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Industry

Mara bitcoin miner pursues purchase of Texas power site to accelerate AI expansion

Mara Holdings shares rose about 15 percent early after it announced plans to buy a Texas power site to expand digital infrastructure for AI computing and bitcoin mining. The site is a 1,200-acre tract in Matagorda County with access rights of up to 2 gigawatts, with an initial 1 gigawatt expected by October 2027. Mara said the project is early-stage and subject to regulatory approvals, with phased construction over several years.

Crypto

Citi cuts 12-month bitcoin price target to $82,000

Citi cut its 12-month price targets for bitcoin and ether, lowering bitcoin to $82,000 from $112,000 and ether to $2,240 from $3,175. The bank scrapped its earlier assumption of $10 billion in net inflows to bitcoin spot ETFs over the next year, cutting it to zero. It cited a weaker ETF flow outlook, delays in U.S. Clarity legislation and concerns over selling by corporate holders.

Crypto

Strive buys 759 more bitcoin, taking holdings to 19,864 BTC

Asset manager Strive bought an additional 759 bitcoin for $50 million, taking its total holdings to 19,864 BTC. The company bought the coins from June 15 to 21 at an average of $65,850 each, as confirmed in a Form 8-K disclosed on June 22. Strive funds purchases through perpetual preferred shares called SATA, which pay daily dividends at an annual rate of about 13 percent.