The halving, which occurs in Bitcoin every 4 years, took place on Saturday, April 20. Following the halving, Bitcoin and cryptocurrency-linked stocks showed an upward performance on their first trading day.

The five largest Bitcoin miners trading on exchanges by market capitalization, Marathon Digital (MARA), CleanSpark (CLSK), Riot Platforms (RIOT), Cipher Mining (CIFR), and Hut 8 (HUT), closed green on the day.

Stronghold Digital Mining (SDIG) rose 35.3% to reach $3.64, becoming the day’s biggest gainer among crypto stocks. RIOT also rose more than 23% to reach $11.24.

Valkyrie’s Bitcoin Miners ETF (WGMI), which also has a spot Bitcoin ETF, rose 11% to $16.69.

It was striking that investors generally turned to mining stocks while the halving effect has not yet been shown in the cryptocurrency market.

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