Bitcoin Mining Stocks CleanSpark, Marathon Digital, Riot Platforms Are Soaring: What's Going On?

Shares of several Bitcoin BTC/USD mining stocks including CleanSpark Inc CLSK, Marathon Digital Holdings Inc MARA and Riot Platforms Inc RIOT are rising Monday amid strength in the price of Bitcoin. Here's a look at what’s going on.

What To Know: Bitcoin miners and other crypto-linked stocks are getting a boost on Monday as the price of Bitcoin continues to trend higher. Bitcoin broke out of its recent trading range Monday morning and surged to its highest levels since December 2021. Broader crypto markets appear to be benefiting from increased demand following recently approved spot ETFs and anticipation of April's halving event.

Bitcoin mining stocks have outpaced the price appreciation of their underlying assets in recent weeks, which may be partly due to earnings. CleanSpark shares soared after the company reported strong earnings at the beginning of the month, Riot reported all-time highs for revenues and Bitcoin production when it reported earnings last week and Marathon is due to report after the market close on Wednesday.

CleanSpark is an energy company that transitioned its expertise to focus on Bitcoin mining in 2020. CleanSpark shares were up 21.7% at $20.01 at the time of publication.

Marathon Digital engages in mining digital assets and focuses on the Bitcoin ecosystem. The stock was up 16.4% at $27.97 at publication time. 

Riot Blockchain is focused on building, supporting and operating blockchain technologies with a vision to become the leading Bitcoin-driven infrastructure platform. Shares were up 12.7% at $16.75 Monday morning.

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$BTC Price Action: Bitcoin was up 3.7% over a 24-hour period at $53,279 at the time of publication, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.