What's Going On With Bitcoin Mining Stocks Marathon Digital And Riot Platforms?
Portfolio Pulse from Erica Kollmann
Shares of Marathon Digital Holdings, Inc. (NASDAQ:MARA) and Riot Platforms, Inc. (NASDAQ:RIOT) are trading higher as Bitcoin (CRYPTO: BTC) topped the $30,000 mark for the first time since August. The rise is due to excitement surrounding the potential approval of a spot Bitcoin ETF. Both companies have significant short interest, with 25.1% of MARA shares and 16.91% of RIOT shares being sold short.
October 20, 2023 | 2:42 pm
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POSITIVE IMPACT
Marathon Digital's shares are trading higher due to Bitcoin's rise. The company has a significant short interest of 25.1%.
Marathon Digital's stock price is directly influenced by the price of Bitcoin due to the company's involvement in Bitcoin mining. The rise in Bitcoin's price has led to an increase in Marathon Digital's stock price. The high short interest could lead to a short squeeze if the stock continues to rise.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
Riot Platforms' shares are trading higher due to Bitcoin's rise. The company has a significant short interest of 16.91%.
Riot Platforms' stock price is directly influenced by the price of Bitcoin due to the company's involvement in Bitcoin mining. The rise in Bitcoin's price has led to an increase in Riot Platforms' stock price. The high short interest could lead to a short squeeze if the stock continues to rise.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100