Bitcoin has hit all-time highs, with Coinbase Global, MicroStrategy, and CleanSpark outperforming

From Nasdaq: 2024-04-27 07:30:00

Bitcoin (CRYPTO: BTC) has reached new all-time highs this year, up about 300% since 2023. Meanwhile, Coinbase Global (NASDAQ: COIN), MicroStrategy (NASDAQ: MSTR), and CleanSpark (NASDAQ: CLSK) have outperformed the popular cryptocurrency during this period. Coinbase Global reported a profit of $94.9 million in 2023 and generates revenue from subscriptions and services.

CleanSpark, a Bitcoin miner, saw a 765% increase in stock value last year and relies heavily on the price of Bitcoin for revenue. Despite a recent halving event affecting production, CEO Zach Bradford remains confident in the company’s strong margins. MicroStrategy stands out with a 790% increase in stock value due to its CEO’s bullish view on Bitcoin, holding a significant amount of the cryptocurrency.

MicroStrategy’s reliance on Bitcoin led to a digital asset impairment loss of $115.9 million last year. While the company turned a profit in 2023, it was mainly due to an income tax benefit. Investors are drawn to the stock for its crypto holdings and CEO’s outlook on Bitcoin, despite potential risks. Coinbase Global is not among the top 10 stocks identified for investors, with a focus on other high-potential options.

In summary, while Bitcoin continues to soar, investments in companies such as Coinbase Global, MicroStrategy, and CleanSpark have seen significant gains. Each company presents different risks and opportunities based on their business models and exposure to the digital currency market. Investors should carefully consider their strategies and goals when looking into these stocks.

Read more at Nasdaq: 3 Crypto Stocks Up More Than 500% Since 2023