Crypto stock recap: Wall Street isn’t treating all Bitcoin miners alike


Bitcoin‘s price rose another 6.6% while the stock market was open this week, but the recent rally in the coin’s price hasn’t affected all crypto-related stocks equally.

Here’s how last week’s stock market returns stacked up for the top crypto-related stocks. 

Small miners posted big gains

This week’s winners appear to be smaller Bitcoin mining firms Bitfarms (up 46.2%) and Core Scientific (up 43.5%), handily outperforming Bitcoin’s gains. Argo Blockchain and Terawulf also posted more modest gains of 31% and 20% on the week, respectively, according to data from TradingView. 

Not every smaller miner fared the same, though. Cipher Mining faced a loss of 4.3% on the week, while Hut 8’s stock fell 3.9%. 

As for the industry’s leaders, while Marathon managed to beat out Bitcoin with gains of 10.1%, Riot underperformed Bitcoin with gains of only 2.5%. J.P. Morgan recently updated Riot’s rating from neutral to underweight with a priceof $12. 

Coinbase and Microstrategy underperformed

Some large crypto stocks gained on the week, but failed to outperform Bitcoin’s price gains. In the past week, Coinbase’s stock gained only 1.5% when compared to Bitcoin’s rise of 6.6%. Microstrategy, led by Michael Saylor, also underperformed compared to Bitcoin, but still managed to gain 5.1% on the week, according to TradingView.

Last week’s biggest losers

Canaan, developers of Bitcoin mining hardware, had a tough week on Wall Street as its stock slid 19%, far underperforming Bitcoin’s gains. Canaan was joined by Galaxy (-1.62%) and Bakkt (-3.80%) as some of the only stocks to lose value this past week. 

Next week is seen as a critical week for the stock market to set the tone going into 2024, with Tuesday bringing November’s consumer price index data and the Fed’s interest-rate deceision on Wednesday. 

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.



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2023-12-09 21:24:47

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