Bitcoin’s surge in 2023 led to significant gains in the stock market this year

[James Anderson]

In 2023, crypto enthusiasts found more profitable investments in the stock market.

Despite Bitcoin’s impressive 150% rally throughout the year, certain stocks closely associated with the digital currency outperformed it by a significant margin. Shares of companies like Coinbase, MicroStrategy, and the Grayscale Bitcoin Trust saw gains of over 300%. Marathon Digital, a Bitcoin miner, saw an astounding surge of 688%.

These stocks not only surpassed Bitcoin itself in performance but also emerged as some of the top gainers in the entire U.S. market. Among publicly traded U.S. businesses valued at least $5 billion, these four stocks tied to Bitcoin were among the eight best performers, according to FactSet data.

[SamReomo]

Bitcoin is in trend due to the next bull run and that's why those companies are getting positive response from the investors and their shares are getting higher in value just because of Bitcoin. All of those companies somehow hold Bitcoin and due to that reason we have seen spike in their shares.

The shares can get more value overtime when Bitcoin gets higher in value but once the bear market starts again after the bull market then most of those stocks will lose their value within a matter of days.  The Bitcoin ETF is one of the most interesting indicator to make the investors crazy about Bitcoin and also about all those companies that hold Bitcoin.

[Stompix]

Marathon Digital, a Bitcoin miner, saw an astounding surge of 688%.

That's a bit of misleading number.
Mara shares took a dive in last December because of their internal problems , the whole deal with the coal powerplant that was at risk of getting shut down and their outstanding loans, so, despite it going from 3$ to $30 it's nowhere the peak of $75, look at Bitcoin being 2/3 of the ATH they are still closer to 2/5.
Same story with Coinbase, they went up 400% but that only after getting hammered 90% a year ago.