Bitcoin Mining Stocks Rally as BTC Approaches $123K; Coinbase-Linked Equities Show Strength

Bitcoin mining stocks surged as Bitcoin briefly hit a record high near $123,000, with Marathon Digital Holdings (MARA) leading the charge with a 10% jump to $20.95. CleanSpark (CLSK) also saw significant gains, rising 7.5% to $13.59 in early trading. Core Scientific (CORZ) and Riot Platforms (RIOT) followed with 4-5% advances. Broader crypto-related equities, including MicroStrategy (MSTR) and Galaxy Digital (GLXY), rose 3.75%, while exchange stocks like Coinbase (COIN) also showed strength. This rally highlights the growing investor confidence in cryptocurrency-related equities as Bitcoin continues its upward trajectory.

Bitcoin Mining Stocks Surge as BTC Nears $123K Mark

Bitcoin mining stocks outperformed other crypto equities as bitcoin briefly touched a record high near $123,000. Marathon Digital Holdings (MARA) led the charge with a 10% jump to $20.95, while CleanSpark (CLSK) gained 7.5% to $13.59 in early trading.

Core Scientific (CORZ) and Riot Platforms (RIOT) followed with 4-5% advances. Broader crypto plays like MicroStrategy (MSTR) and Galaxy Digital (GLXY) rose 3.75%, while exchange stocks Coinbase (COIN) and Circle (CRCL) saw sub-2% gains.

The rally followed Bitcoin's ascent to $122,870 during European hours before settling at $121,700 as US markets opened. Mining stocks continue to serve as Leveraged bets on Bitcoin's price action, with their movements often magnifying underlying BTC volatility.

Bitcoin Market Top 'Nowhere Near' as Analysts See Early Rally Phase

Bitcoin's price retreated from near $123,000 to below $120,000 during U.S. trading hours, though analysts dismissed concerns of an imminent market top. The cryptocurrency maintained a 0.6% daily gain while ether slipped below $3,000 and major altcoins declined 2%-3%.

Select tokens including XRP, SUI, and UNI bucked the trend with notable gains. Crypto equities like MicroStrategy and Galaxy Digital pared earlier advances but remained positive, reflecting continued institutional interest.

Arca CIO Jeff Dorman emphasized the rally's early-stage characteristics, contrasting current derivatives activity with previous cycle peaks. "The current rally is nowhere NEAR that," he noted, referencing Will Clemente's analysis of historical tops.