Inside the Explosion of Unusual Options Activity in Bitcoin Mining Stocks

Inside the Explosion of Unusual Options Activity in Bitcoin Mining Stocks

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Over the past month, we’ve witnessed an overwhelming amount of bullish unusual activity in bitcoin mining stocks like Marathon Digital (MARA), Riot Blockchain (RIOT), and even other crypto-related names. So far, the “smart money” institutional investors have been right. 

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Unusual Options Activity in Marathon Digital

Since June 7th, we’ve witnessed 6 trades in Marathon Digital encompassing a total of 80,600 bullish call option contracts, all with relatively short-term expirations — the furthest of which being July 7th. When we first spotted the bullish buying back on June 7th, Mara was trading at just $10.26. At the time of writing, Marathon Digital is trading at $15.74 — a 53.3% increase from the initial price noted in the unusual options activity, and a more than 70% increase month over month. 

Today’s price action is significant, as it shows Marathon Digital breaking out above the September 12th-October 25th 2022 double top, with the next potential target being the August 2022 52-week high of $18.88. MARA isn’t the only miner we’ve spotted breaking out following significant unusual options activity. 

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Unusual Options Activity in Riot Blockchain

The “smart money” has also been coming in droves for Riot Blockchain (RIOT) — a similar company with a similar stock price. We first spotted recent unusual activity in Riot Blockchain on June 20th, with RIOT trading at $10.75. That trade was followed by additional unusual options trades on July 3rd and July 5th — three of the same days we spotted confident hits in Marathon Digital. Some of those trades were only minutes apart from one another, and bought in a similar fashion, size, and style. Since that initial trade on June 20th, Riot is trading at $13.76, 28% above the initial stock value.

When we spot unusual options activity like this, we analyze it, craft trades around it, and send the full report to our unusual options activity members. Try a month of unusual options activity below to get in on the action!

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