3 Bitcoin Mining Stocks To Watch As Firms Gear Up For A Rally

A recent report indicates that the Bitcoin mining stocks are poised to rally in the coming days, despite a slump in their revenue. This report has sparked discussions in the broader financial market, as well as in the crypto sector. Simultaneously, given the recent volatile trading of the mining stocks, investors might take this as a buy-the-dip opportunity, given the report’s bullish forecast.

Bitcoin Mining Stocks Gearing Up For A Rally

The leading on-chain analytics firm, Matrixport, recently released a report that indicates that Bitcoin mining stocks are poised to rally in the coming days. The report highlights that Bitcoin miners’ revenue has dropped sharply since April 2024 halving.

For instance, the miners were earning about $70 million in revenue daily, and the figure has then since plunged to $31 million. However, despite this decline, the mining stocks have managed to maintain stability, surpassing market expectations.

The report also indicates that this stability, along with the possibility of revenue bottoming out, could drive mining stocks higher in the coming weeks. Notably, a key reason for the potential rally is the miners’ strategy to hold onto their Bitcoin instead of selling it.

Meanwhile, this decision reduces selling pressure on exchanges and gives shareholders exposure to both operational leverage and inventory leverage. Matrixport pointed out that this approach has proven successful for other companies like MicroStrategy, whose shareholders have benefited from holding Bitcoin during times of market downturns.

Top 3 Bitcoin Mining Stocks To Watch

Investors are closely watching the performance of Bitcoin mining stocks. Despite the significant drop in daily revenue, the belief that these stocks will rebound has gained traction. For many, this is an opportunity to “buy the dip” in anticipation of a future rally.

Here are the top three Bitcoin mining firms to watch.

Hut 8 Corp (HUT)

Hut 8 Corp is one of the leading players in the Bitcoin mining field. The Florida-based firm has noted significant traction lately, with its growing focus on the mining segment.

Talking about the HUT stock price, it noted a slump of 7% on a year-to-date (YTD)) basis, which makes it attractive to some investors to buy the dip. Besides, the crypto has touched a 52-week high of $21.09 and a low of $6.18, indicating the volatility of the firm’s stock.

Rio Platforms, Inc (RIOT)

Riot is one of the leading Bitcoin mining stocks, that has been on the investors’ radar. Over the last 30 days, the RIOT stock price rose nearly 20%, while on a YTD basis, it lost nearly 47%.

The firm’s stock has touched a high of $18.75 and a low of $6.355 in the last 52 weeks. In addition, the recent settlement agreement between Riot Platforms and Bitfarms has also sparked discussions in the market over its potential impact on the stock price in the near future.

MARA Holdings Inc (MARA)

MARA is one of the top players in the crypto mining sector, with its stock trading at around $15.96. The stock has a one-year target of $22.50. Besides, the stock has touched a high of $34.09 and a low of $7.55 in the last 52 weeks, reflecting the highly volatile scenario in the market.

Over the last 30 days, the stock has added more than 9%, sparking market interest. However, on a YTD basis, it has witnessed a significant drop of over 30%, which might give a buying opportunity for the investors, potentially triggering a rally in its price. In addition, the stock could further benefit as Marathon Digital plans to shift its focus to the AI sector.