Mara Holdings' Stock Rises After Posting Monthly Record For Bitcoin Production

By Kelly Cloonan

Shares of Mara Holdings climbed after the company said it notched a monthly record for bitcoin production in May.

The stock rose 7.4% to $15.42 on Tuesday. Shares have declined 8.1% this year.

The Fort Lauderdale, Fla., cryptocurrency company said Tuesday it won 282 blocks last month, which was a monthly record and a 38% increase from April.

The company's average per day amount of bitcoin produced rose to 30.7, a 31% increase from the previous month.

Chief Executive Fred Thiel said production benefited from the company's luck in winning block rewards, which has outperformed the network average by more than 10% since launch.

Write to Kelly Cloonan at kelly.cloonan@wsj.com