Bitcoin is down for the week, but it’s still up about 50% YTD. Meanwhile, Bitcoin mining stocks have jumped by over 200% year-to-date. One miner stock, Cipher Mining , is up by a whopping 389% for the year so far.
While markets are watching crypto prices after this week’s turbulence, crypto stocks are another class of blockchain assets in the bargain bin this week, especially with their soaring YTD trendline.Crypto stocks are up by quite a bit more this far into 2023 than the broad stock market benchmarks. The S&P 500 Index of the top 500 U.S. companies has increased by a very healthy 14% thus far in 2023.
But even those three top-performing stocks aren’t flying as high as some Bitcoin miners are, with the blockchain surging in activity this year. Two Bitcoin mining stocks, Riot Platforms Inc. and Marathon Digital Holdings Inc. , are trading well above 200% since January.in Q2. Marathon’s gains are also at 228%, exactly like its competitor. But since January, Cipher Mining is up by even more this week: 389%.
While their enormous returns on investment this year have made Bitcoin miners attractive to stock traders, there are additional Bitcoin-specific risks to mining stocks. Nasdaq advises:
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