Bitcoin miners, Marathon Digital Holdings, Inc. MARA and Riot Platforms, Inc. RIOT, shares are trading higher Wednesday as Bitcoin BTC/USD trades above $51,000.
The Big Picture:
Marathon Digital and Riot Platforms are riding the wave of soaring Bitcoin prices, as the cryptocurrency approaches the $52,000 threshold.
Bitcoin’s surge past $51,000 has also led to the reclamation of $1 trillion in market capitalization, a feat not achieved since 2021.
The recent approval of several spot Bitcoin ETFs, along with institutional acquisitions, have likely played a part in Bitcoin’s upward trajectory. Moreover, anticipation surrounding the upcoming Bitcoin halving event in April is bolstering investor sentiment.
The impending halving event prompts Bitcoin miners to gear up and fortify their defenses. In anticipation of reduced revenue, miners are focusing on enhancing operational efficiency and shoring up capital reserves.
Needham analyst John Todaro reaffirmed Riot Platforms with a Buy rating and adjusted the price target from $19 to $18 on Tuesday.
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MARA, RIOT Price Action: According to Benzinga Pro, Marathon Digital shares have surged by 11% to reach $28.57, while Riot Platforms shares have climbed 8.65% to hit $16.78 at the time of publication.
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