Crypto Bulls in the Stock Market: MicroStrategy, Coinbase, GBTC, and Marathon Digital See Over Triple-digit Gains This Year

For cryptocurrency bulls, the most profitable bet in 2023 turns out to be the stock market. While Bitcoin has seen a 163% increase this year and Ethereum a 103% increase, there are four stocks related to Bitcoin that have surged more than three times, far surpassing the gains of major cryptocurrencies.

According to CNBC citing FactSet data, among U.S. listed companies with a market capitalization exceeding $5 billion, four Bitcoin-related stocks are among the top eight performers. These include Coinbase, MicroStrategy, Marathon Digital, and Grayscale's GBTC.

MicroStrategy Goes All-In on Bitcoin, Stock Price Surges 314% This Year

MicroStrategy announced yesterday that it has purchased an additional 14,620 BTC at an average price of $42,110. This purchase brings their total Bitcoin holdings to 189,150 BTC, with an average cost of $31,168. The unrealized gains from this investment have now reached an astonishing $2.3 billion.

MicroStrategy has acquired a total of 56,650 BTC this year, demonstrating their strong belief in Bitcoin. By accumulating more during the crypto bear market, their stock price has skyrocketed by 314% this year, outperforming Bitcoin's 163% increase.

Bitcoin to the moon! What is MicroStrategy's Bitcoin strategy all about?

Grayscale's GBTC Transitions to ETF, Soars 341% This Year

Benefiting from the surge in Bitcoin and progress in the application for a Bitcoin spot ETF by various asset giants, Grayscale's legal battle with the SEC shows signs of progress. GBTC is transitioning to an ETF. With Bitcoin's rise and GBTC's discount narrowing from 46% at the beginning of the year to 5.5%, GBTC has achieved an impressive 341% increase this year.

According to Grayscale's website, GBTC currently holds approximately 619,000 BTC, far exceeding MicroStrategy's 189,000 BTC.

Coinbase's Stock Price Surges 407% This Year

Despite facing regulatory uncertainties in the U.S., the veteran exchange Coinbase is actively expanding overseas. In April, Coinbase obtained a license from the Bermuda Monetary Authority (BMA) to launch an offshore derivatives exchange in Bermuda, allowing non-U.S. institutional users to trade perpetual contracts.

As per Coinbase's previous third-quarter financial report, due to the overall decline in the cryptocurrency market, cryptocurrency trading volume in the third quarter dropped to $76 billion, leading to a decrease in trading-related revenue to $290 million. However, with effective cost control, net losses are gradually narrowing. Coinbase stated that it expects to generate meaningful adjusted profits in 2023!

Furthermore, as various asset giants compete to apply for a Bitcoin spot ETF, Coinbase plays a key role in this process. Coinbase's stock price has surged by 407% this year.

Bitcoin Miners See a Rejuvenation, Marathon Digital Surges 767%

The most profitable may come as a surprise, as it is the Bitcoin miner Marathon Digital, which is still operating at a loss. Marathon Digital holds the most Bitcoin among mining companies, with a total of 13,716 BTC according to its third-quarter financial report. Unlike Bit Deer, which sells Bitcoin as they mine, Marathon Digital aims to hold as much Bitcoin as possible to prepare for the upcoming crypto bull market. This strategy may be one of the reasons why they have achieved such a remarkable stock price surge in 2023.

Miners have surged far beyond Bitcoin, with Marathon and Bitfarms both seeing increases of over 500% this year.