Bitcoin Mining Stocks Outperform Tesla, AMD, Nvidia, and Apple
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Bitcoin miners Marathon Digital and Riot Platforms have seen a significant increase in trading volume, with activity surpassing that of some of the world’s leading tech giants.
The combined trading volume of these miners exceeded $3.55 billion on January 8, 2024, with Marathon Digital becoming the most traded stock in the United States.
Grayscale’s Bitcoin Trust (GBTC) also saw a surge in trading activity, reaching nearly $500 million on the day, reinforcing investors’ growing interest in cryptocurrencies. The surge in trading volume comes as the U.S. Securities and Exchange Commission (SEC) is likely to approve a spot Bitcoin ETF.
Bitcoin Mining Firms Lead Trading Activity
Bitcoin mining companies, notably Marathon Digital and Riot Platforms, have seen exceptional growth in trading volume on U.S. stock exchanges, outpacing some of the world’s most prominent tech giants. On January 8, 2024, Yahoo Finance data showed that the total transaction volume of these two Bitcoin mining companies reached US$3.55 billion.
Marathon Digital, whose ticker is MARA, was the most traded stock in the United States yesterday. The company’s total number of traded shares reached 112 million, surpassing famous technology companies such as Tesla, AMD, Nvidia, and Apple, and achieved impressive results.
Tesla was the second-most traded stock in the United States on Monday, with about 85 million shares traded daily. The wide gap highlights growing interest in cryptocurrency-related stocks and the growing presence of Bitcoin miners in financial markets.
GBTC trading is active
Grayscale’s Bitcoin Trust (GBTC) trading volume also surged on January 8, 2024, further exacerbating the “craziness” of cryptocurrency in the financial market. The trust has recorded nearly $500 million in transaction volume and has attracted the attention of industry experts.
Expert Eric Balchunas has emphasize Grayscale’s Bitcoin Trust is outperforming, saying its trading volume is higher than 99% of the current 3,000 ETFs.
Balchunas emphasized the significance of this achievement, noting that it makes Grayscale a strong contender for the potential launch of a physical Bitcoin ETF.
He also mentioned the impending approval of a spot Bitcoin ETF, suggesting that Grayscale’s impressive trading volumes could give the company a competitive advantage in the growing crypto investment space.
Grayscale awaits SEC approval for Bitcoin spot ETF
Grayscale has expressed interest in “upgrading” its Bitcoin Trust to an ETF, subject to approval from the U.S. Securities and Exchange Commission (SEC). This strategic move is in line with a surge in the launch of Bitcoin ETFs in the space, providing investors with a more accessible and regulated way to invest in the cryptocurrency.
With the SEC weighing in on the matter, Grayscale’s significant trading volume and market influence solidify the company’s position and potential for a successful transition to a spot Bitcoin ETF.
Coverage surrounding the SEC’s decision highlights the cryptocurrency market’s growing momentum and interest from both institutional and retail investors.
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Stronger
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