Marathon Digital, Riot Platforms And CleanSpark Are Rising Monday: What’s Going On With Bitcoin Mining Stocks?

Bitcoin BTC/USD mining stocks including Marathon Digital Holdings Inc MARA, Riot Platforms Inc RIOT and CleanSpark Inc CLSK are trading higher Monday as bitcoin bounces back from recent lows. Here’s a look at what you need to know. 

What To Know: Bitcoin is up more than 2% over the last 24 hours, bouncing back a bit after falling approximately 10% over the last month. The move higher appears to be driving strength in the broader crypto space and in crypto-related stocks.

Bitcoin may be getting a lift to start the week after spot ETFs saw their highest inflows in two weeks on Friday, adding $73 million overall. The Grayscale fund experienced outflows of more than $27 million, but the BlackRock ETF recorded a single-day inflow of $82.43 million and the Ark Invest and 21Shares funds had inflows of $42.8 million.

It’s worth noting that seasonal trends are historically favorable for Bitcoin in July. Bitcoin has a median return rate of 9.6% in July, which is historically much higher than June.

Related Link: Why Is Bitcoin Up On Monday?

Marathon Digital engages in mining digital assets and focuses on the Bitcoin ecosystem. The stock was up 9.87% at $21.84 Monday morning. 

Riot Blockchain is focused on building, supporting and operating blockchain technologies. Shares were up 5.91% at $9.67 at publication time.

CleanSpark is an energy company that transitioned its expertise to focus on Bitcoin mining in 2020. CleanSpark shares were up 8.87% at $17.36 at the time of publication.

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$BTC Price Action: Bitcoin was up 2.09% over a 24-hour period, trading at $62,827 at the time of writing, according to Benzinga Pro.

Photo: Shutterstock.