Crypto mining stocks usually trace Bitcoin, because crypto affects how much the value of coins they earn is, but this time investors had been speculating on the ability of the miners to generate electricity, land, and data centres; resources useful for artificial intelligence [AI] services.
MARA has been strengthening its business as regards this. The company specified in its quarterly filing report that Bitcoin mining is the cornerstone, while opportunities with AI and some other services will be pursued.
The company has agreed to acquire Long Ridge Energy in a deal valued at approximately $1.5 billion. MARA said the site could eventually provide additional capacity, including power for AI applications and other computing operations, hence provide an additional reason for investors to pick up this stock.
Despite all the developments, MARA is still a Bitcoin miner, and its results are closely correlated with BTC prices.
MARA stock meets resistance at $12
Today’s chart sees MARA rebound from around $9 at the back end of August to trade back above $12 after hitting $12.15 earlier in the session, but it is now trading at $11.70.
With these moves, it looks as if $12 will become the center of short-term interest, a place it has approached several times but been unable to sustain an increase above it.
Another move towards $13 might be expected should it achieve a convincing breakout above $12.20. But if sellers remain in charge, $11 is an area to watch out for. In a worst-case scenario, it might return to the $10 area.
MARA remains below its June highs [near $15], so the recovery is therefore still developing, despite renewed interest in its AI plans.
Final Summary
- MARA stock rose while Bitcoin fell, as investors considered its AI infrastructure ambitions.
- However, it has since dropped back to $11.7, with $12 a stubborn level to take.
