Why Bitcoin-Related Greenidge Generation Holdings Stock Is Growing Greener

Greenidge Generation Holdings Inc GREE shares are trading higher Tuesday after Bitcoin BTC/USD reached $35,000 for the first time since 2022.

What To Know:

Shares of GREE have gained 38% over the last month as the price of Bitcoin rises and excitement surrounding the potential approval of BlackRock's spot Bitcoin ETF builds. 

Greenidge Generation Holdings Inc. owns and operates a vertically integrated cryptocurrency data center that generates revenue in the form of bitcoin by earning bitcoin as rewards and transaction fees for supporting the global bitcoin network with application-specific integrated circuit computers (ASICs or miners) owned or leased by the company.

Shares of GREE are up on heavy trading volume Tuesday. According to data from Benzinga Pro, more than 418 thousand shares have been traded in the session, more than doubling the stock's 100-day average of just over 197 thousand shares.

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GREE Price Action: According to Benzinga Pro, Greenidge Generation Holdings shares are up more than 7% at $5.21 at the time of publication.

Image: Reto Scheiwiller from Pixabay