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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.

By James Van Straten|Edited by Sheldon Reback

Dis 5, 2024, 12:43 p.m. Isinalin ng AI

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 (BTC) 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%.

Marathon Bitcoin MicroStrategy

James Van Straten

James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin's role within the broader financial system.

In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).