As the year comes to a close, we are closing out an historic one for Bitcoin and other cryptos. A few of these crypto-related equities will end up in the black by 2024. The following is a summary of some of these best-performing stocks:
Coinbase
COIN began the year with shares around $156. In March, the stock rose into high $200s. This coincided with Bitcoin’s rise to a then-new all-time-high of $73,000. COIN was able to make a big break in the last half of 2018. Stocks rose 67% between Election Night and November 11, an indication that investors viewed Trump’s victory as a turning point in the industry.
Boutique equity research firm Monness, Crespi, Hardt & Co. raised its price target for the exchange from $245 to $390 earlier this month. Analysts said that the Trump Administration’s plan to establish a strategic Bitcoin reserve was a good catalyst for Coinbase’s custodial services.
At 2pm ET on Tuesday, COIN stock was up by 58% for the year (to about $247).
MicroStrategy
MicroStrategy started purchasing bitcoin in 2020, when it was still an unprofitable company. MicroStrategy has bought 446.400 BTC at an average cost of $62,428 each.
MSTR has become a highly leveraged BTC investment. For those who invested at the start of the year, their investments have paid off. Stock has risen by more than 60% in the time since Election Day.
MSTR shares stood at $290 at 2 pm ET — up 323% in 2024.
Core Scientific, Miners Hut 8
Hut 8 is a bitcoin miner that made its debut on the public markets in 2018. Its share price was around $17. Stocks reached a high of nearly $80 by 2021. This rally is attributed to the rise in bitcoin and Hut 8’s expanding mining operation.
Hut 8 shares have seen a surge in this year after stalling out for two years. This is due to the record high bitcoin price and new mining technologies. Cantor Hallum, Craig Hallum and other analysts have set recent price targets for Hut 8 in the $30 to $40 range.
At 2pm ET on Tuesday, HUT’s shares had risen 63% in the past year. They were just above $20.
Core Scientific’s share price, which has risen by roughly 300% since 2024, is even higher.
After relisting the Nasdaq, Core Scientific emerged from its bankruptcy in January. Core Scientific’s shares soared over $7 in early June, just after it signed its first cloud hosting contract with CoreWeave. CORZ shares hovered at around $14 Tuesday.
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