Mining Stocks Soar on Bitcoin Breaking 18-Month High above $37k

Top North American bitcoin mining stocks open the markets in the U.S. on Thursday with double-digit growth following bitcoin’s rally earlier the day that set 18-month highs above $37,500.

Bitcoin first jumped above $36,000 early Thursday morning and continued the rally through $37,500. It is the highest level since May 2022 and mining stocks are following the momentum. As of writing, Marathon’s stock is trading at $10.36 with a 21% daily gain, the largest among its public peers.

CleanSpark, Riot, Hut 8 (NASDAQ: HUT), Terawulf, Bitfarms (NASDAQ: BITF), Canaan, Bit Digital (NASDAQ: BTBT), Iris Energy are all up around 15%. Of the top 12 mining stocks with an average daily volume of more than $1 million, Cipher is the only one that is changing hand at a decline of about 10% after the news that its parent group Bitfury has sold down its stake for $29.5 million.

The market rally also pushes the total market caplization of the 12 mining stocks to $8.8 billion. However, while bitcoin has set new 18-month highs, most of the mining stocks are yet to reach 52-week highs, underperforming bitcoin over the past few months.