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. UTC

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.

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.

James Van Straten

As the senior analyst at CoinDesk, specializing in Bitcoin and the macro environment. Previously, working as a research analyst at Saidler & Co., a Swiss hedge fund, introduced to on-chain analytics. James specializes in daily monitoring of ETFs, spot and futures volumes, and flows to understand how Bitcoin interacts within the financial system. James holds more than $1,000 worth of bitcoin, MicroStrategy (MSTR), Semler Scientific (SMLR), IREN (IREN), MARA Holdings (MARA), Cipher Mining (CIFR), Bitfarms (BITF), Riot Platforms (RIOT) and CleanSpark (CLSK).