The price of MARA, RIOT, MSTR and other listed companies with exposure to Bitcoin has nearly tripled in the last three months.
Bitcoin (BTC) price soared to a 3 month high at $46,293 after bulls confirmed that they intend to take full control of the market. While crypto traders might be in the green again and pro traders are looking to add larger leveraged positions, no every class of investors to obtain direct exposure to Bitcoin.
Companies that specialize in Bitcoin mining have also generated immense profits and a handful are listed and can be an off-set play for investors looking to gain some exposure to BTC in their stock portfolios.
The software company MicroStrategy (MSTR) and its CEO Michael Saylor have become well known across the cryptocurrency sector for his wild support for Bitcoin as a store of value and the massive amount of BTC the company purchased in the last year.
Along with helping educate the world about the promise of Bitcoin and blockchain technology, MicroStrategy has amassed a Bitcoin portfolio in excess of 105,000 BTC in its treasury as a way to hedge against inflation.
As a result, MicroStrategy’s stock price has become somewhat correlated with the price performance of BTC and it has been observed moving in tandem with the top cryptocurrency.
Another company that focuses on Bitcoin mining as well as purchasing BTC with its treasury holdings is Marathon Digital Holdings (MARA).
Data from TradingView shows that after reaching a low of $20.52 on July 20, the price of MARA has rallied 83% to an intraday high of $37.77 on Aug. 6, making MARA the top-performing Bitcoin mining stock over the past two weeks.
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