Bitcoin mining stocks, including Marathon Digital (NASDAQ: MARA), CleanSpark (NASDAQ: CLSK), and Riot Platforms (NASDAQ: RIOT) surged on Monday alongside Bitcoin’s strong price performance.
Bitcoin miners and other cryptocurrency-related stocks witnessed a significant upswing as Bitcoin continued its upward trend. The leading cryptocurrency, Bitcoin, has broken out of its recent trading range this Monday, reaching its highest levels since December 2021. Broader crypto markets are rallying due to increased demand following the approval of spot ETFs and anticipation of the April halving event.
Bitcoin mining stocks have soared over the past weeks, possibly due to strong earnings. CleanSpark (NASDAQ: CLSK) saw a remarkable surge in its stock price after reporting robust earnings earlier this month. CLSK stock soared by 23.8% to close at $20.35 on Monday.
Riot Platforms announced record-breaking revenues and Bitcoin production in its recent earnings report, while Marathon (NASDAQ: MARA) is scheduled to release its earnings after Wednesday’s market close.
Riot Blockchain aims to lead Bitcoin-driven infrastructure by building, supporting, and operating blockchain technologies. Its stock surged 17% to $17.37 on Monday.
Marathon Digital’s stock rose 21.6% to $29.19, while Bitcoin increased 3.7% to $53,279 in 24 hours.
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.
