In a significant boost for the crypto mining industry, major mining firms experienced an exceptionally high volume of stock trading on American exchanges this past Monday. The combined trading volume for the two largest Bitcoin mining companies, Marathon Digital and Riot Platforms, reached an impressive $3.55 billion, as reported by Yahoo Finance.
Marathon Digital (MARA), in a notable achievement, became the most-traded stock in the United States for the day, with a volume of 112 million shares. This outstanding performance placed it above prominent U.S. tech giants such as Tesla, AMD, Nvidia, and Apple. In comparison, Tesla, the second most-traded stock, had about 85 million shares traded.
Additionally, Grayscale’s Bitcoin Trust (GBTC) also witnessed substantial trading activity, totaling nearly half a billion dollars on the same day. This volume surpassed that of 99% of the current 3,000 ETFs, highlighting the significant interest in Bitcoin-related financial products. Eric Balchunas, an industry expert, pointed out the potential impact of Grayscale’s entry into the spot Bitcoin ETF market, should it receive approval from the Securities and Exchange Commission (SEC).
This surge in trading activity comes amid a broader upswing in the Bitcoin mining sector. Core Scientific recently secured a $55 million equity investment as it navigates through its debt crisis. The equity offering, which concluded last week, was oversubscribed, and the company plans to relist on the Nasdaq exchange post-bankruptcy.
In another positive development for the industry, CleanSpark announced a strategic deal that could lead to the acquisition of up to 160,000 miners by the end of 2024. This influx of investment and trading activity in Bitcoin mining stocks reflects growing investor confidence and interest in the cryptocurrency mining sector.