Publicly Traded Bitcoin Miners Surge Post-Halving, Riding Market Rebound

On Monday, U.S. crypto-related stocks surged alongside a broader market upturn, with some experiencing double-digit percentage gains just days following the Bitcoin halving. The top five publicly traded Bitcoin miners by market cap, including Marathon Digital, CleanSpark, Riot Platforms, Cipher Mining, and Hut 8, all reported gains on April 22 and continued to rise in after-hours trading. Overall, U.S. crypto miners witnessed price increases, continuing their rallies from Friday, April 19.

Publicly Traded Bitcoin Miners Surge Amidst Broader Market Rebound Post-Halving

On Monday, April 22nd, a significant upturn was witnessed in the United States' crypto-related stock market, aligning with a broader market recovery in the wake of Bitcoin's (BTC) halving event just days prior. Notably, several prominent Bitcoin mining companies experienced double-digit percentage gains.

Market Leaders Witness Gains

Five of the nation's largest publicly traded Bitcoin miners, ranked by market capitalization, exhibited remarkable growth during the April 22nd trading session and sustained their momentum during after-hours trading. These included:

• Marathon Digital (MARA)
• CleanSpark (CLSK)
• Riot Platforms (RIOT)
• Cipher Mining (CIFR)
• Hut 8 (HUT)

Stronghold Digital Mining Leads the Charge

Stronghold Digital Mining (SDIG) emerged as the day's most impressive crypto-related gainer, with a substantial 35.3% increase to $3.64. The company's after-hours performance extended its gains by 4%, reaching nearly $3.80.

Riot Platforms followed closely with a significant 23% jump to $11.24, followed by a 3.2% post-bell rally to $11.60.

Valkyrie Bitcoin Miners ETF Jumps

The Valkyrie Bitcoin Miners ETF (WGMI), which comprises mining stocks and chipmakers such as Nvidia (NVDA), posted an 11% gain during the day and a further 3% increase after hours, reaching $16.69.

Market Recovery Coincides with Bitcoin Reward Halving

These crypto stock price surges occurred despite the halving of Bitcoin mining rewards to 3.125 BTC per block, an event that took place on Saturday, April 20th, just after midnight UTC (8:09 pm on April 19th in New York).

However, the market's positive performance coincided with a broader U.S. market recovery. The Nasdaq Composite and S&P 500 indexes gained 1.1% and 0.8%, respectively, on April 22nd, following a week of losses. This recovery has been attributed to easing tensions in the Middle East and upcoming earnings reports from major tech companies.

Market Volatility Impacts Crypto Stocks

Despite the overall market rally, David Donabedian, Chief Investment Strategist at CIBC Private Wealth, expressed concern to Barron's on April 22nd, cautioning that market uncertainty could arise from rising inflation rates, increasing bond yields, and speculation surrounding the Federal Reserve's expected rate cuts. Moreover, he highlighted that nearly half of the country's largest companies would release their first-quarter earnings reports this week, potentially contributing to market volatility.

Bitcoin Price and Crypto Exchange Performance

Since the halving event, Bitcoin's price has experienced a 4.5% increase to $66,810, according to Cointelegraph Markets Pro. Ahead of the event, market analysts had predicted mixed outcomes for the cryptocurrency's price post-halving.

Meanwhile, crypto exchange Coinbase witnessed a 7% gain to $225.86, accompanied by a modest 0.8% after-hours bump. Bitcoin-buying software company MicroStrategy (MSTR) also enjoyed a robust 12.7% daily gain, extending to 2.5% after hours to reach $1,357.