Marathon Digital, a Bitcoin mining business, emerged as the most traded stock of the day on December 28, 2023, with a volume of $98 million and the stock has risen 751% so far this year.
Marathon’s Bitcoin miner stocks have surged to the forefront of trading volumes among mid and large-cap U.S. stocks, leading up to the expected approval of a spot Bitcoin exchange-traded fund (ETF) in the coming weeks.
According to Yahoo Finance market data, the publicly traded company has taken the top spot on the daily training volume in the last day, outpacing the trading volume of blue-chip stocks like Tesla, Apple, and Amazon.
With nearly 40 million shares exchanged in the past day, fellow Bitcoin miner Riot Platforms is ranked as the sixth most traded company on the chart. The stock price of Riot Platforms has surged by 389.35% so far this year.
The surge in trading activity for Bitcoin mining equities coincides with mining companies’ intensified efforts to grow their businesses in anticipation of the upcoming Bitcoin halving in April and the anticipated approval of a spot exchange-traded fund (ETF) in early January.
Marathon stated on December 19 that it would be spending $179 million to buy two mining centers. This acquisition will add 390 megawatts of mining capacity to Marathon’s current 584 megawatt production.
Even if the price of Bitcoin has increased significantly in 2023, shares of Bitcoin miners have outperformed the cryptocurrency that is currently ruling the market.
Also Read: MicroStrategy’s Stock Remarkable 324.08% YTD Rise
