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Monday’s surge in Bitcoin (BTC) prices has propelled Bitcoin-related stocks to unprecedented levels, with companies like Coinbase and MicroStrategy achieving new multiweek peaks.
Stocks associated with Bitcoin mining experienced notable increases alongside the momentum in BTC prices, with Riot Blockchain, listed in the United States, witnessing an 11.69% rise and Marathon Digital Holdings experiencing a 14.6% uptick. The forthcoming halving event, which will reduce the Bitcoin mining reward from 6.25 BTC to 3.125 BTC per block, likely played a role in this price escalation.
Marathon Digital stock price chart. Source: TradingView
Bitcoin mining stocks not only surpassed Bitcoin in the recent price surge but also excelled in terms of year-to-date (YTD) returns. Cipher Mining has recorded a 356% increase YTD compared to Bitcoin’s 86% YTD gains. Likewise, Riot Platforms has noted a 163.10% YTD rise, while Northern Data, a general processing unit miner based in Frankfurt, Germany, has seen a 291.40% increase. Hut 8 Mining, Iris Energy, Bitfarms, Marathon Digital, and Hive Technologies have all achieved over 100% growth in 2023.
In addition to publicly traded Bitcoin mining firms, other Bitcoin-focused public companies such as Coinbase and MicroStrategy have also reached multiweek highs. At the time of writing, Coinbase’s stock had risen by 3.42%, while MicroStrategy — the public entity with the largest Bitcoin holdings — experienced a 9% increase on the daily charts.
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MicroStrategy’s Bitcoin holdings have returned to profitability for the third time in 2023. The gains on its BTC assets come after experiencing a decline of up to -50% during the bear market. Currently, MicroStrategy holds 158,245 BTC, acquired for $4.68 billion at an average price of $29,582. The value of the public company’s investment is now approximately $5.5 billion, resulting in nearly $1 billion in unrealized gains.
MicroStrategy stock price chart. Source: TradingView
The Bitcoin price surpassed the $35,000 threshold on Oct. 23 with a double-digit increase, reaching a one-year high before retracting below $33,000. Earlier on Oct. 24, the BTC price surged an additional 5% and was trading above $34,500 at the time of writing.
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