April 30, 2024 9:25 AM | 2 min read |
Shares of several Bitcoin (CRYPTO: BTC) mining stocks including Marathon Digital Holdings Inc (NASDAQ: MARA), Riot Platforms Inc (NASDAQ: RIOT) and CleanSpark Inc (NASDAQ: CLSK) are trading lower Tuesday amid a drop in the price of bitcoin. Here’s what you need to know.
What To Know: Bitcoin was down about 2.22% over a 24-hour period, hovering around $61,180 at the time of writing. The world’s largest crypto continues to pull back from its highs as demand for bitcoin ETFs continues to moderate.
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The ARK 21Shares bitcoin ETF experienced single-day net outflows of $31.34 million on Monday, the Grayscale bitcoin ETF saw outflows of $24.66 million and Blackrock’s bitcoin fund remained stagnant for the fourth consecutive session.
Mining stocks may also be facing selling pressure Tuesday following worse-than-expected financial results from MicroStrategy Inc (NASDAQ:MSTR) this week.
MicroStrategy’s first-quarter revenue fell 5% year-over-year to $115.2 million, missing the consensus estimate of $121.725 million, according to estimates from Benzinga Pro. The company also reported a quarterly loss of $3.09 per share.
MicroStrategy said it purchased 25,250 bitcoin in the quarter for a total cost of about $1.65 billion. The company held a total of 214,400 bitcoin as of April 26.
Check This Out: Bitcoin ETFs Record $51M Net Outflows On Monday, Continue 3-Week Outflow Trend
Marathon Digital, Riot and CleanSpark are all due to report earnings in the coming weeks. Riot will report before the market opens on Wednesday. The company is expected to report a loss of 14 cents per share and revenue of $94.859 million, per Benzinga Pro.
Marathon and CleanSpark will report after the market close on May 9. Marathon is expected to report earnings of 22 cents per share on revenue of $180.69 million. CleanSpark is expected to report earnings of 4 cents per share and revenue of $102.574 million.
MARA, RIOT, CLSK Price Action: At the time of publication, Marathon shares were down 4.16% at $17.28, Riot was down 4.24% at $10.61 and CleanSpark shares were down 4.64% any $17.28, according to Benzinga Pro.
Photo: Miloslav Hamřík from Pixabay.
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