Bitcoin Mining Stocks MARA Holdings, Riot, CleanSpark Surge As Bitcoin Climbs To New Highs: What's Going On?

Bitcoin BTC/USD mining stocks MARA Holdings Inc MARA, Riot Platforms Inc RIOT and CleanSpark Inc CLSK are trading higher Thursday as bitcoin climbs to new all-time highs.

What To Know: Bitcoin surged to new all-time highs on Wednesday and continued to move higher Thursday morning, last up about 4.25% over a 24-hour period, hovering around $111,235, according to Benzinga Pro.

Bitcoin has seen strong momentum in May as inflows into ETFs tracking bitcoin continue to rise. According to on-chain market analysis firm Santiment, there has been a net inflow of $6.63 billion across bitcoin ETFs over the past five weeks.

Bitcoin may be benefiting from a combination of factors, including a recent surge in risk assets as broader markets bounce back from lows reached in April. Traders on Wednesday also appeared to react to a new budget bill that could worsen the U.S. deficit, which may be helping boost alternative assets like bitcoin.

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Coinbase was officially added to the S&P 500 this month, which some have called a watershed moment for the crypto industry. Coinbase’s CEO suggested that the addition shows “crypto is here to stay” and reflects increasing mainstream adoption. Several public companies have adopted bitcoin treasury strategies and the amount of bitcoin held by public companies has grown 31% since the start of the year, according to CNBC.

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Some of the most popular bitcoin mining companies reported financial results this month, showing gains in bitcoin production.

MARA Holdings said earlier this month that its bitcoin holdings were up 174% on a year-over-year basis. Riot said it produced 1,530 bitcoin in the first quarter, up from 1,364 in the first quarter of 2024. CleanSpark said it mined 1,957 bitcoin in the first quarter and ended the period with $979.6 million in total bitcoin holdings.

Bitcoin miners stand to benefit from a rise in the price of bitcoin as mining becomes more profitable with price increases. Historically, bitcoin mining stocks have shown a strong correlation to the underlying price of bitcoin.

MARA, RIOT, CLSK Price Action: At publication time, MARA Holdings was up 5.0% at $16.64, Riot was up 3.51% at $9.15 and CleanSpark was up 6.53% at $10.77, according to Benzinga Pro.

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