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

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.

Bitcoin mining stocks account for 25% of shares traded for top large caps, outperforming BTC into new year

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.

SymbolNamePriceChange% ChangeVolumeAvg vol (3mnth)Market Cap
NKLANikola Corporation0.89210.00480.0054112.29874.423M1.033B
MARAMarathon Patent Group, Inc.
TSLATesla, Inc.261.444.830.0188105.536120.157M831.097B
NIONIO Inc.9.1-0.23-2.47%98.57948.524M16.252B
BITFBitfarms Ltd.3.510.270.083356.28320.227M1.132B
CHRSCoherus BioSciences, Inc.2.690.510.233952.1735.417M299.569M
WULFTeraWulf Inc.2.880.660.297350.35611.673M693.835M
AMDAdvanced Micro Devices, Inc.146.072.660.018548.59556.366M235.976B
SOFISoFi Technologies, Inc.10.320.360.036143.91939.622M9.894B
TELLTellurian Inc.0.94850.06660.075542.47534.78M602.148M
RIOTRiot Blockchain, Inc.18.621.270.073242.03526.359M3.845B
INTCIntel Corporation50.760.260.005151.82238.783M214.004B
AAPLApple Inc.
FFord Motor Company12.39-0.06-0.48%39.81554.514M49.597B
CANCanaan Inc.
TLRYTilray Brands, Inc.2.24-0.05-2.18%32.81315.907M1.657B
GOEVCanoo Inc.0.24670.01270.054332.69527.476M193.926M
PFEPfizer Inc.28.610.20.00734.53939.49M161.544B
IOVAIovance Biotherapeutics, Inc.7.23-1.66-18.67%31.2047.061M1.85B
BLNKBlink Charging Co.3.68-0.44-10.68%30.0425.339M248.061M
BTBTBit Digital, Inc.4.980.780.185728.4965.698M451.975M
PLTRPalantir Technologies Inc.17.47-0.21-1.19%29.25862.325M38.015B
TAT&T Inc.16.580.010.000627.67437.58M118.547B
CIFRCipher Mining Inc., Inc.153.34-0.07-0.05%30.23551.244M1.585T
CLSKCleanSpark, Inc.13.431.690.14427.11221.046M2.481B
BKKTBakkt Holdings, Inc.2.360.560.311125.8363.017M215.774M
CCLCarnival Corporation18.54-0.07-0.38%25.44831.911M24.218B
BACBank of America Corporation33.84-0.02-0.06%22.52148.3M267.801B
RIVNRivian Automotive, Inc.23.730.140.005922.44542.067M22.727B
PLUGPlug Power Inc.4.71-0.07-1.46%23.92535.643M2.852B
AALAmerican Airlines Group Inc.13.99-0.12-0.85%23.12336.908M9.143B
CYTKCytokinetics, Incorporated83.4437.730.825422.0152.229M8.182B
NVDANVIDIA Corporation494.171.380.002823.19342.668M1.221T

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