A recent surge in cryptocurrencies has caught a lot of attention, with investors demanding exposure following the upward move. The US election was instrumental in fueling the fire, with President-elect Donald Trump’s positive stance on digital assets paving the way for the positive outlook.

It’s no secret that cryptocurrencies are a volatile asset class, with prices regularly experiencing roller coaster rides. However, market participants can gain exposure through multiple stocks, particularly through “crypto miners,” which include Marathon Digital MARA and Riot Platforms RIOT.

Marathon Digital is a publicly traded company that mines Bitcoin and other cryptocurrencies while supporting the blockchain ecosystem. The company is one of the largest Bitcoin miners in North America and one of the largest Bitcoin holders among publicly traded companies.

Marathon Digital shares have been red hot over the past three months, gaining nearly 90% and significantly outperforming the stock. The momentum here is certainly positive for investors, especially considering the stock is down 40% overall over the last three years.

Image source: Zacks Investment Research

At the end of the third quarter of 2024, Marathon Digital held 26,747 Bitcoin on its balance sheet, a significant increase from 15,174 in the same period last year. Specifically, the company mined 2,070 BTC and purchased 6,210 BTC over the period.

Riot Blockchain develops, operates and supports blockchain technologies, primarily focusing on Bitcoin mining and digital infrastructure. The company mines Bitcoin at its facilities in Central Texas and Kentucky.

RIOT shares have been understandably hot over the last three months, gaining more than 90% and significantly outperforming MARA.

Image source: Zacks Investment Research

Riot Platforms’ latest quarterly results received a positive response: the company produced 1,104 BTC throughout the period. Jason Les, CEO, on the results:

“Riot reported revenue of $84.8 million this quarter, an increase of 65% over the same quarter in 2023, reflecting a 159% year-over-year increase in staked hash rate to 28 EH /s at the end of the quarter. This significant increase in the deployed hash rate allowed us to produce 1,104 Bitcoin this quarter despite the “halving,” which is equivalent to our Bitcoin production in the third quarter of 2023.”

Riot Platforms ended the period with 10,427 BTC, all produced via the company’s self-mining operations.

Conclusion

As Bitcoin has broken through the $100,000 mark, many have recognized the momentum within the cryptocurrency. But investors don’t have to buy the actual asset to get involved, as crypto miners like Marathon Digital MARA and Riot Platforms RIOT offer just that.

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