Bitcoin Mining Stocks Hit $200 Million Trading Volume, Outperforming Major Tech Giants

This week we witnessed a remarkable surge in stock trading for major Bitcoin mining firms, as their volumes surpassed $200 million, leaving even renowned U.S. tech giants in the shadows.

On Monday, cryptocurrency mining companies experienced robust trading activity on American stock exchanges, with some mining shares surpassing the trading volumes of well-established U.S. tech giants.

Data from Yahoo Finance revealed that the combined trading volume of four prominent mining firms – Marathon Digital, Riot Platforms, Cleanspark, and Terawulf – reached an impressive $208 million on January 8.

Marathon Digital (MARA) emerged as the most actively traded stock in the United States on that day, boasting a trading volume of $112 million, according to Yahoo. This positioned the Bitcoin miner well ahead of notable companies such as Tesla, AMD, Nvidia, and Apple, with Tesla ranking as the second most traded stock in the U.S. on Monday, recording a daily trading volume of approximately $85 million.

Meanwhile, Grayscale’s Bitcoin Trust (GBTC) recorded a trading volume close to half a billion dollars on January 8, surpassing more than 99% of the 3,000 current ETFs, as noted by industry expert Eric Balchunas. He emphasized the significance of this feat by stating, “they are bringing a (volume) gun to a knife fight if they launch with everyone else,” in anticipation of the pending approval of spot Bitcoin ETFs this week.

Grayscale aims to convert or “uplist” its fund to a spot ETF, pending approval from the Securities and Exchange Commission.

Marathon’s exceptional performance aligns with the broader boom in the Bitcoin mining sector. On January 8, Core Scientific secured a $55 million equity investment, marking its recovery from a debt crisis. The $55-million equity offering, which was oversubscribed, expired last week, and the firm plans to relist on the Nasdaq exchange after finalizing bankruptcy proceedings, joining the ranks of high-performing mining stocks.

Additionally, CleanSpark announced a strategic agreement that could potentially lead to the acquisition of up to 160,000 miners by the end of 2024. This further solidifies the momentum within the Bitcoin mining sector.

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