The recent rally in cryptocurrencies has garnered a lot of attention, with investors seeking exposure following the bullish movement. The US election helped build a positive outlook and ignite a major flashpoint due to President-elect Donald Trump's favorable stance on digital assets.
It's no secret that cryptocurrencies are a volatile asset class, regularly witnessing roller-coaster price fluctuations. However, market participants can gain exposure through a list of “crypto miners” including several stocks, particularly Marathon Digital MARA and Riot Platform's RIOT.
Marathon Digital is a publicly traded company that mines Bitcoin and other cryptocurrencies while supporting the blockchain ecosystem. The company is one of the largest Bitcoin miners in North America and one of the largest holders of Bitcoin among publicly traded companies.
Marathon Digital stock has soared over the past three months, rising nearly 90% and significantly outperforming. This momentum is certainly encouraging for investors, especially considering the stock price is down 40% over the past three years overall.
Zacks Investment Research
Image source: Zacks Investment Research
As of the end of Q3 2024, Marathon Digital had 26,747 Bitcoins on its balance sheet, a significant increase from 15,174 Bitcoins in the same period last year. Specifically, the company mined 2,070 BTC and purchased 6,210 BTC over the period.
Riot Blockchain develops, operates, and supports blockchain technology, primarily focused on Bitcoin mining and digital infrastructure. The company mines Bitcoin at its facilities in central Texas and Kentucky.
RIOT stock has understandably been on the rise over the past three months, rising more than 90% and significantly outperforming the likes of MARA.
Zacks Investment Research
Image source: Zacks Investment Research
Riot Platforms' latest quarterly results were received favorably, with the company producing 1,104 BTC over the period. Commenting on the results, CEO Jason Les said:
“Riot recorded revenue of $84.8 million in the quarter, which was higher than the same period in 2023 as deployed hash rate increased 159% year-over-year to 28 EH/s at the end of the quarter. 65% increase compared to 2023 despite the “halving'' due to the significant increase in hashrate introduced. We were able to produce 1,104 Bitcoins, which is the same level as the quarter's Bitcoin production volume. ”
Riot Platforms ended the period with 10,427 BTC, all of which was generated by the company's self-mining operations.
conclusion
With Bitcoin breaking through the $100,000 mark, many people recognized the power of cryptocurrencies. But investors don't need to buy physical assets to gain exposure, as crypto miners like Marathon Digital MARA and Riot Platforms RIOT offer just that.
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