What's Going On With Bitcoin Mining Stocks MARA Holdings, Riot Platforms, CleanSpark On Monday?

Shares of MARA Holdings Inc MARA, Riot Platforms Inc RIOT and CleanSpark Inc CLSK are trading higher Monday amid strength in the price of Bitcoin BTC/USD, Here’s what you need to know.

What To Know: Bitcoin mining stocks are getting a lift Monday morning with bitcoin up approximately 4% over the past 24 hours, trading at $108,524 at last check.

The broader crypto market and crypto-linked stocks may be seeing some continued optimism following a successful public debut from stablecoin issuer Circle Internet Group Inc CRCL. The New York-based company saw its stock open for trading last week at $69 per share after pricing its IPO at $31, indicating strong demand. The stock continued to climb on Friday, closing the day at $107.70 and was up another 17% Monday morning at the time of writing, per Benzinga Pro.

The bitcoin miners appear to be benefiting from positive sentiment in crypto-related stocks combined with rising crypto prices. Higher bitcoin prices increase the value of the companies’ bitcoin holdings, which they provided updates on last week.

MARA Holdings said it produced 950 bitcoin in May, up 35% on a month-over-month basis, and ended the month with 49,179 in total bitcoin holdings. The company said it benefited from its self-owned and operated mining pool, as well as block reward luck in May.

CleanSpark mined 694 bitcoin last month, up approximately 10% on a month-over-month basis. The company held a total of 12,502 bitcoin at month’s end after selling 293.5 bitcoin during the period at an average price of approximately $102,254 per bitcoin.

Riot Platforms said it mined 514 bitcoin in May, up 11% month-over-month. The company held a total of 19,225 bitcoin at the end of the month.

The companies also reported increases in hashrate last month, which measures the computational power used to validate and process transactions on the network. MARA Holdings’ hashrate was 58.3 EH/s at the end of May, CleanSpark’s was at 45.6 EH/s and Riot’s totaled 35.4 EH/s at the end of the month.

Bitcoin was only about $3,000 below its all-time high at the time of publication Monday, according to Benzinga Pro. At the time of publication, MARA was up 2.50% at $16.18, Riot was up 1.68% at $10.02 and CleanSpark was up 2.45% at $10.03

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Photo: creativeneko/Shutterstock.