Marathon Digital scores big as Most Traded Stock

• Marathon Digital, a Bitcoin miner, became the most traded stock with over $327 million in 24-hour trading volume.
• Bitcoin mining companies are gearing up for an expected approval of a spot Bitcoin exchange-traded fund (ETF) in early January.
• Marathon Digital and Riot Platforms have seen phenomenal year-to-date gains of 767% and 452%, respectively, outperforming Bitcoin’s 163% growth in 2023.

Marathon Digital, a Bitcoin mining company, has surged ahead as the most traded stock of the day. This remarkable feat has placed it ahead of tech giants like Tesla, Apple, and Amazon in terms of trading volume.

With over $327 million traded in the last 24 hours, Marathon Digital is making waves in the investment world.

The surge in trading activity coincides with a pivotal moment for Bitcoin miners. They are preparing for the anticipated approval of a spot Bitcoin exchange-traded fund (ETF) in early January.

Marathon Digital’s impressive trading volume highlights the growing interest in cryptocurrency-related stocks and the broader blockchain ecosystem.

Marathon’s Remarkable Performance

Over the past 24 hours, Marathon Digital saw more than 105 million shares change hands, solidifying its position as the most traded stock. Notably, fellow Bitcoin miner Riot Platforms also made its mark as the sixth most-traded stock on the charts, with over 40 million shares traded during the same period.

This resurgence in Bitcoin mining stocks aligns with the industry’s expansion efforts ahead of the expected spot Bitcoin ETF approval and the upcoming Bitcoin halving in April.

Marathon Digital recently unveiled plans to acquire two mining centres for $179 million, a strategic move that will boost its mining capacity by 390 megawatts, adding to its existing 584-megawatt output.

Riot Platforms Joins the Fray

Riot Platforms, not to be outdone, made headlines by securing an additional $291 million worth of Bitcoin mining rigs, marking its largest hash rate increase in history. These substantial investments reflect the bullish sentiment surrounding Bitcoin mining and its future potential.

While Bitcoin itself has shown remarkable growth in 2023, with a staggering 163% increase since the beginning of the year, shares in Bitcoin mining companies have outperformed even the leading cryptocurrency. Marathon Digital and Riot Platforms have achieved astounding year-to-date gains of 767% and 452%, respectively, as reported by TradingView.

The cryptocurrency market has witnessed significant shifts in investor sentiment throughout the year. In early 2023, crypto-related stocks were favored as short trades, driven by concerns and uncertainty in the sector. However, those looking to bet against cryptocurrencies faced unexpected challenges, with over $6 billion in crypto-related shorts being liquidated so far this year.