Bitcoin Miners’ Equity Lifeline Becomes Irritant to Shareholders

The equity lifeline used by many Bitcoin miners to help weather the most recent crypto winter is beginning to irk some shareholders.

The 12 major publicly-traded miners, including Marathon Digital Holdings Inc. and Riot Platforms Inc., raised about $440 million through stock sales in the second quarter, a jump of almost 60% from the previous three months, according to data complied by TheMinerMag. The companies have raised over $4.9 billion since the start of 2021. The cash pile has helped participants in the capital-intensive industry stay afloat after Bitcoin’s 2022 rout resulted in a loss of access for many ...