Cointime

Download App
iOS & Android

Crypto stock recap: Wall Street isn't treating all Bitcoin miners alike

QUICK TAKE

1.As Bitcoin’s price continued to rise this week, the continued rally has affected some crypto-related stocks better than others. 

2.Mining companies Bitfarms, Core Scientific, and Argo Blockchain were among the biggest-gaining crypto-related stocks of the past week on Wall Street, though bigger player Riot’s stock underperformed Bitcoin’s price.

Bitcoin 's price rose another 6.6% while the stock market was open this week, but the recent rally in the coin's price hasn't affected all crypto-related stocks equally.

Here's how last week's stock market returns stacked up for the top crypto-related stocks. 

Small miners posted big gains

This week's winners appear to be smaller Bitcoin mining firms Bitfarms (up 46.2%) and Core Scientific (up 43.5%), handily outperforming Bitcoin's gains. Argo Blockchain and Terawulf also posted more modest gains of 31% and 20% on the week, respectively, according to data from TradingView. 

Not every smaller miner fared the same, though. Cipher Mining faced a loss of 4.3% on the week, while Hut 8's stock fell 3.9%. 

As for the industry's leaders, while Marathon managed to beat out Bitcoin with gains of 10.1%, Riot underperformed Bitcoin with gains of only 2.5%. J.P. Morgan recently updated Riot's rating from neutral to underweight with a price target of $12. 

Coinbase and Microstrategy underperformed

Some large crypto stocks gained on the week, but failed to outperform Bitcoin's price gains. In the past week, Coinbase's stock gained only 1.5% when compared to Bitcoin's rise of 6.6%. Microstrategy, led by Michael Saylor, also underperformed compared to Bitcoin, but still managed to gain 5.1% on the week, according to TradingView.

Last week's biggest losers

Canaan, developers of Bitcoin mining hardware, had a tough week on Wall Street as its stock slid 19%, far underperforming Bitcoin's gains. Canaan was joined by Galaxy (-1.62%) and Bakkt (-3.80%) as some of the only stocks to lose value this past week. 

Next week is seen as a critical week for the stock market to set the tone going into 2024, with Tuesday bringing November's consumer price index data and the Fed's interest-rate deceision on Wednesday. 

Comments

All Comments

Recommended for you

  • Trump Shares Op-Ed Claiming He is Winning the War Against Iran

    On August 29, U.S. President Trump shared a commentary article from the New York Post on Truth Social on Saturday, which stated that he is winning the war against Iran and should maintain the current strategy. The title of the article Trump shared read: 'Trump is Winning the War Against Iran - Stay the Course.'

  • Morgan Stanley: 2028 as a Key Observation Point for Global Memory Competition Landscape

    On August 29, Morgan Stanley pointed out that the rise of Chinese memory manufacturers should not be viewed merely as a technological catch-up or low-cost substitution; what is truly noteworthy is that their production capacity may gradually become large enough to alter the supply structure of the global memory market. Changxin Technology and Yangtze Memory Technologies are currently entering the mainstream product market and gradually extending into high-profit markets such as HBM, high-end server DRAM, and enterprise SSDs. Morgan Stanley considers 2028 as an important observation point for the global memory competition landscape. From 2026 to 2027, demand for AI servers, capacity crowding of advanced wafers by HBM, import substitution, and the time required for customer certification may absorb most of the new supply from Chinese memory manufacturers. By 2028, as Chinese manufacturers expand production, the additional capacity from Samsung, SK Hynix, and Micron, which had previously initiated expansions, will also be released. At that time, the supply variables in the global memory market will significantly increase. Morgan Stanley estimates that Changxin's DRAM monthly production capacity will rise from 180,000 wafers in 2025 to 300,000 in 2026, accounting for approximately 13% of global DRAM wafer capacity and about 11% of bit shipments; by 2028, it is expected to further increase to 500,000 wafers, and by 2031, it could reach 800,000 wafers. If the expansion proceeds smoothly, Changxin's global DRAM bit shipment market share could approach 15% by 2030, and it may even have the opportunity to surpass Micron in production capacity around 2028, becoming the third-largest DRAM supplier in the world.

  • US Spot Ethereum ETF Sees Net Inflow of $102.17 Million Yesterday

    On August 29, according to monitoring by Trader T, the US spot Ethereum ETF recorded a net inflow of $102.17 million yesterday.

  • US Spot Ethereum ETF Sees Net Inflow of $102.17 Million

    On August 29, according to monitoring by Trader T, the US spot Ethereum ETF experienced a net inflow of $102.17 million yesterday.

  • US Spot Bitcoin ETF Sees Net Outflow of $201.81 Million

    On August 29, according to monitoring by Trader T, the US spot Bitcoin ETF experienced a net outflow of $201.81 million yesterday.

  • US Spot Bitcoin ETF Sees Net Outflow of $201.81 Million Yesterday

    On August 29, according to monitoring by Trader T, the US spot Bitcoin ETF experienced a net outflow of $201.81 million yesterday.

  • BTC Surpasses $78,000

    Market data shows that BTC has surpassed $78,000, currently priced at $78,009.49. The 24-hour decline has narrowed to 3.23%. Due to significant market fluctuations, please ensure proper risk management.

  • BTC Surpasses $78,000

    Market data shows that BTC has surpassed $78,000, currently priced at $78,009.49, with a 24-hour decline narrowing to 3.23%. The market is experiencing significant volatility, so please ensure proper risk management.

  • BTC Briefly Drops Below $77,000

    Market data shows that BTC briefly fell below $77,000, currently reported at $77,694, with a 24-hour decline of 3.3%. The market is experiencing significant volatility, so please ensure proper risk management.