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U.S. Crypto Stocks Surge in Pre-Market Trading as Bitcoin Tops $100K
MARA Holdings climbed on completing an $850 million offering of a zero-coupon convertible senior note.
Dec 5, 2024, 12:43 p.m.
What to know:
- As bitcoin jumped over $100,000, crypto-related stocks climbed in pre-market trading.
- Semler Scientific rallied more than 7% while MicroStrategy and MARA Holdings both gained 6%.
- IREN and Hut 8 find new ways to increase shareholder value, gaining before the open.
The analyst who wrote this piece owns shares of MicroStrategy (MSTR) and Semler Scientific (SMLR).
Crypto-related equities jumped before the U.S. market open after bitcoin broke through the $100,000 psychological barrier, adding 4% in 24 hours.
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Medical device company Semler Scientific (SMLR) led gains, adding more than 7% and approaching $70 a share. The company holds 1,570 BTC, according to bitcointreasuries.net.
Self-described bitcoin development company MicroStrategy (MSTR), with 402,100 BTC, is up over 6.5%. It holds the most bitcoin among all publicly listed companies.
MARA Holdings (MARA), with the second-largest stash, also rose more than 6%. The bitcoin miner completed an $850 million offering of a zero-coupon convertible senior note due in 2031. The proceeds will primarily go towards acquiring bitcoin and repurchasing existing notes due 2026.
Other miners also rose.
IREN (IREN) added 4.6%. It plans to offer a $300 million convertible senior note due 2030, with an additional $45 million option. The proceeds will go toward funding capped call transactions, a prepaid forward share purchase, and general corporate purchases.
Hut 8, up almost 7%, announced a $500 million at-the-market (ATM) offering and a $250 million stock repurchase program to support growth and shareholder returns, including buying bitcoin as a reserve asset.
Crypto exchange Coinbase (COIN) gained 4.4%.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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