Bitcoin mining stocks like Marathon Digital (MARA) and Riot Platforms (RIOT) surged over 4% on Monday as Bitcoin hit $70,000 for the first time since June. MARA shares rose to $22.45, while RIOT reached $11.7.
This rally follows a 30% increase in Bitcoin since July. The coin’s rise flipped a falling broadening wedge pattern, signaling potential further gains.
Marathon holds 20,000 Bitcoins and recently bought $100 million worth, while Riot has 89,000. These companies benefit significantly from rising Bitcoin prices, with Marathon’s revenue jumping from $117 million in 2022 to $387 million in 2023.
However, both companies saw a decline in mined coins in June compared to last year. Q2 earnings, crucial due to the April halving, are expected to show Marathon’s revenue up 93% YoY to $157 million and Riot’s at $72.2 million.
Industry experts remain optimistic about Bitcoin’s future price increases.
