Simply put
- Cryptocurrency stocks saw a surge on Friday, buoyed by Bitcoin and Ethereum regaining traction.
- Companies such as BitMine Immersion Technologies (BMNR) and CleanSpark (CLSK) reported increases of 27% and 54%, respectively, over the last five trading days.
- Other Bitcoin mining companies like Riot Platforms, MARA Holdings, and Cipher Mining also experienced gains.
Stocks of companies involved in cryptocurrency, including Bitmine Immersion Technologies and major Bitcoin miners like CleanSpark and Riot Platforms, have responded positively to a recent upswing in the crypto market, with Bitcoin surpassing $92,000 and Ethereum climbing above $3,000 early Friday.
Bitmine (BMNR), a notable player in the Ethereum space, saw its stock rise by 4.47% today, achieving over 27% growth over the past week, now trading at $33.16.
The company, led by prominent investor Tom Lee, maintains a bullish outlook for Ethereum, despite ETH being down more than 38% from its all-time peak back in August. Currently, BitMine possesses $11 billion worth of Ethereum.
CleanSpark (CLSK) and Riot Platforms (RIOT) have also seen their stocks rise, increasing by 12.27% and 7.8% since the market opened on Friday. Over the past five days, CleanSpark’s gains have been notably higher, at over 54% during that span.
Despite these recent gains, both companies are still facing monthly losses, with CLSK down about 21%, closing at $15.10.
This market activity occurs just weeks after the Bitcoin mining company announced plans to issue convertible bonds totaling $1.15 billion, with almost half earmarked for stock buybacks at an average price of $15.03.
Shares of other Bitcoin miners, including BitFarms (BITF) and Cipher Mining (CIFR), each rose more than 5% on Friday.
These companies are part of a larger trend among Bitcoin miners looking to pivot toward AI computing, with BitFarm planning a transition from Bitcoin mining between 2026 and 2027, following a significant loss of $46 million in the third quarter.
Interestingly, Cipher Mining’s stock experienced a notable jump of 22% earlier this month after announcing a $5.5 billion lease agreement with Amazon Web Services, aimed at supporting AI workloads. Over six months, CIFR’s stock has surged by more than 500%.
In addition, shares of MARA Holdings (MARA) and HIVE Digital Technologies gained 5% and 6% on Friday, respectively.
However, it’s not just miners enjoying the boost; digital asset government bonds, which have seen declining stock prices recently, also found some reprieve.
In addition to BitMine, the stocks of SharpLink Gaming, Forward Industries, and Strategy (formerly MicroStrategy) are all up. Yet, all three have experienced declines of 22%, 43%, and 37% in the last month.
Recent days have seen improved odds for a potential rate cut in December, a sentiment driven by Myriad’s prediction market. They indicate an 85% probability that the Federal Reserve will lower interest rates by 25 basis points, which could serve as a catalyst across various markets.
As a result, Bitcoin and Ethereum experienced increases of 7% and 9.4% last week, respectively. Currently, BTC is trading around $90,868 while ETH is at $3,047.
