2024-12-16 16:29 |
Michael Saylor, the founder of MicroStrategy and a prominent Bitcoin advocate, has forecasted that MARA Holdings, a leading Bitcoin mining firm, could be the next cryptocurrency-related company to join the prestigious Nasdaq 100 index. His prediction came shortly after MicroStrategy’s historic inclusion in the index, solidifying the growing influence of Bitcoin-focused companies in traditional financial markets.
In a Dec. 14 post on X, Saylor responded to MARA’s chairman and CEO Fred Thiel, who had congratulated MicroStrategy on the achievement. “Thanks, Fred. I expect $MARA will be the next,” Saylor stated, expressing confidence in MARA’s potential to meet the stringent criteria for Nasdaq 100 inclusion.
MicroStrategy’s Milestone and MARA’s AmbitionsMicroStrategy’s addition to the Nasdaq 100 will take effect on Dec. 23, reflecting the firm’s growing prominence. With a market capitalization of $94.77 billion as of Dec. 13, MicroStrategy has outpaced traditional non-financial companies on the Nasdaq exchange.
Michael Saylor remains optimistic about MARA Holdings. Source: X
In contrast, MARA Holdings currently has a market cap of $7.32 billion. While this figure is significantly smaller, MARA’s strategic moves in Bitcoin acquisition and its strong market performance highlight its ambition to close the gap. Thiel acknowledged Saylor’s remark by stating, “We’re working hard to get there.”
Aggressive Bitcoin Strategy Drives GrowthMARA Holdings has shown an appetite for increasing its Bitcoin stash. The company invested more than $600 million in Bitcoin over the last two months, buying 11,774 BTC in December alone. The purchase, which was funded through a zero-coupon convertible notes offering, increased MARA’s total Bitcoin stash to 40,435 BTC, worth around $3.9 billion.
Bitcoin price chart. Source: Bitcoin Liquid Index (BLX) via Brave New Coin
These moves are consistent with the broader strategy for MARA in using Bitcoin as a core treasury asset, a pioneer of which was MicroStrategy. By doing so, the company attempts to benefit from the appreciation of Bitcoin over the long term, simultaneously enhancing its financial position.
Stock Performance Reflects Growing Investor ConfidenceMARA’s stock has also performed well, closing at $22.73 on Dec. 13 for a gain of 16.74% over the last six months. While that still significantly lags MicroStrategy, whose stock jumped 173.27% in the same period, MARA’s growth trajectory indicates its potential to gain more investor interest.
Despite these gains, MARA faces challenges in matching the scale and influence of MicroStrategy. The Nasdaq 100 requires companies to maintain substantial market activity, including a minimum daily trading volume of 250,000 shares and timely financial disclosures.
MARA’s ambitions are not confined to financial achievements. On Nov. 26, the company called for stronger U.S. action to secure a dominant position in Bitcoin mining, framing it as a matter of national security. This advocacy reflects MARA’s belief in Bitcoin’s strategic importance and its role in shaping the future of decentralized finance.
Saylor’s Broader Vision for Bitcoin CompaniesMichael Saylor’s support of MARA also falls in line with his broader view of increasing Bitcoin adoption among corporations. In recent comments, Saylor noted that Bitcoin was becoming increasingly adopted as a reserve asset and ultimately would see a rapid spike in interest as Bitcoin cements its place in the global economy.
His MARA call out underlines how Bitcoin players are being integrated into more mainstream financial systems. “The inclusions of the Bitcoin-centric companies into the Nasdaq 100 is not an event but a statement—a testament to the ever-growing legitimacy of Bitcoin,” Saylor said in an interview.
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