2024’s crypto stock winners
Two bitcoin miners make the list thanks to record-high BTC prices and new mining technology
Mark Agnor/Shutterstock modified by Blockworks
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As we close out a historic year for bitcoin and other cryptocurrencies, some crypto-related equities are poised to end 2024 well into the green. Here’s a round-up of some of the best performers:
Coinbase
COIN shares started the year around $156. The stock rallied into the high-$200s in March, coinciding with bitcoin’s run-up to what was then a new all-time high of around $73,000. COIN’s big breakout came in the latter half of the year, though. Shares gained 67% between election night and Nov. 11, a sign investors saw Trump’s win as a major turning point for 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 cited the Trump Administration’s potential plan to create a strategic bitcoin reserve as a positive catalyst for Coinbase’s custody services.
COIN shares were up 58% year to date (to ~$247) at 2 pm ET Tuesday.
MicroStrategy
MicroStrategy, an unprofitable business intelligence company, started buying bitcoin back in 2020. Today, the firm has 446,400 BTC (acquired for an average price of $62,428 per coin), and execs say they have no intention of slowing down anytime soon.
These days, MSTR is essentially a leveraged trade on BTC, and for those who bought shares at the beginning of the year, it’s paid off. The stock has gained more than 60% since Election Day alone.
MSTR shares stood at $290 at 2 pm ET — up 323% in 2024.
Miners Hut 8, Core Scientific
Bitcoin miner Hut 8 made its public market debut in 2018 at around $17 a share. The stock hit a record high of almost $80 in 2021, a rally analysts attribute to bitcoin’s run and Hut 8’s mining operation expansion.
After shares stalled in 2022 and 2023, Hut 8 saw another surge this year, once again thanks to record-high bitcoin prices and new mining technology. Recent price targets from Cantor Fitzgerald and Craig Hallum are in the mid-$30 range.
HUT shares were up 63% year to date at 2 pm ET Tuesday, just north of $20.
Up even more is the share price for rival miner Core Scientific, which has increased roughly 300% in 2024.
The company emerged from bankruptcy in January, relisting on the Nasdaq. Core Scientific’s stock surged to above $7 in June right after inking its first hosting deal with cloud provider CoreWeave. CORZ’s share price hovered around $14 on Tuesday afternoon.
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