Bitcoin mining stocks account for 25% of shares traded for top large caps, outperforming BTC into new year Bitcoin mining stocks account for 25% of shares traded for top large caps, outperforming BTC into new year
Eight of the top thirty-five stocks traded on Dec. 27 were related to Bitcoin mining as prices skyrocket.
2 min read
Updated: Dec. 28, 2023 at 12:29 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Yesterday’s stock market, Dec. 27, reflected a surge in investor interest in Bitcoin-related stocks ahead of potential ETF approvals.
Bitcoin mining companies’ stocks soared, outstripping the cryptocurrency’s gains amidst anticipating an imminent spot Bitcoin ETF approval. Marathon (MARA) led the charge as trading volumes swelled, surpassing even Tesla’s activity on the trading floor.
Per Yahoo Finance data, Marathon’s shares escalated to $31.07, marking a 15.24% increase, with a trading volume reaching a towering 105.657 million, significantly beyond its 3-month average of 47.8 million. Further, for all stocks over the $100 million market capitalization threshold, Marathon ended the day (including after-hours trading) second behind Niokola. This bullish behavior dwarfed Bitcoin’s performance, which saw a more modest 3% increase during US trading hours.
| Symbol | Name | Price | Change | % Change | Volume | Avg vol (3mnth) | Market Cap |
|---|---|---|---|---|---|---|---|
| NKLA | Nikola Corporation | 0.8921 | 0.0048 | 0.0054 | 112.298 | 74.423M | 1.033B |
| MARA | Marathon Patent Group, Inc. | 31.07 | 4.11 | 0.1524 | 105.657 | 48.811M | 6.917B |
| TSLA | Tesla, Inc. | 261.44 | 4.83 | 0.0188 | 105.536 | 120.157M | 831.097B |
| NIO | NIO Inc. | 9.1 | -0.23 | -2.47% | 98.579 | 48.524M | 16.252B |
| BITF | Bitfarms Ltd. | 3.51 | 0.27 | 0.0833 | 56.283 | 20.227M | 1.132B |
| CHRS | Coherus BioSciences, Inc. | 2.69 | 0.51 | 0.2339 | 52.173 | 5.417M | 299.569M |
| WULF | TeraWulf Inc. | 2.88 | 0.66 | 0.2973 | 50.356 | 11.673M | 693.835M |
| AMD | Advanced Micro Devices, Inc. | 146.07 | 2.66 | 0.0185 | 48.595 | 56.366M | 235.976B |
| SOFI | SoFi Technologies, Inc. | 10.32 | 0.36 | 0.0361 | 43.919 | 39.622M | 9.894B |
| TELL | Tellurian Inc. | 0.9485 | 0.0666 | 0.0755 | 42.475 | 34.78M | 602.148M |
| RIOT | Riot Blockchain, Inc. | 18.62 | 1.27 | 0.0732 | 42.035 | 26.359M | 3.845B |
| INTC | Intel Corporation | 50.76 | 0.26 | 0.0051 | 51.822 | 38.783M | 214.004B |
| AAPL | Apple Inc. | 193.15 | 0.1 | 0.0005 | 47.928 | 53.39M | 3.004T |
| F | Ford Motor Company | 12.39 | -0.06 | -0.48% | 39.815 | 54.514M | 49.597B |
| CAN | Canaan Inc. | 3.19 | 0.16 | 0.0528 | 35.906 | 8.269M | 545.637M |
| TLRY | Tilray Brands, Inc. | 2.24 | -0.05 | -2.18% | 32.813 | 15.907M | 1.657B |
| GOEV | Canoo Inc. | 0.2467 | 0.0127 | 0.0543 | 32.695 | 27.476M | 193.926M |
| PFE | Pfizer Inc. | 28.61 | 0.2 | 0.007 | 34.539 | 39.49M | 161.544B |
| IOVA | Iovance Biotherapeutics, Inc. | 7.23 | -1.66 | -18.67% | 31.204 | 7.061M | 1.85B |
| BLNK | Blink Charging Co. | 3.68 | -0.44 | -10.68% | 30.042 | 5.339M | 248.061M |
| BTBT | Bit Digital, Inc. | 4.98 | 0.78 | 0.1857 | 28.496 | 5.698M | 451.975M |
| PLTR | Palantir Technologies Inc. | 17.47 | -0.21 | -1.19% | 29.258 | 62.325M | 38.015B |
| T | AT&T Inc. | 16.58 | 0.01 | 0.0006 | 27.674 | 37.58M | 118.547B |
