Marathon Digital (NASDAQ: MARA) stock rose during intraday trading Wednesday after United States presidential candidate Donald Trump pledged to boost domestic mining operations.
Former President Donald Trump has called for all remaining Bitcoin production to be based in the United States, asserting that it would bolster the country’s energy leadership. Trump made these remarks in a June 12 post following a meeting with leaders from the Bitcoin mining industry.
In a social media post, Trump emphasized, “I want all the remaining Bitcoin to be MADE IN THE USA!!!” He emphasized the potential benefits of such a move for strengthening the country’s energy sector.
During the meeting, Trump reportedly assured industry leaders of his commitment to support the sector if re-elected as president in November.
Market response to Trump’s statements was notably positive among Bitcoin mining stocks. TeraWulf (NASDAQ: WULF) and Hut 8 Mining (NASDAQ: HUT) emerged as the top performers among the top 10 largest Bitcoin miners by market capitalization on June 12, surging 10.5% and 10.07%, respectively, according to data from Google Finance.
Following closely behind were Core Scientific (NASDAQ: CORZ), Iris Energy (NASDAQ: IREN), and Cipher Mining (NASDAQ: CIFR), which recorded increases of 9.87%, 9.72%, and 8.94%, respectively.
Major players in the industry, including CleanSpark (NASDAQ: CLSK) and Riot Platforms (NASDAQ: RIOT), also experienced significant gains, with increases of 8.15% and 6.5%, respectively.
Marathon Digital (NASDAQ: MARA) Stock Reaction
However, Marathon Digital (NASDAQ: MARA), the largest Bitcoin miner by market cap, saw a more modest increase of 2.4% to close at $20.31 on June 12, marking a 3.61% decrease for the week. The trading volume for Marathon Digital was notably high at 52,040,132 shares, surpassing the average daily volume of 48.16 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
