Top Crypto Investments Outperforming Bitcoin: Coinbase Global, CleanSpark, and MicroStrategy
Bitcoin (BTC) has been making headlines with its new all-time highs this year, up around 300% since 2023. However, there are other crypto investments that have outperformed the popular digital currency during that time frame.
Coinbase Global (COIN), MicroStrategy (MSTR), and CleanSpark (CLSK) have all seen impressive gains, surpassing Bitcoin’s performance. Let’s take a closer look at how these stocks have fared since last year, from smallest to largest gains.
Coinbase Global has seen a remarkable 518% increase in its stock value. The popular cryptocurrency exchange benefits from the growing popularity of crypto and offers a more diverse investment option for investors. With Bitcoin accounting for just 34% of the exchange’s trading volume last year, Coinbase Global has shown resilience and profitability. The company reported a profit of $94.9 million in 2023, a significant improvement from previous years. While the stock trades at a high multiple of its revenue, it remains a potential long-term investment for those bullish on crypto.
CleanSpark, a Bitcoin miner, has seen an impressive 765% increase in its stock value. The company’s performance is directly tied to the price of Bitcoin, with higher prices resulting in greater revenue. Despite the recent halving event impacting production, CleanSpark remains optimistic about its future prospects. The company turned a profit of $25.9 million in the last quarter of 2023, showcasing its potential for growth. However, CleanSpark is a riskier option compared to Coinbase and may only be suitable for the most bullish Bitcoin investors.
MicroStrategy has seen the most significant gain, with a staggering 790% increase in its stock value. The company, known for providing analysis and business intelligence solutions, has made headlines for its massive holdings of Bitcoin. With over 214,000 bitcoins in its portfolio, MicroStrategy’s exposure to the cryptocurrency is substantial. Despite incurring losses in previous years, the company turned a profit in 2023, largely due to an income tax benefit. However, investors should be cautious as MicroStrategy’s fundamentals do not support its inflated valuation, which is now over 800 times its expected future earnings.
While these stocks have outperformed Bitcoin in recent times, each comes with its own set of risks and potential rewards. Investors looking to capitalize on the crypto boom should carefully consider their options and assess the long-term viability of these investments.
