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. In fact, “If [BlackRock’s] Bitcoin ETF is approved, that will open the floodgates of institutional adoption of Bitcoin. As a result, that will likely drive the price of Bitcoin significantly,” said Kate Laurence, the CEO of crypto-focused venture-capital fund Bloccelerate VC, as quoted by Barron’s.

With the mining stocks, there are two we like the most.

Riot Platforms (RIOT)

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.

Helping, “In May, Riot successfully maintained steady and consistent production, mining 676 Bitcoin during the month,” said Jason Les, CEO of Riot. “In addition, Riot also benefitted from participation in ERCOT’s Demand Response programs, generating $2.4 million in revenue as a result of our unique power strategy, which is made possible by our long-term fixed-rate power contracts. Riot’s participation in these programs supports ERCOT’s efforts to maintain grid reliability for the benefit of all Texans while also providing economic benefits to the Company.”

Marathon Digital (MARA)

MARA is also consolidating, waiting for news on the potential Bitcoin ETF. With MARA, we’d eventually like to see it retest $30.

Here, “We produced a record 1,245 bitcoin in May, up 77% from last month and 366% from May 2022,” said Fred Thiel, Marathon’s chairman and CEO. “The increased production was due to an increased hash rate and a significant increase in transaction fees, which accounted for approximately 11.8% of the total bitcoin we earned in the last month.”