Bitcoin Mining Stocks Marathon Digital, Riot Platforms And CleanSpark Are Moving Higher: What's Going On?
Several Bitcoin mining stocks including Marathon Digital Holdings Inc, Riot Platforms Inc, and CleanSpark Inc are trading higher Thursday as bitcoin rebounds off recent lows.
What Happened
Bitcoin is down approximately 3.3% over the last week, but it’s bouncing back Thursday morning, sparking a rebound in the broader crypto space and in crypto-related stocks. Bitcoin has been stuck in a trading range near all-time highs since it rallied above $70,000 in March following the approval of several spot bitcoin ETFs. It’s been trending toward the lower end of the range in recent weeks.
Attention has shifted to the potential approval of Ethereum ETH/USD ETFs. SEC Chair Gary Gensler has suggested that approvals could come "over the course of this summer" and other regulators have said they expect momentum by the end of the summer. Bloomberg analyst Eric Balchunas reportedly believes approval could come as soon as early July.
Stock Performance
Marathon Digital Holdings engages in mining digital assets and focuses on the Bitcoin ecosystem. The stock was up 2.02% at $20.69. HC Wainwright & Co. analyst Kevin Dede reiterated Marathon Digital with a Buy rating on Thursday and maintained a price target of $27.
Riot Platforms is focused on building, supporting, and operating blockchain technologies. Shares were up 2.95% at $10.97 Thursday morning.
CleanSpark is an energy company that transitioned its expertise to focus on Bitcoin mining in 2020. CleanSpark shares were up 3.7% at $20.24.
Bitcoin Price Movement
As of now, Bitcoin was up 0.43% over a 24-hour period, hovering around $65,350.
