Bitcoin mining stocks top $3.5 billion in trading volumewritten by Bella Palmer
The total trading volume among the two biggest Bitcoin mining companies — Marathon Digital and Riot Platforms — was a combined $3.55 billion on January 8
Crypto mining companies saw strong trading volumes on American bourses on Monday, with some mining shares even surpassing well-known U.S. tech giants.
The total trading volume among the two biggest Bitcoin mining companies — Marathon Digital and Riot Platforms — was a combined $3.55 billion on January 8, as per data from Yahoo Finance.
Marathon Digital even secured the position as the top-traded stock in the US on the day with a volume of 112 million total shares traded, as per Yahoo.
This put the crypto miner ahead of Tesla, AMD, Nvidia, and Apple by a clear margin. Tesla, the second most traded stock in the U.S. on Monday, had a daily trading volume of nearly 85 million traded shares comparatively.
In the meantime, Grayscale’s Bitcoin Trust traded close to half a billion on January 8, which is over 99% of the 3,000 current exchange traded funds, observed industry expert Eric Balchunas.
He added a reminder that “they are bringing a volume gun to a knife fight if they launch with everyone else,” in reference to the expected pending approval of spot Bitcoin exchange traded funds this week.
Grayscale hopes to convert or “uplist” its fund to a spot ETF, pending a green light from the SEC.
Marathon's outperformance comes amid a broader boom in the Bitcoin mining sector. On January 8, Core Scientific secured a $55 million equity investment as it emerged from its debt crisis.
As reported by Cointelegraph, the $55-million equity offering expired last week and was oversubscribed. The company plans to relist on the Nasdaq exchange after bankruptcy proceedings are finalised, joining the high-flying mining stocks outperforming this week.
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