What's Going On With Bitcoin Miners Riot Platforms and Marathon Digital Stocks?
Portfolio Pulse from Erica Kollmann
Shares of Bitcoin mining companies Marathon Digital Holdings, Inc. (MARA) and Riot Platforms, Inc. (RIOT) are trading lower despite recent positive developments. Marathon Digital's stock surged over the past month due to the purchase of new mining sites and anticipation of a spot Bitcoin ETF and the Bitcoin halving event. Riot Platforms reported a 21% increase in Bitcoin mined in November. The decline in stock prices may be attributed to profit-taking on the last trading day of 2023.
December 29, 2023 | 5:23 pm
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NEGATIVE IMPACT
Marathon Digital Holdings, Inc. shares are down 12% at $24.70, following a more than 100% increase over the past month due to new mining site acquisitions and Bitcoin market events.
Marathon Digital's stock price is likely experiencing a short-term decline due to investors taking profits after a significant run-up in price. The recent purchase of new mining sites and the anticipation of Bitcoin-related events had driven the stock up, but such rapid increases often lead to corrections as traders secure gains.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 90
NEGATIVE IMPACT
Riot Platforms, Inc. shares are down 10% at $15.80, despite reporting a 21% increase in Bitcoin mined in November and a 20% gain in share price over the past month.
Riot Platforms' stock price is likely facing a short-term pullback as a result of investors locking in profits from the recent price appreciation. The company's improved Bitcoin mining production is a positive sign, but the stock's recent performance may have prompted some shareholders to sell and realize their gains.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 90