weren’t far behind. All three are among the four top-performing U.S.-listed stocks of 2023 so far with market capitalizations between $300 million and $2 billion., the largest bitcoin miner with a current market cap of $2.3 billion, is up 297% this year. These stocks’ performance is closely correlated with the price of bitcoin, which is up 85% this year to more than $30,000.
When bitcoin finished 2022 at around $16,500, a two-year low, mining was a money-losing endeavor for some companies whose energy costs were higher than that. Bitcoin mining requires vast amounts of computing power to solve complex mathematical puzzles and mine each block, which comes with a block reward of 6.25 bitcoins. That reward is halved roughly every four years, with the next halving expected to occur in April or May 2024.
is up 619% this year thanks to encouraging results in a phase 2 trial in China for a drug it’s developing to treat breast cancer. Here are the rest of the top 10 small-cap stock performers of 2023 so far.On the losing side, some names that were once darlings of Silicon Valley are now facing serious crises. No U.S.-listed small-cap stock has fared worse this year than, which is down 82%.
“They were the first publicly-held company to cite the negative impact of generative AI on their company,” says BMO analyst Jeff Silber. “The churn is so high in college that if you lose a couple of semesters of new students, it's really going to be tough to get them back.”