Marathon Digital became the most traded stock of the day, with a turnover of $327 million
Bitcoin (BTC) miner Marathon Digital’s stock trading volume topped the list in the weeks leading up to the expected approval of a Bitcoin spot exchange-traded fund (ETF).
More than 105 million shares of the publicly traded company traded in the past 24 hours, outpacing blue-chip stocks including Tesla, Apple and Amazon, according to Yahoo Finance market data.
Riot Platforms stock, also a Bitcoin miner, ranks sixth on the list, with more than 40 million shares traded in the past day.
Trading activity in Bitcoin mining stocks has risen ahead of the expected approval of a Bitcoin spot exchange-traded fund (ETF) early next year and the Bitcoin halving in April.
On December 19, Marathon announced plans to purchase two mining hubs for $179 million, which would add 390 MW to its existing 584 MW capacity.
Two weeks ago, Riot Platforms acquired $291 million worth of Bitcoin mining rigs, marking the largest increase in hash rate in the company’s history.
While Bitcoin has been showing exceptional growth in 2023 - up more than 163% since the start of the year - shares of Bitcoin mining companies have far outperformed the leading cryptocurrency by market capitalization.
Marathon Digital and Riot Platforms have posted staggering year-to-date gains of 767% and 452%, respectively, according to TradingView.
Marathon Digital’s stock has far outperformed Bitcoin.
Coinbase, the largest publicly traded cryptocurrency exchange, is also enjoying good momentum, rising more than 450% since the beginning of 2023.
Related: Bitcoin fees hit highest level in 20 months as miner revenue matches $69,000 Bitcoin price
Crypto-related stocks are starting to become popular short trades this year due to the collapse of FTX and the many other high-profile disasters that have occurred in 2022.
However, traders trying to bet on the crypto space may get more than they bargain for, with more than $6 billion in crypto-related short positions liquidated to date.
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