Bitcoin rally prompts outsized gains in crypto mining stocks

Shares of Bitcoin miners are outperforming the largest digital currency by a wide margin as demand for a way to gain exposure to the sector without actually buying the token rebounds.

While Bitcoin rose as much as 7.5 per cent, shares of top miners such as Marathon Digital Holdings Inc. and Riot Blockchain Inc. jumped by as much as 36 per cent and 23 per cent, respectively. Core Scientific Inc. and Hut 8 Mining Corp. also jumped by more than 20 per cent. And even software maker MicroStrategy Inc., which invests in Bitcoin, jumped as much as 32 per cent. 

Mining stocks have been highly correlated with Bitcoin prices but often move in a bigger range since they’ve become a favorite among retail investors.