In the past 24 hours, Marathon Digital has traded more than 105 million shares, surpassing Apple, Tesla, and Amazon.
Marathon Digital, a Bitcoin miner, has witnessed its stocks topping the charts for mid- and large-cap stocks in the United States. This happens weeks before an expected sanctioning of a spot Bitcoin exchange-traded fund (ETF).
Marathon Digital Leads Bitcoin Mining Stocks in Traded Stock
Yahoo Finance market data shows that the publicly traded company saw trading volumes of more than 105 million shares over the past hours, surpassing blue-chip stocks such as Amazon, Tesla, and Apple.
The chart shows that Riot Platforms, a fellow Bitcoin miner, is the 6th most-traded stock. The number of shares traded over the past day was above 40 million.
The surge in trading activity on Bitcoin mining stocks happens amid a new push from mining companies to extend their activities prior to an anticipated sanctioning of a spot Bitcoin ETF early next year and Bitcoin halving later in April.
On December 19, Marathon revealed intentions to buy two mining centers for $179M. This strategy will result in an extra 393 megawatts (MW) of mining capacity incorporated into its present 584 MW output.
Two weeks before, Riot Platforms obtained Bitcoin mining rigs worth $291M, making it the most considerable increase in the hash rate in the company’s history.
Bitcoin has experienced massive growth all through the year, rising to more than 163% from the start of the year. However, shares in Bitcoin miners have significantly surpassed that of market-leading cryptocurrency.
Marathon Digital Realize Record Surge as Riot Platforms Record Heavy Gains
Data from TradingView reveals that Riot Platforms and Marathon Digital have posted gains of 452% and 767% respectively. Coinbase, the biggest publicly traded crypto exchange, has also experienced good times. Since the start of the year, it has gained more than 450%.
Still shocked by FTX’s fall and several other high-profile catastrophes last year, crypto-associated stocks started 2023 as a famous short trade.
Nevertheless, traders aiming to gamble against the crypto industry might have acquired an unexpected outcome. This year, crypto-associated shorts amounting to more than $6B were liquidated.
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