Bitcoin Mining Stocks Are Surging Monday: What's Driving The Action?

by Adam Eckert Benzinga Staff Writer

Bitcoin BTC/USD mining stocks are surging Monday morning alongside the price of Bitcoin and other popular cryptocurrencies after U.S. President Donald Trump announced a strategic crypto reserve.

What Happened: On Sunday, Trump announced plans to create a strategic crypto reserve that would include Bitcoin, Ethereum ETH/USD and other popular cryptos like XRP, Solana and Cardano.

"A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will make sure the U.S. is the Crypto Capital of the World,” Trump said in a post on Truth Social.

“And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!”

The crypto market surged following the announcement. Bitcoin climbed more than 10% off three month-lows reached on Friday and several crypto-related stocks are moving higher Monday morning.

Check This Out: Eric Trump Says Timing Of Strategic Bitcoin, XRP, Cardano Reserve Announcement Was A ‘Win’ For Retail Investors

Bitcoin mining stocks including MARA Holdings Inc MARA, CleanSpark Inc CLSK and Riot Platforms Inc RIOT are surging. The miners report operating metrics on a monthly basis and are due to provide updates for February in the coming days.

In January, MARA Holdings mined 750 bitcoin, down about 13% from 865 Bitcoin mined in December. The company held a total of 45,659 bitcoin as of the end of the month.

CleanSpark mined 626 bitcoin in January, down from 668 bitcoin mined in December. The company held 10,556 total bitcoin as of Jan. 31.

Riot mined 527 bitcoin in January, up 2% month-over-month from the 516 mined in December. Riot held a total of 18,221 bitcoin as of the end of January.

MARA, CLSK, RIOT Price Action: At publication time, MARA Holdings shares were up 12.3% at $15.62, CleanSpark shares were up 12.6% at $9.01 and Riot shares were up 11.5% at $10.34, according to Benzinga Pro.

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