Why Bitcoin Miners Marathon Digital, Riot Platforms Stock Are Up Today

Bitcoin miners, Marathon Digital Holdings, Inc. MARA and Riot Platforms, Inc. RIOT, shares are trading higher Wednesday as Bitcoin BTC/USD trades above $51,000.

The Details:

Bitcoin miners Marathon Digital and Riot Platforms are rising with the price of Bitcoin which is approaching the $52,000 mark at the time of publication. 

As Bitcoin passed the $51,000 price point Wednesday, it reclaimed $1 trillion in market capitalization, a level not seen since 2021. 

The recent approval of several spot Bitcoin ETFs and the resulting institutional purchases may be contributing to Bitcoin's recent rally. Investors are also anticipating the next Bitcoin halving event, likely to occur in April. 

The halving will reduce revenue for Bitcoin miners and many are focused on preparation, including improving efficiency and maintaining capital, ahead of the event. 

Needham analyst John Todaro maintained Riot Platforms with a Buy and lowered the price target from $19 to $18 on Tuesday. 

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MARA, RIOT Price Action: According to Benzinga Pro, Marathon Digital shares are up 11% at $28.57, and Riot Platforms shares are up 8.65% at $16.78 at the time of publication.

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