Publicly traded companies associated with Bitcoin surpassed BTC in 2023 in terms of performance.
A recent report from Matrixport reveals that publicly-listed cryptocurrency companies have achieved better returns than Bitcoin so far this year. Specifically, companies focused on Bitcoin, such as crypto miners and exchanges like Coinbase, have shown impressive performance that has surpassed Bitcoin’s own returns. According to the report, a group of listed Bitcoin mining companies, along with Coinbase, have achieved a remarkable return of +266%, which is +150% higher than Bitcoin’s performance. This data highlights a shift in investor preferences and strategies, despite the significant fluctuations these companies have faced in recent times.
Coinbase Global Inc., for example, has experienced a significant increase in its stock performance, with a surge of 280% year-to-date. The stock reached unprecedented heights of nearly $148, according to data from Yahoo Finance. Meanwhile, Bitcoin is currently trading at $41,029, according to CoinGecko data.
Interestingly, in 2023, Bitcoin outperformed the Nasdaq stock exchange by a significant margin of +100%, as reported by Matrixport. The largest cryptocurrency market capitalization also saw a substantial surge of +150%, surpassing the Nasdaq’s more modest increase of +53%. This exceptional performance has led investors to consider allocating more capital to Bitcoin in 2024.
Matrixport also suggests that Bitcoin has outperformed many layer-1 tokens and its closest competitor, Ethereum (ETH), on a risk-adjusted basis. While Ethereum has seen an increase of +83% year-to-date, Bitcoin has achieved even better results.
In conclusion, the Matrixport report highlights the impressive performance of publicly-listed crypto companies, particularly those focused on Bitcoin. These companies have surpassed Bitcoin’s returns, indicating a shift in investor preferences and strategies. With Bitcoin outperforming the Nasdaq and other cryptocurrencies, investors are considering increasing their capital allocation to Bitcoin in the future.
