Bitcoin Mining Shares Hit $3.5B in High Trading as GBTC Outperforms ‘99% of ETFs’
Crypto mining companies saw strong trading on US bourses on Monday, with some mining stocks even outperforming popular US tech giants.
The total transaction volume between the two largest Bitcoin mining companies – Marathon Digital and Riot Platform – was a combined $3.55 billion on January 8, according to Yahoo Finance data.
Marathon Digital ( MARA ) maintained its position as the day's top trading in the United States with a total of 112 million shares traded, according to Yahoo!
This puts the Bitcoin miner ahead of Tesla, MDA, Nvidia and Apple by a clear margin. Tesla, the second-highest traded stock in the U.S. on Monday, had about 85 million daily trades, by comparison.
Meanwhile, the Grayscale Bitcoin Trust (GBTC) will handle nearly half a billion transactions on Jan. 8, more than 99% of the current 3,000 ETFs, according to industry expert Eric Balchunas.
“If they start with everyone else,[volume]is bringing a gun to a knife fight,” he added, regarding the expected approval of spot Bitcoin ETFs this week.
Grayscale hopes to convert, or “increase,” the funds into a mutual fund ETF pending a green light from the Securities and Exchange Commission.
$GBTC has traded close to half a billion today, which is more than 99% of the 3000 current ETFs, and it's a reminder that if you start with other people (volume), you're bringing a gun to a knife fight. That means the 1.5% fee is used as a recovery. Another fascinating subplot. pic.twitter.com/506EG3PR7t
— Eric Balchunas (@EricBalchunas) January 8, 2024
Related: Spot Bitcoin ETF Issuers File Updated S-1 Applications – Now Awaiting SEC Approval
Marathon's surge comes amid a broader boom in the Bitcoin mining sector. On January 8, Core Scientific received a $55 million equity investment as it emerged from the debt crisis.
As reported by Cointelegraph, the $55-million equity offering expired last week and was oversubscribed. The company plans to be listed on the Nasdaq exchange after the completion of bankruptcy proceedings, joining the top mining stocks this week.
CleanSpark also announced a strategic deal to buy up to 160,000 miners by the end of 2024.
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