Bitcoin Miner MARA Clears Its BTC-Backed Debt and Approves $500 Million Buyback After Q3 Profit
The authorization follows an $885.3 million unrealized Bitcoin gain that lifted quarterly profit even as revenue fell 35%, the company said.
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MARA Holdings Jumps 11% on $500 Million Buyback, Riot Platforms Climbs 2% on Jefferies Upgrade Despite Bitcoin's Drop; Core Scientific Edges Higher
Bitcoin is sliding and Fed hike odds are climbing, yet three miners are rallying anyway. One of them posted a huge earnings beat that hides a much weaker quarter underneath, and the real test comes before year end.
Bitcoin Miner MARA Clears Its BTC-Backed Debt and Approves $500 Million Buyback After Q3 Profit
MARA Holdings‘ board authorized a buyback of up to $500 million of its common stock on Nov. 9, the day the bitcoin miner disclosed in its quarterly report that it had raised about $1.1 billion by selling 13,597 bitcoin after Sept. 30 and had repaid all of its bitcoin-collateralized loans. MARA had raised $750 million in loans to pay for Long Ridge, a natural gas power plant in Ohio, in a deal that has not yet closed. Of the $750 million in colla…
MARA Stock Jumps 13% After Bitcoin Miner Unveils $500 Million Buyback and Repays $750 Million in Debt
MARA shares rose more than 13% after the company announced a $500 million buyback, repaid bitcoin-backed debt and reported profit boosted by gains on its holdings.
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