A recent move higher in crypto has caught many eyes, with investors clamoring for exposure following the bullish move. The U.S. election helped light the fire in a big way, with President-elect Donald Trump’s favorable stance on digital assets paving the favorable outlook.
It’s no secret that crypto is a volatile asset class, regularly seeing rollercoaster-type price action. But market participants can obtain exposure through several stocks, particularly ‘crypto miners,’ a list that includes Marathon Digital MARA and Riot Platforms RIOT.
Marathon Mines 2K BTC
Marathon Digital is a publicly traded company that mines Bitcoin and other cryptocurrencies while also supporting the blockchain ecosystem. The company is one of the largest Bitcoin miners in North America and one of the biggest holders of Bitcoin among publicly traded companies.
Marathon Digital shares have been red-hot over the last three months, gaining nearly 90% and widely outperforming. The momentum here is certainly uplifting for investors, particularly considering that the stock is down 40% over the last three years overall.
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At the end of 2024 Q3, Marathon Digital held 26,747 Bitcoin on its balance sheet, up sharply from 15,174 in the same period last year. Specifically, the company mined 2,070 BTC and purchased 6,210 BTC throughout the period.
Riot Mines 1.1K BTC
Riot Blockchain develops, operates, and supports blockchain technologies, primarily focusing on Bitcoin mining and digital infrastructure. The company mines Bitcoin in its facilities in central Texas and Kentucky.
RIOT shares have been understandably hot over the last three months, gaining more than 90% and widely outperforming like MARA.
Image Source: Zacks Investment Research
Riot Platforms’ latest set of quarterly results were met with positivity, with the company producing 1,104 BTC throughout the period. Jason Les, CEO, on the results:
“Riot recorded $84.8 million in revenue this quarter, representing a 65% increase over the same quarter in 2023, driven by a 159% year-over-year increase in deployed hash rate to 28 EH/s at the end of the quarter. This significant increase in deployed hash rate allowed us to produce 1,104 Bitcoin this quarter, in-line with our Bitcoin production in the third quarter of 2023, despite the ‘halving’.”
Riot Platforms exited the period with 10,427 BTC, all of which were produced via the company’s self-mining operations.
Bottom Line
With Bitcoin breaching the $100k mark, many have recognized the momentum within crypto. But investors don’t have to buy the actual asset in order to obtain exposure, as crypto miners such as Marathon Digital MARA and Riot Platforms RIOT provide just that.
Both are titans within crypto mining, with their holdings getting a massive boost in value amid the recent bull run.
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Free: See Our Top Stock And 4 Runners UpMarathon Digital Holdings, Inc. (MARA) : Free Stock Analysis Report
Riot Platforms, Inc. (RIOT) : Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
