Shares of several Bitcoin mining stocks, Marathon Digital Holdings (NASDAQ: MARA), Riot Platforms (NASDAQ: RIOT), and CleanSpark (NASDAQ: CLSK), witnessed a significant surge in trading on Monday. This surge coincides with a notable uptick in the price of Bitcoin.
Investors are witnessing a remarkable rally in Bitcoin-related stocks as the leading cryptocurrency, Bitcoin, continues its upward trajectory. Bitcoin has reached its highest level since December 2021, sparking renewed enthusiasm in the crypto market. The surge in Bitcoin’s price attributed to growing institutional adoption, predominantly fueled by the recent approval of spot ETFs and anticipation surrounding the upcoming halving event in April.
Bitcoin Mining Stocks on the Rise
Investor optimism grows with promising earnings prospects for Bitcoin mining stocks. CleanSpark (NASDAQ: CLSK) set the tone last week when its shares surged following the release of stellar fiscal first-quarter earnings. This performance has likely spurred increased investor interest in the sector.
Market attention is now turning towards upcoming earnings reports from key players. Riot Platforms (NASDAQ: RIOT) will announce its earnings near the end of the month, with analysts projecting a loss of 28 cents per share and revenue of $85.757 million. Meanwhile, Marathon Digital Holdings (NASDAQ: MARA) is expected to report earnings in early March, with estimates pegged at 2 cents per share in earnings and revenue totaling $141.408 million.
Bitcoin Price Action
Bitcoin was up 3.02% over 24 hours at $49,715 at the time of publication.