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CHECKING IN WITH 5 BITCOIN STOCKS AHEAD OF BITCOIN'S HALVING

 * Bitcoin enthusiasts await the April 19 halving event, renowned for its impact
   on cryptocurrency markets.
 * Leading up to the halving, the cryptocurrency market has experienced a
   significant pullback, with Bitcoin's price dropping 10% over five days and
   3.5% in the last month.
 * The YTD performance of five major Bitcoin-related stocks - iShares Bitcoin
   Trust, MicroStrategy, Riot Platforms, Marathon Digital and CleanSpark - has
   been mixed.

Bitcoin enthusiasts eagerly anticipate the upcoming halving event, scheduled for
April 19, as it marks a pivotal moment in the cryptocurrency ecosystem. Since
its inception, this event, ingrained into Bitcoin's protocol, has historically
triggered significant market movements. Past halvings in 2012, 2016 and 2020
have been accompanied by significant price fluctuations, shaping Bitcoin's
trajectory. 

As anticipation builds for the impending halving, the cryptocurrency market is
experiencing a notable pullback. Over the past five days, Bitcoin's price has
plummeted by over 10%, and within the last month, it has dipped by nearly 3.5%,
namely due to risk-off circumstances as tensions in the Middle East rise.
However, despite this short-term decline, Bitcoin maintains a YTD performance of
up over 42%.

The halving is poised to diminish mining rewards from 6.25 to 3.125 Bitcoin per
block, adhering to the predetermined algorithm outlined in Satoshi Nakamoto's
2008 white paper. With Bitcoin's mining rate operating steadily, these halving
events occur approximately every four years, fostering an environment of
scarcity and upward price pressure. As the countdown to the April halving
intensifies, attention shifts towards assessing the performance of prominent
Bitcoin-related stocks amidst this backdrop of anticipation and volatility.


5 BITCOIN-RELATED STOCKS AHEAD OF THE HALVING


1. ISHARES BITCOIN TRUST

iShares Bitcoin Trust (NASDAQ: IBIT) is arguably the most popular Bitcoin spot
ETF. The ETF is provided by Blackrock, the world's largest ETF provider, and
offers investors access to Bitcoin through a traditional brokerage account.
After a brief decline following its listing, the ETF, along with its underlying,
surged to record heights and broke several ETF records, especially regarding
volume traded. Due to the risk-off environment and geopolitical landscape, the
ETF has decreased over 12% over the last five days and almost 11% over the
month. Like Bitcoin, however, the ETF remains up close to 42% on the year.


2. MICROSTRATEGY INC. 

MicroStrategy Inc. (NASDAQ: MSTR), a corporate enterprise software maker whose
overall strategy also includes purchasing large amounts of Bitcoin, held just
over 214,000 Bitcoin as of March 18. The company has a market capitalization of
over $21 billion and a P/E of 44.53. Its stock has been particularly volatile in
recent years, with a 52-week high of almost $2000 and a low of $266. More
recently, the stock is down nearly 30% over the last month.


3. RIOT PLATFORMS INC.

Riot Platforms (NASDAQ: RIOT) is a U.S.-based Bitcoin mining company. Although
the company is related to Bitcoin, its stock has lagged severely behind the
digital asset, falling almost 50% YTD. Many industry experts have voiced concern
for Bitcoin mining companies ahead of the halving event, as the reward for
Bitcoin produced is set to diminish. Despite the bearish sentiment and severe
underperformance, analysts remain bullish on the stock. RIOT has a Buy rating
based on nine analyst ratings and an impressive consensus price target
forecasting over 130% upside.


4. MARATHON DIGITAL HOLDINGS INC.

Marathon Digital Holdings (NASDAQ: MARA), headquartered in Las Vegas, focuses
its efforts on Bitcoin mining operations. Despite its direct association with
Bitcoin, the company's stock has encountered significant challenges in the
market, witnessing a notable downturn YTD, with a decline of over 37%. This
decline reflects the broader volatility experienced within the cryptocurrency
sector. Notably, MARA maintains a healthy short interest of 16%, suggesting
varying sentiments among investors regarding its future trajectory. Analysts
maintain a cautious outlook on Marathon Digital Holdings, with a consensus Hold
rating.


5. CLEANSPARK INC.

CleanSpark (NASDAQ: CLSK) is another Bitcoin mining company focusing on the
Americas. Like several of the names mentioned above, CLSK has an above-average
short interest of 13% and has fallen considerably from its 52-week high, now
down over 41%. Despite the dramatic fall, the stock remained up over 20% during
the year; however, it is trading below a critical support area of $15.


STOCKS MENTIONED IN THIS ARTICLE

CompanyCurrent PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus
Price TargetiShares Bitcoin Trust (IBIT)$34.76-2.8%N/AN/AN/AMarathon Digital
(MARA)$14.63+0.2%N/A17.42Hold$21.11Riot Platforms
(RIOT)$7.97-1.1%N/A-29.52Buy$18.96CleanSpark (CLSK)$14.92+3.0%N/AN/AModerate
Buy$19.22MicroStrategy (MSTR)$1,188.05-5.3%N/A42.16Buy$1,473.00iShares Bitcoin
Trust (IBIT)$34.76-2.8%N/AN/AN/AN/A

This article was written by Ryan Hasson and first appeared on MarketBeat.com.

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