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Wall Street giant Jane Street bets big on Bitcoin mining stocks
The U.S. trading giant Jane Street Capital has revealed holding stakes in three of the most prominent Bitcoin mining companies.
For those unaware, Bitcoin mining is the process of solving complex cryptographic functions using high-end computing power to verify and add blocks to the blockchain network. Miners receive rewards in the form of Bitcoin in exchange for securing the network.
Headquartered in New York City, Jane Street Capital is a 26-year-old multinational proprietary trading and market maker giant.
In the Schedule 13Gs filed on Oct. 23 post-market close, it revealed holdings in these Bitcoin mining companies:
Bitcoin mining stocks jump on stakes reveal
The Cipher Mining (Nasdaq: CIFR) stock jumped 19.9% in a day and hit as high as $20.69.
The Hut 8 (Nasdaq: HUT) stock also jumped up to 15% and hit the intraday high of $46.82.
The Bitfarms (Nasdaq: BITF) stock jumped 10% to reach the intraday high of $4.77.
It was a good day for other crypto mining stocks too.
HIVE Digital Technologies (Nasdaq: HIVE) also rose around 15% in a day to reach $5.86. Bitdeer Technologies Group (Nasdaq: BTDR) also rose more than 7% and hit $23.70.
Jane Street's association with crypto
Notably, Jane Street is among the investors at the crypto exchange Kraken's recent $500 million funding round, as per a Reuters report.
The trading company also shares a fascinating connection with the world of crypto as FTX founder Sam Bankman-Fried and former Alameda Research CEO Caroline Ellison worked together at Jane Street before venturing into the crypto industry. And the rest is history.
This article has been published in thestreet.com via Yahoo News.
