Bitcoin Miners Are Up 450% In 2023
Impressive outperformance compared to spot bitcoin, but will it last?
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The stocks of publicly-traded bitcoin mining companies are a tremendous method of gaining exposure to BTC, particularly for those that prefer traditional asset classes. Given that these companies often use a combination of equity and debt capital to finance the purchase of mining rigs and other operating expenses, their stocks act as leveraged exposure to bitcoin, ebbing and flowing with high sensitivity, or beta, to its price movements.
Riot Blockchain, Marathon Digital, Bitfarms, and Cleanspark are just a few names whose stocks have seen substantial price appreciation seven months into 2023: