Crypto Stocks Flourish: Coinbase, Marathon Display a More Than 300% Surge

By: Eva Baxter

The year 2023 has been remarkably fruitful for publicly traded crypto companies amidst sparkling Bitcoin gains and resulting bullish market sentiment. Crypto firms highlighted triple-digit percentage returns and registered a closure in the green on December 4, as Bitcoin soared to its new annual peak of over $42,000.

Crypto exchange heavyweight Coinbase represented impressive market performance, ending the day at a bit over $141, reflecting a daily rise of 5.5% and an exponential year-to-date growth of 320%, according to Google Finance data. As for key Bitcoin miners Marathon Digital and Riot Platforms, they registered closure with a substantial daily uptick of over 8%, revealing year-to-date climbs of 337% and 345%, respectively.

The climb in crypto-related stocks occurred in the backdrop of a mixed reaction in the larger North American stock market. Analysts suggest that investors are opting for crypto stocks to gain crypto exposure until the U.S. authorities' approval of spot Bitcoin exchange-traded funds (ETFs).