Riot Leads Bitcoin Miners Higher as Bitcoin Rallies

By Chris Wack

Bitcoin mining companies moved higher Monday after the price of Bitcoin briefly climed above the $42,000 level for the first time in more than a year.

As of 10:15 a.m. ET, the price of Bitcoin was $41,579, 5% higher in the last 24 hours, and 142% higher in the past 12 months.

Riot Platforms led the companies higher, aided by the news Monday that it is buying more Bitcoin miners from MicroBT Electronics Technology through its manufacturing subsidiaries.

Riot shares were up 13% at $15.50, and are up 213% in the past 12 months.

Under the new purchase order, Riot will receive 66,560 latest-generation miners from MicroBT, representing a total of 18 EH/s, in addition to a previously announced purchase of 33,280 miners.

In the first quarter of 2024, Riot will begin receiving the previously announced purchase order of 33,280 MicroBT miners. Delivery and deployment for the new purchase order of 66,560 additional MicroBT miners begins in the second half of 2024.

Shares of Marathon Digital were 11% higher, at $15.23. MicroStrategy was up 8% at $568.51 a share. Coinbase Global shares were up 9% at $146.30, a 52-week high, and HIVE Digital was up 7% at $3.73 a share.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

December 04, 2023 10:34 ET (15:34 GMT)

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