Crypto Stocks Fail to Benefit from Bitcoin's Recent Rally

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ICYMI: cryptocurrency mining stocks have lost more than half of their value since November Bitcoin BTC $BTC

, the price of Bitcoin recently reached a year-to-date peak of $48,234 on the Bitstamp exchange.

Yet, publicly listed cryptocurrency firms are struggling to benefit from the recent rally. Cryptocurrency mining stocks have taken the harshest beating, with their shares losing more than half of their value since November.The stock of Bitcoin mining company Stronghold Digital recently plunged by more than 30% after a painful revenue miss that caught some shareholders off guard.

Shares of Bit Digital, Hut 8 Mining Corp and other prominent mining companies are down more than 20% since the start of the year despite the fact that the price of Bitcoin briefly turned green over the same period of time. Shares of Bitcoin-focused business intelligence firm MicroStrategy are also down more than 10% on a year-to-date basis. The stock is also down roughly 41% from its November peak of 860%. That said, the company keeps doubling down on its unyielding support for the largest cryptocurrency. As

 

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