On Monday, U.S. stocks related to cryptocurrency experienced notable gains, mirroring the broader market's positive momentum, shortly after Bitcoin's surge leading up to the halving event. Among them, the five largest publicly listed Bitcoin miners by market capitalization, including Marathon Digital, CleanSpark, Riot Blockchain, Cipher Mining, and Hut 8, all saw increases in their stock prices during the trading session on April 22. These gains extended into after-hours trading, as reported by Google Finance.
One standout performer of the day was Stronghold Digital Mining (SDIG), which surged by 35.3% to reach $3.64 before climbing another 4% to nearly $3.80 in after-hours trading. Riot Blockchain also experienced substantial growth, rising by over 23% to $11.24 before further increasing by 3.2% to $11.60 after hours. The positive trajectory of U.S. crypto miners' stock prices continued the upward trend observed since Friday, April 19.
Additionally, the Valkyrie Bitcoin Miner ETF (WGMI), which holds a portfolio of mining stocks and select chipmakers like Nvidia, surged by 11% during the trading day and further rose by 3% in after-hours trading to reach $16.69. This upward movement in cryptocurrency-related stocks occurred despite the recent halving event, which reduced Bitcoin mining rewards.
While U.S. stocks experienced broad gains on the day, with the Nasdaq Composite and the S&P 500 both rising by 1.1% and 0.8%, respectively, market sentiment remained somewhat subdued due to concerns surrounding high inflation, rising bond yields, and speculation regarding potential rate cuts by the Federal Reserve. The ongoing earnings reports from major technology companies also contributed to market volatility, with nearly half of the country's largest firms scheduled to release their first-quarter earnings throughout the week. Amidst these developments, Bitcoin's price rose by 4.5% to $66,810 following the halving event. Notably, cryptocurrency exchange Coinbase and Bitcoin buying software company MicroStrategy also witnessed gains, with Coinbase rising by 7% and MicroStrategy increasing by 12.7% during the trading day. Both companies continued to edge up in after-hours trading.
