Crypto Firms See Triple-Digit Returns
Publicly traded crypto firms have experienced significant gains this year, with Coinbase, Marathon Digital, Riot Platforms, Galaxy Digital Holdings, and MicroStrategy all closing in the green on December 4th. This comes as Bitcoin reaches a new year-high of over $42,000, up nearly 152% year-to-date.
Coinbase Closes with 5.5% Gain
Crypto exchange Coinbase closed the day at just over $141, marking a 5.5% gain. This represents a 320% increase from its price at the beginning of the year.
Marathon Digital and Riot Platforms Record 8% Gains
Bitcoin miners Marathon Digital and Riot Platforms closed the day with over 8% gains, reporting year-to-date gains of 337% and 345% respectively.
Galaxy Digital Holdings and MicroStrategy Also See Significant Gains
Crypto investment firm Galaxy Digital Holdings posted a daily gain of nearly 12% and is up 155% year-to-date. MicroStrategy, which holds the largest amount of Bitcoin among public companies, saw a daily gain of over 6.5% and a year-to-date rise of 288%.
Crypto Stocks Attract Investors
Investors are turning to crypto-related stocks as a way to gain exposure to the crypto market until spot Bitcoin exchange-traded funds (ETFs) are approved in the United States. The excitement around Bitcoin's price increase, potential ETF approvals, upcoming Federal Reserve rate cuts, and the Bitcoin halving in April are driving increased trading volumes and participation across the crypto ecosystem.
Increased Interest Means Higher Earnings and Profits
The recent surge in excitement around crypto stocks is expected to attract a new wave of crypto investors. The increased interest, volatility, and trading volume will likely result in higher earnings and profits for crypto exchanges and similar businesses.
