Bitcoin Mining Stocks Soar as BTC Blows Past $20K
Share prices for publicly traded bitcoin mining companies are climbing as the leading cryptocurrency sliced through $20,000 Wednesday.
Dec 16, 2020 at 5:03 p.m. UTCUpdated Mar 2, 2023 at 9:47 p.m. UTC
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Share prices for publicly traded bitcoin mining companies are soaring as the leading cryptocurrency sliced through the highly anticipated $20,000 mark Wednesday morning.
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- All three companies are now individually worth over $450 million.
- Toronto-based Hut 8 (HUT) mining gained nearly 9% since the trading started Wednesday. The company currently is worth $168 million.
- Over the same period, bitcoin gained 7%.
- “Mining stocks are a very attractive way for investors to get upside exposure to [the] bitcoin price while being limited on the downside due to the infrastructure nature of the business,” Ethan Vera, co-founder of mining company Luxor Technologies, told CoinDesk earlier this month.
- “The best mining companies can deliver profits in bear markets and have outsized returns in bull runs,” Vera said.
- Year to date, bitcoin has gained over 185%.
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