Stronghold Digital Mining Shares Rise After Bitcoin Halving

Dow Jones04-23

By Dean Seal

Shares of bitcoin miner Stronghold Digital Mining surged after the bitcoin network completed its fourth halving last Friday evening, lifting the price of the cryptocurrency.

The stock was up 22% at $3.28 in midday trading. Shares are still down 55% this year.

The halving is a pre-programmed event that happens every four years and cuts in half the number of bitcoin tokens unlocked for validating transactions on the blockchain. The number of bitcoins released on average 10 minutes is now 3.125 instead of 6.25.

The price of bitcoin climbed over the weekend to nearly $66,000, up from $64,314 when the market closed Friday, according to data from CoinDesk.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

April 22, 2024 12:59 ET (16:59 GMT)

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