Bitcoin mining: the market of the securities followed by JP Morgan recorded $22.8 billion in June

Big news in the Bitcoin mining sector: the total market of securities listed in the USA and followed by JP Morgan recorded a record of 22.8 billion dollars in June. The best performance is by Core Scientific (CORZ), with its increase of 117%. 

Bitcoin mining: JP Morgan reveals that the securities market recorded $22.8 billion in June

According to what reported, the total market of US-listed securities of Bitcoin mining companies followed by JP Morgan, reached a record of 22.8 billion dollars in June.

This is a true record for the market capitalization of the 14 bitcoin miners’ stocks. 

The banking giant emphasized that investors appreciated the news of the agreement between Core Scientific and the artificial intelligence company CoreWeave. And indeed, it is precisely in the first part of the month that it seems that the stocks of Bitcoin mining companies have gained the most. 

Not only that, precisely in the first two weeks of June, it seems that the best performance was recorded by Core Scientific (CORZ), with an increase of 117%. On the contrary, the worst was Argo Blockchain (ARBK) with a decrease of 7%. 

In the same period, however, the price of BTC has instead fallen by 3%, causing the stocks of Bitcoin mining companies to outperform Bitcoin itself. 

Bitcoin Mining: JP Morgan and the June record for the market of listed securities in the USA

The 22.8 billion dollars recorded by the Bitcoin mining stocks listed in the USA and followed by JP Morgan, is a figure of historical maximum. 

Not only that, these publicly traded miners in the United States have increased their share of the network hashrate and, together, the 14 companies “now represent about 23.8% of the global network hashrate“, with a gain of almost 1% compared to the previous month.

In this regard, in its report, JPMorgan emphasized that June is also the second month of increase in the network hashrate for U.S. miners. 

This would be an encouraging sign of inefficient private operators, they have managed to downsize operations after the halving. 

In fact, just recently, there has been talk about the case of Riot Platforms, the large Bitcoin mining company headquartered in Castle Rock, Colorado. 

In practice, the company is trying in every way to make up for the reduction in revenue resulting from the advent of BTC halving, which has halved the reward. Not surprisingly, Riot is down 43% in earnings compared to the previous month. 

To recover, Riot is grappling with an update of its infrastructure to succeed in the endeavor of achieving more efficient BTC production. Not only that, there are also new possible acquisitions or the implementation of energy-saving strategies. 

The strong doubts about Solana ETFs

Recently, JP Morgan has made headlines for also having raised doubts about the possible approval of new crypto spot ETFs in the USA, especially regarding Solana. 

Unlike other strong supporters like Brad Garlinghouse who predicts the launch of ETFs on XRP along with ETFs on Solana next year, JP Morgan remains skeptical. 

Specifically, in fact, the CEO and Global Market Strategist of JP Morgan, Nikolaos Panigirtzoglou, believes that the SEC still considers many cryptos as unregistered securities.