A Changing Landscape: Publicly-Listed Crypto Companies Outperform Bitcoin
A recent report from Matrixport reveals that publicly-listed crypto companies have exceeded Bitcoin’s year-to-date returns. Notably, Bitcoin-focused firms like crypto miners and exchanges, including Coinbase, have outperformed the digital currency itself.
Impressive Returns for Bitcoin Mining Companies and Coinbase
The Matrixport report highlights that a group of listed Bitcoin mining companies, along with Coinbase, has achieved a remarkable return of +266%. This represents an advantage of +150% compared to Bitcoin’s performance.
(Image: Average performance of Bitcoin mining companies (or crypto related firms) vs. Bitcoin | Source: Matrixport)
Shifting Investor Preferences and Strategies
This outperformance indicates a changing landscape in investor preferences and strategies. Despite facing significant fluctuations in performance recently, these entities have demonstrated exceptional results.
Coinbase’s Impressive Stock Performance
Coinbase Global Inc. (COIN) has experienced a substantial surge in its stock performance, reaching unprecedented yearly highs at nearly $148. This translates to a year-to-date increase of 280%, according to Yahoo Finance data.
Bitcoin Surpasses Nasdaq and Layer-1 Tokens
In 2023, Bitcoin surpassed the Nasdaq stock exchange by a significant margin of +100%, according to Matrixport. The cryptocurrency’s market capitalization surged by +150%, outshining Nasdaq’s comparatively modest +53% increase. This exceptional performance has prompted investors to consider allocating more capital to Bitcoin in 2024.
Additionally, Matrixport notes that Bitcoin has outperformed many layer-1 tokens and its closest competitor, Ethereum (ETH), on a risk-adjusted basis. Ethereum has seen a year-to-date increase of +83%.
Hot Take: Publicly-Listed Crypto Companies Shine Brighter Than Bitcoin
A recent report from Matrixport reveals that publicly-listed crypto companies, including Bitcoin mining firms and exchanges like Coinbase, have outperformed Bitcoin in terms of returns. This suggests a shift in investor preferences and strategies, as these entities navigate market fluctuations while delivering exceptional results. Coinbase’s stock performance has been particularly impressive, surging by 280% year-to-date. Furthermore, Bitcoin’s stellar performance in 2023 has surpassed the Nasdaq stock exchange by a significant margin and outshined other layer-1 tokens like Ethereum. This outstanding performance is enticing investors to consider increasing their allocation to Bitcoin in the coming year.
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