Listed Bitcoin miner shares

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The following is from a recent edition of Deep Dive, Bitcoin Magazine’s high-end market newsletter. To be among the first to receive this and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Shares of publicly traded bitcoin mining companies continue to outperform, with shares of Riot Blockchain (RIOT), Hut 8 Mining Corp (HUT), Marathon Digital Holdings Inc (MARA) and Bitfarms Ltd (BITF) rising sharply during Thursday’s trading session.

It was announced this week that trillion dollar asset manager Fidelity had purchased a 7.4% stake in Marathon Digital on July 22 to add to four of its index funds. News of the Fidelity acquisition came following news of Marathon’s intention to purchase 30,000 Antminer S19J Pros for $ 120.7 million.

Overall, bitcoin miner valuations continue to skyrocket and have in fact outperformed the price of bitcoin substantially since the May 2021 market liquidation event.

BTC listed minors since May 2021

Since the start of 2020 in particular, miners’ stocks have significantly outperformed.

While it’s important to note that investing in mining stocks (obviously) doesn’t offer the same freedom and flexibility as acquiring and holding bitcoin as a bearer asset, it’s worth noting that minors seem operate like high beta bitcoins during a bull cycle.

Public minors and BTC performance since 2020

Another increasingly bullish trend that has developed over the past two months has been the steady rise in bitcoin held in miners’ wallets. Due to the sharp decrease in miners’ hardship following the massive exodus of miners from China, profit margins have increased dramatically for the remaining operations able to stay plugged in.

Bitcoin in miners’ wallets has increased by 6,2018 since June 9.

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