Cloud Hosting

June 21, 2023 11:28 AM | 1 min read

Greenidge Generation Holdings Inc (NASDAQ:GREE) shares are trading higher by 11.29% to $3.45 Wednesday morning on heavy volume. The stock is trading higher amid strength in the price of Bitcoinfollowing BlackRock's Bitcoin ETF application.

What Happened?

The cryptocurrency market is experiencing a notable upswing driven by several favorable developments, including the introduction of EDX Markets, a newly established exchange supported by prominent financial entities such as Charles Schwab, Fidelityand Citadel Securities.

Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!

These influential players from the finance industry are lending their backing to EDX Markets, contributing to the positive momentum within the market.

See Also:What's Going On With Nikola (NKLA) Shares

Massive returns are possible within this market! For a limited time, get access to the Benzinga Insider Report, usually $47/month, for just $0.99! Discover extremely undervalued stock picks before they skyrocket! Time is running out! Act fast and secure your future wealth at this unbelievable discount! Claim Your $0.99 Offer NOW!

Advertorial

What Else?

Greenidge Generationowns and operates a vertically integrated cryptocurrency data center and power generation company. With a higher Bitcoin price, the profitability of Bitcoin mining improves.

Miners like Greenidge Generation incur costs for electricity, equipmentand operational expenses. When the price of Bitcoin is higher, the revenue generated from mining can surpass these costs, leading to increased profitability.

According to data fromBenzinga Pro, GREE has a 52-week high of $48.90 and a 52-week low of $1.55.

2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read this article:

Why Bitcoin- And Ethereum-Related Stock Greenidge Generation (GREE) Is Exploding Higher - Greenidge Gener - Benzinga