Bitcoin Miner Stocks Surge Amid Banking Meltdown

Mining equities were up about 11% on average on Monday alongside big gains for bitcoin.

AccessTimeIconMar 13, 2023 at 4:51 p.m. UTC
Updated May 9, 2023 at 4:10 a.m. UTC

Cipher Mining (CIFR), Hut 8 (HUT) and Stronghold Digital (SDIG) are among the crypto miners seeing the largest gains in Monday trading after the U.S. government late Sunday moved to protect all depositors at collapsed lenders Silicon Valley Bank (SVB) and Signature Bank.

The miners are moving in step with bitcoin (BTC), which is higher by 17% over the past 24 hours to $24,100.

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  • Miners saw their share value increase by an average of 11% on March 13, along with the price of bitcoin. (Eliza Gkritsi/CoinDesk)
    Miners saw their share value increase by an average of 11% on March 13, along with the price of bitcoin. (Eliza Gkritsi/CoinDesk)

    "I’m actually surprised [the miners] didn’t get pumped more," said Wolfie Zhao, head of research at TheMinerMag. "Many even didn’t surge more than bitcoin."

    The extent of the mining sector's exposure to crypto-friendly Signature Bank is unclear. Marathon Digital Holdings (MARA) on Monday said it still had access to $142 million in deposits the now-shuttered lender. CleanSpark (CLSK), Bitfarms (BITF) and Argo Blockchain (ARBK) said on Monday they have no exposure to either Signature or the other collapsed banks, Silvergate and SVB.

    An Argo subsidiary, however, does hold operating funds in Signature deposits, the firm said.


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    Eliza Gkritsi

    Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.