MARA Holdings (MARA) Outperforms Bitcoin Mining Peers Amid BTC Price Surge

MARA shares are trading higher Wednesday, potentially driven by Bitcoin's (BTC) continued price surge. Here's what you need to know.

Rising Bitcoin prices are boosting several crypto-related stocks on Wednesday, with shares of Marathon Digital Holdings Inc (NASDAQ:MARA) surging over 15%. Here's a closer look.

What's Happening: Bitcoin prices have surged about 125% so far this year. The cryptocurrency gained about 1.1% over a 24-hour period, trading around $94,100 at last check.

Optimism around President-elect Donald Trump's incoming administration is also boosting sentiment. Trump has said he would establish a strategic Bitcoin reserve upon his return to the White House.

"I think it's very interesting. I like Bitcoin a lot. I think it's great. We'll be talking about that. We'll be putting in a strategic reserve of Bitcoin. We'll be putting in a strategic reserve of a lot of things. We have to have it. We have to have our country strong," Trump said at a rally in Miami on Saturday night.

Several crypto-related stocks are trading higher Wednesday after Bitcoin briefly hit all-time highs.

The trading activity in Marathon, one of the largest Bitcoin miners, is closely tied to Bitcoin's performance. Rising Bitcoin prices increase the value of MARA’s Bitcoin holdings.

Of note, MARA Holdings is outperforming other Bitcoin mining peers on Wednesday. The outperformance may be due to the company's strategy to raise capital to accumulate Bitcoin, similar to MicroStrategy Inc (NASDAQ:MSTR), which is also seeing relative outperformance.

MARA Holdings adopted a "full HODL" strategy for its Bitcoin treasury policy earlier this year, retaining all Bitcoin it mines and periodically making strategic open market purchases. The company held a total of 26,747 Bitcoin as of Sept. 30.

MARA Holdings on Monday announced an upsized offering of $850 million in convertible senior notes due in 2030. The company said proceeds will be used to repurchase existing debt and acquire more Bitcoin.

See More: Best Cryptocurrency Stocks

MARA Holdings shares were up 16.3% at $23.12 at the time of writing, according to Benzinga Pro.