Marathon Digital Takes the Lead as the Most Traded Stock Today

Bitcoin (BTC) miner Marathon Digital has claimed the top spot in trading volumes among U.S. mid and large-cap stocks, reaching $42,975 just weeks before the anticipated approval of a spot Bitcoin exchange-traded fund (ETF). Over the past 24 hours, the publicly traded company has witnessed a remarkable trading volume of over 105 million shares, surpassing major blue-chip stocks such as Tesla, Apple, and Amazon, according to Yahoo Finance market data.

Marathon Digital Takes the Lead as the Most Traded Stock Today

Riot Platforms, another Bitcoin miner, holds the sixth position on the most-traded stocks chart, with over 40 million shares traded in the last day. The surge in trading activity for Bitcoin mining stocks coincides with mining firms’ renewed efforts to expand their operations, anticipating the approval of a spot Bitcoin ETF in early January and the Bitcoin halving scheduled for April.

On December 19, Marathon Digital revealed its intention to acquire two mining centers for $179 million, expanding its current 584-megawatt output by an additional 390 megawatts.

Just two weeks prior, Riot Platforms made a substantial move by acquiring $291 million worth of Bitcoin mining rigs, marking the largest increase in the hash rate in the firm’s history.

Despite Bitcoin’s remarkable growth of over 163% throughout 2023, shares in Bitcoin mining companies have significantly outperformed the leading cryptocurrency. Marathon Digital and Riot Platforms have both experienced substantial gains, posting year-to-date increases of 767% and 452%, respectively, according to TradingView data.