HomeMarket NewsSmall CapsWhat's Driving Bitcoin Mining Stocks Marathon Digital and Riot Platforms?

What’s Driving Bitcoin Mining Stocks Marathon Digital and Riot Platforms?

Actionable Trade Ideas

always free

mara riot marathon digital riot platforms bitcoin btc

Marathon Digital Holdings, Inc. MARA and Riot Platforms, Inc. RIOT have seen a surge in share prices as Bitcoin BTC/USD reclaimed the $30,000 level, crossing it for the first time since August.

What’s Happening:

Shares of MARA are up over 5%, while RIOT shares have gained nearly 4% driven by growing anticipation surrounding the potential approval of a spot Bitcoin ETF.

Bitcoin is currently trading just below $30,000, after surpassing the milestone and reaching $30,024.42 earlier today.

Notably, Blackrock and Fidelity recently made amendments to their spot Bitcoin ETF filings, and Grayscale has pursued similar approval through an S-3 filing.

It’s worth mentioning that both Marathon Digital and Riot Platforms are attracting significant short interest. Benzinga Pro data reveals that 25.1% of MARA shares and 16.91% of RIOT shares are currently being sold short.

Retail investors are keeping a close eye on both companies, as the stocks are trending high on Yahoo Finance’s trending tickers list today.

Related News: What’s Happening with T2 Biosystems Stock?

MARA, RIOT Price Action: According to data from Benzinga Pro, Marathon Digital Holdings shares are up 4.6% at $8.06, and Riot Platforms shares are up 3.97% at $9.17 at the time of publication.

Image: 3D Animation Production Company from Pixabay

Spot Bitcoin ETF Approval Frenzy

The recent surge in Marathon Digital and Riot Platforms stocks is closely tied to the excitement surrounding the possible approval of a spot Bitcoin ETF. Speculation has been mounting as big players like Blackrock and Fidelity have made amendments to their ETF filings, while Grayscale has pursued similar approval through an S-3 filing.

Short Interest and Retail Investor Attention

Both Marathon Digital and Riot Platforms are experiencing significant short interest. Currently, 25.1% of MARA shares and 16.91% of RIOT shares are being sold short. Retail investors are closely watching these companies as they have been trending high on Yahoo Finance’s trending tickers list.

Bitcoin Breaks $30,000 Barrier

Bitcoin has regained the $30,000 level, surpassing it for the first time since August. The cryptocurrency is currently trading just below the milestone, at around $30,000. This breakout has ignited investor enthusiasm and contributed to the upward momentum of Marathon Digital and Riot Platforms stocks.

Overall, the recent surge in Marathon Digital and Riot Platforms stocks can be attributed to several factors. The anticipation of a potential spot Bitcoin ETF approval has sparked excitement among investors and traders. Big players like Blackrock and Fidelity, along with Grayscale, have made moves towards obtaining approval for their ETF filings, which has further fueled speculation.

Additionally, both Marathon Digital and Riot Platforms have garnered significant short interest. Benzinga Pro data reveals that a considerable portion of their shares are being sold short, indicating attention from traders who are betting on a price decline.

Meanwhile, Bitcoin’s resurgence above the $30,000 level has provided a positive backdrop for these stocks. The cryptocurrency’s upward movement has captured the attention of retail investors, with Marathon Digital and Riot Platforms trending high on Yahoo Finance’s trending tickers list.

At the time of publication, Marathon Digital Holdings shares have risen by 4.6% to $8.06, while Riot Platforms shares have gained 3.97% to reach $9.17. It remains to be seen how these stocks will continue to perform as investors eagerly await potential developments in the spot Bitcoin ETF approval process.

Image source: 3D Animation Production Company from Pixabay.

Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.