Cryptocurrency mining companies experienced strong trading activity on American stock exchanges on Monday, with some of these mining stocks even surpassing the trading volumes of well-established U.S. technology giants.
According to data from Yahoo Finance, the combined trading volume for the two largest Bitcoin mining companies, Marathon Digital and Riot Platforms, reached $3.55 billion on January 8.
Marathon Digital (MARA) emerged as the most traded stock in the United States for the day, with a total of 112 million shares traded, as reported by Yahoo.
This put Marathon Digital ahead of well-known companies such as Tesla, AMD, Nvidia, and Apple, with Tesla being the second most traded stock in the U.S. on Monday, with a daily trading volume of approximately 85 million shares.
In the meantime, Grayscale’s Bitcoin Trust (GBTC) recorded a trading volume of nearly half a billion on January 8, surpassing more than 99% of the current 3,000 ETFs, noted industry expert Eric Balchunas.
He also pointed out that if they launch alongside others, they will have a significant advantage in terms of trading volume, alluding to the expected approval of spot Bitcoin ETFs this week.
Grayscale is hopeful of converting its fund into a spot ETF, pending approval from the Securities and Exchange Commission. Marathon’s strong performance coincides with a broader surge in the Bitcoin mining sector. On January 8, Core Scientific secured a $55 million equity investment as it emerged from its financial troubles.
As previously reported by Cointelegraph, the $55 million equity offering was oversubscribed and expired last week. The company plans to relist on the Nasdaq exchange once its bankruptcy proceedings are finalized, joining the list of successful mining stocks this week.
Additionally, CleanSpark announced a strategic agreement that could potentially lead to the purchase of up to 160,000 miners by the end of 2024.
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