Why Bitcoin- And Ethereum-Related Stock Greenidge Generation (GREE) Is Exploding Higher

Greenidge Generation Holdings Inc GREE shares are trading higher by 11.29% to $3.45 Wednesday morning on heavy volume. The stock is trading higher amid strength in the price of Bitcoin following BlackRock's Bitcoin ETF application.

What Happened?

The cryptocurrency market is experiencing a notable upswing driven by several favorable developments, including the introduction of EDX Markets, a newly established exchange supported by prominent financial entities such as Charles Schwab, Fidelity and Citadel Securities.

These influential players from the finance industry are lending their backing to EDX Markets, contributing to the positive momentum within the market.

See Also: What's Going On With Nikola (NKLA) Shares

What Else?

Greenidge Generation owns and operates a vertically integrated cryptocurrency data center and power generation company. With a higher Bitcoin price, the profitability of Bitcoin mining improves.

Miners like Greenidge Generation incur costs for electricity, equipment and operational expenses. When the price of Bitcoin is higher, the revenue generated from mining can surpass these costs, leading to increased profitability.

According to data from Benzinga Pro, GREE has a 52-week high of $48.90 and a 52-week low of $1.55.