surge comes as Bitcoin, the world's largest cryptocurrency, climbed above $94,000, marking a 24-hour gain of over 7%.
The crypto market's bullish momentum is largely attributed to growing optimism surrounding the improvement of US-China trade relations. Reports suggest that US Treasury Secretary Scott Bessent believes there will be a de-escalation between the two economic giants, describing future negotiations as a challenging process that has yet to begin. This positive sentiment has spilled over into various financial markets, including cryptocurrencies.
MARA Holdings, known for being one of the largest Bitcoin miners and holders with over 44,000 Bitcoins in its inventory, is particularly well-positioned to benefit from Bitcoin's price appreciation. The company's aggressive expansion strategy, including plans to raise $2 billion for additional Bitcoin purchases, aligns with the current market optimism. As crypto stocks continue to gain traction, investors are showing increased interest in companies with significant exposure to the digital asset space.
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