With Bitcoin rocketing higher, the miners are running higher, too.
As we noted on June 22, “Bitcoin miners could see higher highs. All thanks to the latest rally in Bitcoin, and speculation the US SEC could approve a Bitcoin spot price ETF from BlackRock.”
And so far, so good.
We mentioned Riot Platforms (RIOT), noting, “At the moment, RIOT is consolidating around $11.35 a share. If the Bitcoin fund mentioned above is approved, not only would BTC push higher, but so would RIOT. In fact, we’d like to eventually see RIOT retest $22 a share.”
Since then, RIOT exploded from about $11 to $17.34.
Helping, according to the company, “June was a momentous month for Riot, as the results from our mining operations, power strategy, and growth plans have all come together. We announced an initial order of 33,280 MicroBT miners for our Corsicana Facility, which is expected to add 7.6 EH/s to our self-mining fleet and also provides optionality for future orders at the same terms This long-term purchase agreement locks in our pricing for the next-generation of miners and provides a path to executing on our ambitious growth plans.”
We also mentioned Marathon Digital (MARA), noting, “MARA is also consolidating, waiting for news on the potential Bitcoin ETF. With MARA, we’d eventually like to see it retest $30.” Since June 22, MARA ran from about $12 to $17.23.
As long as Bitcoin can push higher, the miners could run higher, too. At the same time, be cautious. MARA and RIOT are technically stretched in overbought territory.