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Bitcoin Miner Stocks Surge Amid Banking Meltdown
Mining equities were up about 11% on average on Monday alongside big gains for bitcoin.
Updated May 9, 2023, 4:10 a.m. Published Mar 13, 2023, 4:51 p.m.
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Cipher Mining (CIFR), Hut 8 (HUT) and Stronghold Digital (SDIG) are among the crypto miners seeing the largest gains in Monday trading after the U.S. government late Sunday moved to protect all depositors at collapsed lenders Silicon Valley Bank (SVB) and Signature Bank.
The miners are moving in step with bitcoin , which is higher by 17% over the past 24 hours to $24,100.
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"I’m actually surprised [the miners] didn’t get pumped more," said Wolfie Zhao, head of research at TheMinerMag. "Many even didn’t surge more than bitcoin."
The extent of the mining sector's exposure to crypto-friendly Signature Bank is unclear. Marathon Digital Holdings (MARA) on Monday said it still had access to $142 million in deposits the now-shuttered lender. CleanSpark (CLSK), Bitfarms (BITF) and Argo Blockchain (ARBK) said on Monday they have no exposure to either Signature or the other collapsed banks, Silvergate and SVB.
An Argo subsidiary, however, does hold operating funds in Signature deposits, the firm said.
Read more: Silicon Valley Bank Customers Can Fully Access Funds After FDIC Creates New Bridge Bank
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