The past few stock trading days have been kind to cryptos generally.
This extends to businesses that mine and acquire them.
With a healthy rise in the value of its key asset and a big hardware order in its industry, crypto mining company Mara Holdings‘ (NASDAQ: MARA) last few days on the stock market have been prosperous. In fact, week to date as of early Friday morning and according to data compiled by S&P Global Market Intelligence, the company’s share price had swollen by almost 17%.
While it’s diversified its business some in recent times, Mara’s core activity still remains the mining and acquisition of Bitcoin, far and away the world’s most popular and valuable cryptocurrency.
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Bitcoin’s value has risen notably of late for a clutch of factors, not least a fresh Federal Reserve rate cut many economists, analysts, and investors are expecting to happen later this month (people tend to put more capital in relatively risky assets like crypto when rates are skinny).
Over the past calendar week alone, Bitcoin has surged from under $110,000 to more than $120,000.
Contributing to this dynamic was news from crypto mining rig manufacturer Canaan on Thursday. The company said it broke a three-year record with an order of over 50,000 of its current-generation mining machines from one client (which it didn’t name). Those devices have been optimized for Bitcoin mining, although they are also capable of mining other cryptos.
By the standards of the crypto mining industry, that’s a huge order, so it’s little wonder that Bitcoin traded so sprightly — as did mining stocks like Mara.
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Eric Volkman has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.
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