Key Highlights

  • Datavault AI is trading 22.92% higher at $0.08, two days after a filing said four sets of financial statements should not be relied upon.
  • ProCap Financial is trading 8.24% higher at $4.07 and held about 5,457 bitcoin after a purchase announced on March 3, 2026.
  • Lion Group Holding is trading 1.36% lower at $2.17 and held about 232,900 Hyperliquid tokens after a September 29 reallocation.
  • CleanSpark signed a 20-year, $6.6 billion triple-net lease at Sandersville, announced on August 6, 2026.
  • MARA Holdings had 111,935,490 shares sold short at the October 15 settlement date, about 29.0% of shares outstanding (calculated).

Which Crypto and Bitcoin-Linked Stocks Are Moving on October 28?

Five stocks tied to bitcoin and digital assets are active on Wednesday, October 28, 2026. Datavault AI (NASDAQ:DVLT) is trading 22.92% higher at $0.08 after a restatement warning tied to a Bitcoin purchase, ProCap Financial (NASDAQ:BRR) is trading 8.24% higher at $4.07 as a bitcoin treasury company, and Lion Group Holding (NASDAQ:LGHL) is trading 1.36% lower at $2.17 as it concentrates its treasury in Hyperliquid tokens. CleanSpark (NASDAQ:CLSK) is trading 1.04% higher at $8.27 with a $6.6 billion lease behind its AI build, and MARA Holdings (NASDAQ:MARA) is trading 0.27% higher at $7.11 with 111.9 million shares sold short.

The ranking follows the size of each move, measured as the absolute percentage change in the share price today. No company release dated October 28 accompanies any of the five moves. Datavault AI is included because its filing turns on how a Bitcoin payment was accounted for, not because it mines or holds bitcoin as a business.

1. Datavault AI: Why Is a Restatement Warning Followed by a 22.92% Jump?

Shares are trading 22.92% higher at $0.08, among the most heavily traded penny stocks of the session, two days after a Form 8-K signed on October 26 disclosed a non-reliance finding. The rise looks like a bounce from a very low price rather than a reaction to good news. Datavault AI runs a data monetization and tokenization platform, and at roughly 949.7 million shares the market value is near $76 million (calculated).

The filing concerns a September 25, 2025 agreement under which Scilex Holding (NASDAQ:SCLX) was to deliver about 1,328.43 Bitcoin, valued at $150 million, for shares and a pre-funded warrant. The company concluded the Bitcoin did not qualify as a digital asset, so the 2025 annual report and three quarterly reports should not be relied upon. Second-quarter revenue was $6.717 million, the net loss was $88.025 million and cash was $1.4 million.

2. ProCap Financial: Why Is a Bitcoin Treasury Name Among the Most Active Penny Stocks?

Shares are trading 8.24% higher at $4.07, from an implied prior close near $3.76 (calculated), and no release dated today accompanies the move. ProCap Financial was founded in 2025, holds bitcoin as a treasury reserve and runs finance and media products. It held about 5,457 bitcoin after a 450-coin purchase, announced on March 3, 2026, that cost about $35.4 million.

Net asset value was about $305 million, or $3.65 per basic share, in the February 23, 2026 release. Trailing twelve-month revenue is only about $86 thousand against a net loss of about $136.8 million. The company announced on September 18, 2026 that it would join the Russell 2000 and Russell 3000 indexes, though no dated release ties today's volume to it.

3. Lion Group Holding: What Did the Hyperliquid Treasury Shift Involve?

Shares are trading 1.36% lower at $2.17, and no dated release accompanied the decline. Lion Group Holding is a Singapore-headquartered operator of an online trading platform serving clients mainly in China and Southeast Asia. On September 29 it sold its entire Solana holdings and part of its Bitcoin holdings to buy about 38,102 Hyperliquid (HYPE) tokens, leaving about 232,900 tokens worth roughly $20.1 million.

The American depositary share ratio changed on or about September 10, equal to a one-for-twenty reverse ADS split. Short interest was 12,848 shares for the October 15 settlement date, about 27.8% of the 46,144 shares reported outstanding (calculated). With so few shares in circulation, small orders can move the price sharply.

4. CleanSpark: How Does a $6.6 Billion Lease Reshape a Bitcoin Miner?

Shares are trading 1.04% higher at $8.27, from an implied prior close near $8.18 (calculated), and no company release dated October 28 accompanied the move. CleanSpark is a bitcoin miner converting part of its portfolio toward AI and high-performance computing. In its release of August 6, 2026 it said it signed a 20-year, $6.6 billion triple-net lease at Sandersville with a high investment-grade tenant, which it did not name.

Fiscal third-quarter revenue fell 30.5% to $138.0 million, with a net loss of $239.8 million. Cash was $202.6 million and long-term debt about $1.78 billion at June 30, 2026. The most recent dated short-interest reading available is 83,872,674 shares for the May 29, 2026 settlement date, with 3.15 days to cover and about 32.7% of shares outstanding.

5. MARA Holdings: Why Is a Heavily Shorted Bitcoin Miner Barely Moving?

Shares are trading 0.27% higher at $7.11, from an implied prior close of about $7.09 (calculated), and no release dated today accompanies the small move. MARA Holdings mines bitcoin and is shifting toward digital infrastructure built on power, land and compute. At 386.3 million shares outstanding the market value is about $2.75 billion (calculated).

On April 30, 2026 the company agreed to acquire Long Ridge Energy & Power from FTAI Infrastructure (NASDAQ:FIP) in a deal valued at about $1.5 billion, including a 505 MW gas-fired plant in Ohio, pending FERC approval. It added two bitcoin-backed credit facilities, including one with Coinbase (NASDAQ:COIN), totaling $600 million. The second-quarter net loss was $611.3 million on revenue of $174.9 million, and it held 35,577 bitcoin at June 30.

Crypto and Bitcoin-Linked Stocks Compared: Move Gaps, Market Values and Short Positions

Datavault AI's 22.92% gain is 14.68 percentage points above ProCap Financial's 8.24% (calculated), and ProCap's rise is 9.60 points away from Lion Group Holding's 1.36% decline (calculated). CleanSpark's 1.04% sits 0.77 points above MARA's 0.27% (calculated), and CleanSpark's $8.27 price is $1.16 above MARA's $7.11 (calculated). MARA's market value of about $2.75 billion is roughly 7.6 times ProCap's near $360 million (calculated), and its 35,577 bitcoin is about 6.5 times ProCap's 5,457 (calculated).

On short interest, MARA's 29.0% of shares outstanding is 1.2 points above Lion Group Holding's 27.8%, and both are for October 15 (calculated). CleanSpark's 32.7% dates from May 29, so it is not directly comparable. Days to cover were 3.18 for MARA and 3.15 for CleanSpark, a gap of 0.03 days (calculated).

What to Watch Next: MARA Third-Quarter Results, FERC Approval and the Datavault AI Restated Filings

MARA's third-quarter results are estimated for around November 11, 2026, with revenue expected near $186 million, and the Long Ridge deal still awaits FERC approval. Lion Group Holding's next short-interest update is for the October 30 settlement date. Datavault AI's restated filings have no announced dates, its rights offering runs about 18 trading days from its start, and its Nasdaq bid-price compliance period was extended to February 22, 2027. CleanSpark's next quarterly report is undated, and ProCap Financial's next report would update cash, debt and losses.