SPRT and GREE Stock Merge: Greenidge Generation tanks again despite Bitcoin rebound

NASDAQ:GREE has seen nothing but red since its merger with Support.com, as the stock has now lost 42% over the past week and 76% during the past month. On Thursday, shares of Greenidge Generation slumped again and lost a further 12.68% to close the session at $25.40. The decline came on a day where the broader markets were rallying, as the U.S. markets erased the losses from earlier in the week. The Dow Jones paced the major indices by adding 1.48% during the session, and the NASDAQ and S&P 500 were up 1.04% and 1.21% respectively. 

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Over the past couple of years, cryptocurrency related stocks have traded in sympathy with the broader crypto markets. Companies who mine Bitcoin have largely been affected by the volatility in the price action of the benchmark crypto. Well, after a few days of the crypto markets tanking, the price of Bitcoin and other cryptocurrencies recovered on Thursday. Naturally, stocks like Marathon Digital Holdings (NASDAQ:MARA) and Riot Blockchain (NASDAQ:RIOT) were both trading higher on Thursday. Unfortunately for shareholders of Greenidge Generation the rebound in Bitcoin’s price was not enough to reverse the fortunes of this Bitcoin mining company. 

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Despite the markets rallying, the meme sector had mixed results overall during Thursday’s session. AMC (NYSE:AMC) and SmileDirectClub (NASDAQ:SDC) were trading lower, while GameStop (NYSE:GME) and ContextLogic (NASDAQ:WISH) were both trading above water. One popular stock for the subreddit r/WallStreetBets is data analytics giant Palantir (NYSE:PLTR) which surged by 4.89% on Thursday, with shares up 15% over the last month.