The cryptocurrency market is experiencing a mild pullback today, with the global market capitalization slipping by 2%.
Despite the dip, several crypto-linked stocks remain in focus due to important ecosystem developments that could shape their near-term performance.
MARA Holdings, Inc. (MARA)
MARA shares fell 11.72% to close at $17.55 on Tuesday, even as the company announced the pricing of a major capital raise. On July 23, MARA revealed it had priced an upsized offering of $950 million in 0.00% convertible senior notes due 2032.
The offering, aimed at qualified institutional buyers under Rule 144A of the Securities Act, also includes a 13-day option for initial purchasers to buy an additional $200 million in notes. The deal is expected to close on July 25, pending customary conditions.
Despite the sharp drop, MARA traded slightly higher during the pre-market session today at $17.55. If buying interest grows at the opening bell, MARA stock could rally toward resistance at $18.34.
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However, if selling pressure continues, the price risks slipping below the $16.84 support level.
Galaxy Digital Inc (GLXY)
Galaxy Digital shares surged 7% on Wednesday to close at $31.03. This came following Monday’s announcement of a new partnership with K Wave Media.
Under the deal, Galaxy will serve as an asset manager and strategic advisor to K Wave as it ramps up its Bitcoin treasury strategy. K Wave, which has access to over $1 billion in institutional capital, plans to significantly scale its corporate Bitcoin reserves — a move that could cement Galaxy’s role as a leading institutional player in digital asset management.
In the US pre-market session today, GLXY trades at $30.92. If buying activity intensifies at the open, the stock could rally toward $31.75.
However, if downward pressure mounts, it may slide below the $29.22 support level.
HIVE Digital Technologies Ltd. (HIVE)
On Wednesday, HIVE’s shares closed at $2.40, down 4%. Despite the pullback, HIVE is showing signs of strength in today’s pre-market session, trading at $2.42. This uptick comes after the company announced a major milestone—crossing 13 Exahash per second (EH/s) in the global Bitcoin mining hashrate.
This achievement has been driven by the continued buildout of its next-gen hydro-cooled mining facilities at Phase 2 of its Yguazú campus in Paraguay.
Over 2 EH/s of Bitmain S21+ Hydro ASIC miners are now operational, and the site is expected to reach 6.5 EH/s when fully deployed. HIVE is targeting 18 EH/s in total hashpower by the end of August, signaling aggressive scaling.
If buying momentum continues after the market opens, HIVE shares could rally toward $2.55.
However, a lack of follow-through could see the price slip below the $2.28 support level.
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