Crypto-Related Stocks Show Strong Gains as 2024 Ends
As 2024 concludes, several crypto-related equities are showing significant gains. Below is a summary of notable performers:
Coinbase
COIN shares began the year at approximately $156, rising to the high-$200s in March as bitcoin reached an all-time high of around $73,000. The stock experienced a substantial increase of 67% between election night and November 11, signaling investor optimism following Trump's win.
Monness, Crespi, Hardt & Co. raised its price target for Coinbase from $245 to $390, citing the Trump Administration's potential plan for a strategic bitcoin reserve as beneficial for Coinbase’s custody services.
At 2 pm ET Tuesday, COIN shares were up 58% year-to-date, trading around $247.
MicroStrategy
MicroStrategy has been acquiring bitcoin since 2020, currently holding 446,400 BTC at an average purchase price of $62,428 per coin. The company plans to continue its acquisition strategy.
MSTR functions as a leveraged investment in bitcoin, gaining over 60% since Election Day. As of 2 pm ET, MSTR shares were priced at $290, reflecting a 323% increase in 2024.
Miners Hut 8 and Core Scientific
Hut 8 debuted at around $17 per share in 2018, reaching nearly $80 in 2021 due to bitcoin price surges. After a period of stagnation, Hut 8 saw renewed growth this year, largely driven by new mining technology and high bitcoin prices. HUT shares were up 63% year-to-date, trading just above $20.
Core Scientific, which emerged from bankruptcy in January, relisted on Nasdaq with a share price that increased approximately 300% in 2024. Following its first hosting deal with CoreWeave, CORZ shares surged to over $7 in June and hovered around $14 on Tuesday afternoon.