MSTR - Why Crypto Mining Stocks Booked Double-Digit Gains Today
2023-12-27 17:16:36 ET
Despite its nickname, Hump Day did not provide any impediment to the seemingly unstoppable cryptocurrency rally. A top crypto bull made a big move, and in response, his chosen coin's upward momentum continued.
Unsurprisingly, investors in altcoins and crypto mining stocks eagerly followed suit. Mining sector bellwether Marathon Digital Holdings (NASDAQ: MARA) closed the day nearly 15% in positive territory. Peer CleanSpark (NASDAQ: CLSK) wasn't far behind with a 14% gain, while SOS Limited (NYSE: SOS) trumped both with a rise of more than 18%.
That bull is Bitcoin (CRYPTO: BTC) evangelist Michael Saylor, co-founder and executive chairman of software company MicroStrategy (NASDAQ: MSTR) . To assert that Saylor is all in on Bitcoin is a monster understatement. Several years ago, he and MicroStrategy decided to plow nearly all its spare capital (plus piles of debt financing) into stocking up on the digital coin.
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Why Crypto Mining Stocks Booked Double-Digit Gains Today