Crypto Miners Outperform Tech Giants on US Stock Exchange; Grayscale Nears Half-Billion Trade
Summary:
Strong trading volumes were observed with four crypto mining firms, Marathon Digital, Riot Platforms, Cleanspark, and Terawulf, on American exchanges. Marathon Digital led with a trading volume of $112 million, exceeding major tech companies. Grayscale's Bitcoin Trust also traded close to half a billion, surpassing 99% of current ETFs. Core Scientific secured a $55 million equity investment amidst a broader Bitcoin mining industry surge, while CleanSpark announced a potential purchase of up to 160,000 miners by 2024.
On Monday, four cryptocurrency mining companies - Marathon Digital, Riot Platforms, Cleanspark, and Terawulf - exhibited strong performance in U.S trading exchanges, surpassing the trading volumes of established U.S tech corporations. Data from Yahoo Finance revealed that the total trading volume of these four mining corporations reached $208 million on January 8. Marathon Digital (MARA) led the pack with a trading volume of $112 million, outperforming tech heavweights like Apple, Nvidia, AMD, and Tesla. The latter, being the second most traded stock in the U.S market on Monday, managed a trading volume of approximately $85 million.
In the meantime, Grayscale's Bitcoin Trust (GBTC) showcased near half a billion in trading on January 8, surpassing more than 99% of the current 3000 ETFs, according to industry expert Eric Balchunas' observations. Balchunas also pointed out that Grayscale could provide serious competition if it gets approval for launching spot Bitcoin ETFs, pending approval from the Securities and Exchange Commission.
Marathon Digital's strong performance is a part of a broader surge in the Bitcoin mining industry. Core Scientific, on January 8, managed to secure a $55 million equity investment, helping the company recover from its debt crisis. As per Cointelegraph, the $55-million equity offering was oversubscribed and expired last week. Once the company concludes bankruptcy procedures, it plans to return to the Nasdaq exchange. Also, CleanSpark recently declared a strategic agreement that might result in the purchase of up to 160,000 miners by the end of 2024.
Published At
1/9/2024 8:22:40 AM
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