Bitcoin Mining Stocks Hit 3.5 Billion Dollars, GBTC Beats 99% of ETFs

Crypto News- On Monday, the U.S. stock exchanges witnessed a flurry of activity in the crypto mining sector, with several mining shares outperforming well-established U.S. tech giants. Marathon Digital and Riot Platforms, the two major Bitcoin mining companies, collectively recorded an impressive $3.55 billion in trades on January 8. Notably, Marathon Digital (MARA) emerged as the most traded stock in the U.S. for the day, boasting a substantial 112 million shares exchanged.

Bitcoin Mining Stocks Hit 3.5 Billion Dollars, GBTC Beats 99% of ETFs

To put this into perspective, even Tesla, the second most traded stock that day, had a daily volume of approximately 85 million shares. Grayscale’s Bitcoin Trust (GBTC) also grabbed attention, boasting a trading volume nearing half a billion on January 8, surpassing the trading volume of over 99% of the existing 3,000 Exchange-Traded Funds (ETFs). Industry expert Eric Balchunas acknowledged Grayscale’s remarkable trading volume, highlighting their significant edge in the market.

With aspirations to convert its Bitcoin Trust into a spot ETF, Grayscale is awaiting approval from the Securities and Exchange Commission (SEC). Balchunas expressed confidence in Grayscale’s readiness for potential ETF competition, emphasizing that they are well-equipped with a substantial trading volume, essentially “bringing a (volume) gun to a knife fight if they launch with everyone else.”

Bitcoin Miners Trump Tech in Record U.S. Stock Trades

Marathon Digital’s standout performance mirrors the broader surge in the Bitcoin mining industry. Core Scientific, grappling with a debt crisis, recently secured a noteworthy $55 million equity investment, oversubscribed and poised for relisting on the Nasdaq once bankruptcy proceedings conclude. CleanSpark also made headlines with a strategic agreement signaling a potential acquisition of up to 160,000 miners by the close of 2024. These developments underscore the increasing prominence and investor interest in the dynamic and rapidly evolving Bitcoin mining sector.