Quick Take
Recent data from Farside reveals that 8 out of the top 30 publicly traded Bitcoin miners have achieved market capitalizations exceeding $1 billion.
Marathon Digital Holdings leads the pack with a market cap of $5.5 billion, followed by Cleanspark at $3.6 billion and Riot at $2.9 billion. Other notable miners include IREN and Core Scientific, each valued at $1.5 billion, Northern Data at $1.4 billion, Cipher Mining at $1.3 billion, and Terawulf at $1 billion. Bitfarms, Hut 8, and Bitdeer Technologies are also approaching the $1 billion mark. Collectively, the total market cap of these 30 miners stands at $23 billion.
The Bitcoin Miners ETF, WGMI, has risen 9% this year, a significant recovery from its earlier 26% year-to-date decline. WGMI’s performance diverged from MicroStrategy (MSTR) in late February — MSTR has surged 134% YTD, while Bitcoin itself has increased by over 53%. In comparison, MSTR boasts a market cap of slightly over $28.
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.
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