Bitcoin Miners, Other Crypto-Related Stocks Are Tumbling Thursday: What's Going On? - Cleanspark (NASDAQ:CLSK), Coinbase Glb (NASDAQ:COIN)

Bitcoin Miners, Other Crypto-Related Stocks Are Tumbling Thursday: What’s Going On? – Cleanspark (NASDAQ:CLSK), Coinbase Glb (NASDAQ:COIN)

11 January 2024

in Mining

Reading Time: 3 mins read

January 11, 2024 3:53 PM | 1 min read

2024 Breaking: SEC Approves Bitcoin ETF!

30,000+ investors trust our exclusive report for crypto insights, 3 new weekly stock ideas, and in-depth analysis. Get your weekly report now!

Bitcoin mining stocks and other crypto-related names are trading lower Thursday following the approval of several spot Bitcoin ETFs from the Securities and Exchange Commission.

What To Know: After much anticipation, the SEC finally approved 11 ETF applications on Wednesday. However, SEC chair Gary Gensler made it clear that the approval was not an endorsement for bitcoin, which could be contributing to the weakness in crypto-related stocks Thursday.

No, Russia did not just lift its ban on domestic crypto use

30 July 2024

New US Bitcoin Mining Hardware Creates B Opportunity, Could Disrupt China’s Mining Dominance: Bernstein – Canaan (NASDAQ:CAN)

New US Bitcoin Mining Hardware Creates $20B Opportunity, Could Disrupt China’s Mining Dominance: Bernstein – Canaan (NASDAQ:CAN)

30 July 2024

ENTER TO WIN $500 IN STOCK OR CRYPTO

Enter your email and you’ll also get Benzinga’s ultimate morning update AND a free $30 gift card and more!

“While we approved the listing and trading of certain spot Bitcoin ETP shares today, we did not approve or endorse Bitcoin. Investors should remain cautious about the myriad risks associated with Bitcoin and products whose value is tied to crypto,” Gensler said.

[crypto-donation-box]

Crypto-linked stocks may also be moving lower as the ETF approvals now offer a new way for investors to gain exposure to bitcoin via traditional financial tools. Previously, investors looked to bitcoin mining stocks for bitcoin exposure like Marathon Digital Holdings Inc (NASDAQ:MARA), Riot Platforms Inc (NASDAQ:RIOT) and CleanSpark Inc (NASDAQ:CLSK).

Marathon Digital was down 12%, Riot Platforms was down 15.1% and CleanSpark was down about 6.3% at the time of writing, according to Benzinga Pro.

The bitcoin ETF approval could also be bad news for exchanges that offer access to investing directly in crypto assets like Coinbase Global Inc (NASDAQ:COIN) and Robinhood Markets Inc (NASDAQ:HOOD). Coinbase shares were down 6.68% and Robinhood shares were down about 3.5% at publication time.

Read Next: Spot Bitcoin ETF Approval Drives Bitcoin Past $48,000 Mark, ETF Total Trading Volume Peaks $2.3B

Photo: Roy Buri from Pixabay.