Blockchain stocks are on the move today amid bullish sentiment in the crypto sector. This bullish sentiment is easy to understand, for investors tracking the market capitalization of digital tokens. Today, the total market capitalization of cryptocurrencies surpassed $2 trillion, a key milestone for crypto bulls. Bitcoin (CCC:BTC) prices have continued higher, and currently make up more than half this total market capitalization.
Source: Shutterstock
Indeed, investors looking to ride this wave are increasingly seeking publicly traded options to do so. Among the companies investors are looking at are blockchain players and Bitcoin miners. Companies such as Hive Blockchain (OTCMKTS:HVBTF), Riot Blockchain (NASDAQ:RIOT) and Marathon Digital Holdings (NASDAQ:MARA) are all up more than 8% at the time of writing on this sentiment.
It appears the capital appreciation seen in Hive and RIOT stock are largely rallying on sector-specific enthusiasm right now. However, Marathon appears to have its own catalysts today. Let’s dive into what’s driving outsized performance in MARA stock today.
Blockchain Stocks: MARA Stock Up Today On Company News
Today, Marathon Digital Holdings announced key quarterly production and installation updates. These updates have been met with significant enthusiasm. Indeed, the company’s outperformance relative to Hive and Riot is indicative of this idiosyncratic news.
The update highlighted the following key pieces of information:
- 196 newly minted Bitcoins were produced in Q1 2021. Marathon now holds 5,134 Bitcoins with a fair market value of more than $300 million as of the end of Q1.
- Additionally, 10,300 S-19 Pro ASIC miners were acquired during this past quarter. The company expects these miners to continue to provide production growth moving forward.
- Accordingly, March production numbers were vastly improved from January/February levels. The company produced 102 Bitcoins in March compared to 50 and 43 Bitcoins in January and February, respectively.
The unaudited numbers are certainly bullish, and it’s understandable why the company chose to release its update as early as possible. Given the enthusiasm among crypto investors today, it appears the momentum is real for these blockchain stocks.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.