| CIFR | Cipher Mining Inc. | 5.27 | 0.29 | 0.0582 | 26.997 | 4.523M | 1.355B |
| AMZN | Amazon.com, Inc. | 153.34 | -0.07 | -0.05% | 30.235 | 51.244M | 1.585T |
| CLSK | CleanSpark, Inc. | 13.43 | 1.69 | 0.144 | 27.112 | 21.046M | 2.481B |
| BKKT | Bakkt Holdings, Inc. | 2.36 | 0.56 | 0.3111 | 25.836 | 3.017M | 215.774M |
| CCL | Carnival Corporation | 18.54 | -0.07 | -0.38% | 25.448 | 31.911M | 24.218B |
| BAC | Bank of America Corporation | 33.84 | -0.02 | -0.06% | 22.521 | 48.3M | 267.801B |
| RIVN | Rivian Automotive, Inc. | 23.73 | 0.14 | 0.0059 | 22.445 | 42.067M | 22.727B |
| PLUG | Plug Power Inc. | 4.71 | -0.07 | -1.46% | 23.925 | 35.643M | 2.852B |
| AAL | American Airlines Group Inc. | 13.99 | -0.12 | -0.85% | 23.123 | 36.908M | 9.143B |
| CYTK | Cytokinetics, Incorporated | 83.44 | 37.73 | 0.8254 | 22.015 | 2.229M | 8.182B |
| NVDA | NVIDIA Corporation | 494.17 | 1.38 | 0.0028 | 23.193 | 42.668M | 1.221T |
Bitfarms (BITF), TeraWulf (WULF), and Riot Blockchain (RIOT) also witnessed notable trading fervor, with trading volumes at a combined 148 million shares traded, around double the average volume for the stocks.
Bit Digital (BTBT), CleanSpark (CLSK), Canaan (CAN), and Cipher Mining (CIFR) completed the top performers’ list, up 18.57%, 14.40%, 5.28%, and 5.82%, respectively. These companies also experienced trading volumes that were significantly higher than their recent averages, showcasing the high market interest.
Notably, the top 35 stocks (over $100 million market cap) recorded a total volume of 1.45 billion shares traded. Of those shares, 372 million were related to Bitcoin mining, which accounts for around 25% of shares traded within this segment.
The upswing in these stocks stresses the broader market interest in the Bitcoin space and a desire to gain exposure to stocks with potentially high beta to impending spot Bitcoin ETFs. This movement and the day’s trading data suggest a market brimming with anticipation and a keen eye on the regulatory horizon.
Further, as we approach the next halving in 2024, the current soaring Bitcoin transaction fees are buoying miners, hoping that continually elevated fees can offset the drop in block rewards. If miners can handle the halving better than anticipated due to the Inscription-related fee increase, the mining companies could post outsized returns compared to historical post-halving estimates.
Mentioned in this article
Author 
Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Riot Platforms
Riot Platforms is a bitcoin mining company, supporting the Bitcoin blockchain through rapidly expanding industrial-scale mining focused in the United States.
Marathon Digital
Marathon Digital Holdings is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.
CleanSpark
CleanSpark (NASDAQ: CLSK) is a sustainable bitcoin mining and energy technology company that is incorporated in Nevada.
Cipher Mining
Cipher Mining is an industrial-scale Bitcoin mining company dedicated to expanding and strengthening the Bitcoin networkโs critical infrastructure in the United States.
Bitfarms
Bitfarms (NASDAQ/TSX: BITF) is a Canadian Bitcoin mining company that was founded in 2017.
Canaan
Canaan Creative, known simply as Canaan, is a China-based computer hardware manufacturer.