- Kaiko’s data shows that bitcoin Mining stocks have recorded massive gains in 2023.
- Cipher’s stock leads the pack with over 400% increase recorded since January 2023.
- Investment firm Vanguard recently increased its stake in bitcoin mining firms.
Kaiko, a cryptocurrency market data platform, reported today that Bitcoin mining stocks have made “a near-miraculous recovery.” Posting the report on its official Twitter page, Kaiko stated that Bitcoin mining stocks have grown between 280% and 460% this year.
Additionally, it mentioned that Bitcoin mining stocks have even performed better than BTC this year. According to the data, Cipher’s stocks have had the best performance so far this year, recording over 400% since January. Likewise, Marathon, HUT8, and Riot have also recorded over a 200% increase within the same time period.
The massive increase in Bitcoin mining stocks is not without reason. Recently, Vanguard, one of the world’s largest investment firms, increased its stake in Bitcoin mining stock. The company increased its shares by 60%, from a previous 10.9 million shares to 17.5 million.
As of the time of writing, the value of Vanguard’s stake in mining stocks is worth more than half a billion dollars. Vanguard’s move comes at a time when major crypto companies are under heat from the U.S. Securities and Exchange Commission.
In recent weeks, the SEC commenced actions against major crypto players like Binance and Coinbase, negatively affecting crypto stocks. However, it seems the regulatory actions have not reduced interest in the crypto market.
Even though Bitcoin mining stocks are on the rise, mining companies continue to experience a decline in revenue. Marathon Digital reported a 21% decline in revenue in June compared to May. Other mining firms like Cipher, HUT8, Hive, and Canaan have reported a similar drop in revenue.
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