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Bitcoin (BTC) price surged to above $44,000 on Wednesday, reaching the price level after a recent dip towards the $40k zone. As the flagship cryptocurrency’s price rose, with 5% gains in 24 hours, the stocks of top Bitcoin mining companies mirrored the upside.
Marathon Digital (MARA) and Riot Platforms (RIOT) were among the gainers, adding more than 7% and 5% respectively. MARA was trading around $23.61 and RIOT at $17.55 at 1.15 pm ET on December 20.
Other crypto related mining stocks saw even bigger jumps on the day, with crypto mining machine manufacturers Canaan Technology and Ebang International Holdings climbing as much as 32% and 38% respectively. Bitfarms added 4% and Bit Digital 6%.
Bitcoin mining stocks outperform BTC
Gains for Bitcoin mining stocks have come amid a strong bounce for BTC year-to-date. But while BTC has managed about 165% YTD, MARA and RIOT’s share prices have skyrocketed 590% and 417% respectively as of writing.
The outperformance comes as Bitcoin mining stocks rebound from the brutal crypto winter that saw a number file for bankruptcy protection. Sentiment across the industry is high ahead of Bitcoin’s upcoming halving and potential spike in demand helped by approval for the first spot Bitcoin ETF for the US market.
Today’s spike in BTC price came as it emerged the US Securities and Exchange Commission (SEC) had once again met with BlackRock and Nasdaq representatives. The latest reports suggest the engagement revolved around the regulatory considerations ahead of the highly anticipated spot Bitcoin ETF listing.
Some analysts are saying this could come as soon as January 10, 2024.
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