Cryptocurrency mining company stocks rose collectively on Friday, with Bitfarms, Cipher Mining, and Hut 8 continuing to climb after trading firm Jane Street disclosed large holdings in the three Bitcoin mining companies.
According to documents submitted to the U.S. Securities and Exchange Commission on Thursday, Jane Street's trading affiliates hold approximately 5.4% of Bitfarms, about 5% of Cipher Mining, and around 5% of Hut 8. These are all considered passive investments rather than aggressive holdings.
Following the announcement, these stocks rose between 8% and 13% on Thursday and continued to climb on Friday.
According to Yahoo Finance data, Bitfarms (BITF) closed up 10.68% on Friday, Cipher Mining (CIFR) rose 19.73%, and Hut 8 (HUT) increased by about 17.27%.
Other Bitcoin mining stocks also recorded gains on Friday, including American Bitcoin Corp. (+11.29%), IREN Limited (+12.60%), and Hive Digital Technologies (+17.77%).
As a leading proprietary trading and market-making firm active in the stock and digital asset space, Jane Street first disclosed its holdings in Bitcoin mining companies in 2023 through its investment in Marathon Digital (MARA).
This disclosure of holdings by Jane Street followed Google's announcement on September 25 that it had acquired a 5.4% stake in Cipher Mining.
Bitcoin mining is a crucial process that uses specialized computers to solve complex mathematical problems to verify transactions and introduce new Bitcoins into circulation, essential for ensuring the network's operation and security.
Large Bitcoin mining companies are gradually dominating the industry, although individual Bitcoin miners can occasionally strike it lucky and mine a block. Most of these companies are expected to see significant growth by 2025.
Over the past year, several Bitcoin mining companies have outperformed Bitcoin itself.
According to Yahoo Finance data, Bitfarms has grown nearly 131% over the past year, while Hut 8 has increased by about 211% during the same period. As of the time of writing, Bitcoin has risen approximately 73% over the year. Additionally,
Related: Inflation data drives rebound: Cryptocurrency ETPs recorded $921 million in inflows last week.
Original article: “Bitcoin (BTC) miners continue to profit after Jane Street discloses holdings”
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