Bitcoin miners, Marathon Digital Holdings, Inc. MARA and Riot Platforms, Inc. RIOT, are experiencing a surge in shares today as Bitcoin BTC/USD exceeds $51,000.
The Momentum:
Marathon Digital and Riot Platforms are witnessing an upward trajectory alongside Bitcoin’s ascent towards the $52,000 milestone.
With Bitcoin crossing the $51,000 threshold today, it has rebounded to a market capitalization of $1 trillion, a sight unseen since last year.
The recent green light given to numerous spot Bitcoin ETFs, coupled with institutional acquisitions, are likely fueling Bitcoin’s current rally. Additionally, investors are eagerly awaiting the upcoming Bitcoin halving event, expected in April.
The imminent halving poses a potential revenue reduction for Bitcoin miners, prompting a proactive approach in terms of efficiency enhancement and capital maintenance before the event unfolds.
Needham analyst John Todaro reiterated a Buy rating for Riot Platforms on Tuesday, with a revised price target of $18.
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Performance of MARA and RIOT: As per Benzinga Pro, Marathon Digital shares are up by 11% at $28.57, while Riot Platforms shares have surged by 8.65% to $16.78 at the time of this report.
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