Multiple Bitcoin mining stocks ended the week with double digit gains, despite a large downturn in Friday’s afternoon trading session following President Trump’s announcement of tariffs on China.
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San Antonio-based miner HIVE (Nasdaq: HIVE) took the lead with a 40% return from Monday open to Friday close. BitFarms (Nasdaq: BITF) followed in second place with a 31% return.
However, almost all asset classes troubled Friday after Trump’s renewed threats against China. BlackRock’s IBIT Bitcoin ETF closed 3.7% from the prior day’s close, while the SPY and QQQ ETFs were down 2.7% and 3.5%, respectively.
One-month returns were especially impressive. BITF and HIVE both had over 100% returns from the open on September 10 to the close on October 10. IREN (Nasdaq: IREN) shares nearly doubled over this same time, opening at $30.68 on September 10 and closing just shy of $60 on October 10.
The average one-month return for these miners was 73.26%.
The CoinShares Bitcoin Mining ETF (WGMI) was down 3.9% from the prior day’s close.
finance.yahoo.com
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