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Blockchain Stocks: Why MARA, RIOT, SOS and CAN Are Climbing Today

Bitcoin’s (CCC:BTC) rise above the $54,000 threshold is creating some long coattails for blockchain stocks in Tuesday’s pre-market trading. Investors need to look no further for proof than the 6.67% gain in shares of Amplify Transformational Data Sharing ETF (NYSEARCA:BLOK), which includes 57 blockchain stocks in its portfolio.

futuristic image of a hand with the words block chain floating above it. representing riot blockchain stocks

Source: Shutterstock

Those stocks, which also include several cryptocurrency miners, tend to rise and fall with Bitcoin. When times are good for the digital shekels, the stocks share the love. But they can be incredibly volatile, especially when cryptos correct.

So, as Bitcoin’s market value again tops $1 trillion, what stocks are we watching take flight? To start off, there’s Riot Blockchain (NASDAQ:RIOT), which lately has been just as explosive as the digital currencies themselves. RIOT stock is up 11% at 7:30 a.m. Eastern, shaking off Monday’s decline. Equally impressive is Marathon Digital Holdings (NASDAQ:MARA), with a similar move up this morning.

Booming DeFi Interest Stokes Blockchain Stocks

The DeFi revolution is underway, and that means opportunities to profit for those investors savvy enough to get ahead of the curve. DeFi is short for decentralized finance, a broad term referring to various platforms and cryptocurrencies built on blockchains.

Canaan (NASDAQ:CAN) stock, up 11.7% in the pre-market, is one such crypto-mining play. It’s focusing on developing high-performance computing solutions to efficiently solve complex mining problems. The faster the mining, the sooner miners collect their cryptocurrency reward. It is the largest holding, at 6.35% of the assets, in the BLOK exchange-traded fund’s portfolio.

Also up is Chinese emerging blockchain stock, SOS (NYSE:SOS), tracking about an 11% rise. SOS stock has had a rough go in recent weeks, after Hindenburg Research accused management of falsifying business announcements. While the firm is primarily focused on solutions for emergency rescue services, its February acquisition of 5,000 cryptocurrency mining machines created a major rally.

Meanwhile, not to be missed in this morning’s moves is the announcement from PayPal (NASDAQ:PYPL) yesterday of its latest deal to accelerate and expand its initiatives to support cryptocurrencies and digital assets. Target? Curv, a Tel Aviv-based crypto security provider. PYPL stock is also up, just under 4%.

On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. 

InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, following fintech, agtech and property tech startups.


Article printed from InvestorPlace Media, https://investorplace.com/2021/03/blockchain-stocks-why-mara-stock-riot-sos-and-can-are-climbing-today/.

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