In this piece, we will take a look at the 15 biggest publicly traded bitcoin companies. If you want to skip our coverage of recent developments in the cryptocurrency industry, then you can read 5 Biggest Publicly Traded Bitcoin Companies.
For the bitcoin industry, 2024 has been quite a pivotal year. The sector has languished since 2022 when high interest rates spurred by inflation and monetary policy decisions sapped investor optimism for risky assets such as cryptocurrency. With the macroeconomic climate now significantly calmer, and regulatory approval having made crucial inroads, 2024 is demonstrating a far more stable climate for Bitcoin and the cryptocurrency industry.
As an illustration, consider the performance of the Global X Blockchain & Bitcoin Strategy ETF. This ETF invests in the bitcoin futures market to provide investors with a taste of future sentiment surrounding the world’s leading cryptocurrency. The ETF’s average annualized gains, which cover its price performance, payouts, and capital gains, since its inception, are in the red as the bitcoin sector makes a slow recovery from its near decimation in 2022. However, the one year fund NAV average returns are a strong 152% as of March 2024 end and 95% as of April end. On a pure price appreciation front, the Global X Blockchain & Bitcoin Strategy ETF is up by 97%, and year to date its shares have gained 14%.
One of the biggest catalysts for bitcoin in 2024 has been the approval of bitcoin exchange traded funds. The first ten SEC approved Bitcoin ETFs started to trade in mid January and these saw a significant influx of funds. Data shows that trading in these funds crossed a whopping $4 billion across the multiple exchanges where they trade. This came right at a time when Bitcoin’s price had jumped by 50% over the past six months, following months of news coverage that had hinted that regulatory approval of an ETF was possible. For more Bitcoin ETFs, you should read 15 Best Blockchain and Bitcoin ETFs.
Speaking about bitcoin’s price, another major event that many had believed would strike gold for the price was bitcoin’s expected halving last month. For those out of the loop, bitcoin halving takes place every four years. In simple terms, it refers to the reward in bitcoins that miners receive for providing their computing resources to the Bitcoin network. During halving, this reward is slashed into half, and before the 2024 bitcoin halving, several quarters had expected the price to rise.
However, year to date, bitcoin is up 42.5% year to date, and the latest bullish run kicked off in late February as opposed to late April. This gives evidence of the fact that like stocks, bitcoin’s price is also an approximation of future investor sentiment as a lack of share price gains since the halving implies that any benefits that investors might have perceived from the event were already baked into the price by the 20th. But what happened in February 2024 to kick start a price run that has seen Bitcoin surge from $52,000 to $62,949?
Well, comments from JPMorgan and Bitwise Asset Management offer some insight. According to the latter, the surge was most likely due to traders positioning themselves for a bullish run ahead of the upcoming halving. The JPMorgan analyst took a broader look and pointed to growing retail interest following the ETF approval, the halving, and an upgrade to Ethereum as some of the reasons that activity surrounding cryptocurrencies had surged in February.
Shifting gears, apart from bitcoin, bitcoin companies are also publicly traded and fluctuate in response to macroeconomic developments and events related to the cryptocurrency sector. We took a look at some such stocks as part of our coverage of the 11 Most Profitable Cryptocurrency Stocks. Within this list, the top three stocks according to their trailing twelve month profits as of December 2023 were Bitfarms Ltd. (NASDAQ:BITF), Bitdeer Technologies Group (NASDAQ:BTDR), and Canaan Inc. (NASDAQ:CAN).
However, the only two stocks in this list that are up year to date are TeraWulf Inc. (NASDAQ:WULF) and CleanSpark, Inc. (NASDAQ:CLSK). While TeraWulf is up by a meager 2.61% year to date, CleanSpark’s shares have performed well as they are up by nearly 54% during the same time period. This makes CleanSpark one of the top performing Bitcoin stocks in 2024 that is also profitable, and when we talk specifically about the Bitcoin industry, the combination is quite lucrative.
In CleanSpark, Inc. (NASDAQ:CLSK)’s case, the current upward share price movement trend started on the date it announced a $23.2 million deal to buy and gain access to four bitcoin mining facilities in Georgia and Mississippi. Through these, and after spending another $3.5 million, and expanding another facility CleanSpark aims to grow its hash rate to 20 EH/s by H1 2024 end. Increasing the hash rate is important after Bitcoin halving as it enables miners to maintain their output.
This announcement was followed by CleanSpark, Inc. (NASDAQ:CLSK)’s earnings report for the quarter ending in December 2023. The results saw the firm report a record 135% annual revenue growth as well as reiterate its goal to reach a 20 EH/s hash rate. Its $74 million in revenue was also a new record, and CleanSpark, Inc. (NASDAQ:CLSK) built on these results through its first quarter earnings report in May 2024. These saw it smash analyst EPS estimates of $0.07 by posting $0.58 in EPS and maintaining triple digit percentage revenue growth through its $11.8 million in revenue to mark 163% annual growth.
With these details in mind, let’s take a look at some of the biggest publicly traded bitcoin companies in the world. A couple of top names are Marathon Digital Holdings, Inc. (NASDAQ:MARA), Coinbase Global, Inc. (NASDAQ:COIN), and CleanSpark, Inc. (NASDAQ:CLSK).
Photo by bitcoin executium on Unsplash
Our Methodology
To make our list of the world’s biggest publicly traded Bitcoin companies, we ranked all publicly traded Bitcoin and cryptocurrency firms by their market capitalization and picked the most valuable companies.
15 Biggest Publicly Traded Bitcoin Companies
15. Argo Blockchain plc (NASDAQ:ARBK)
Latest Market Capitalization: $80 million
Argo Blockchain plc (NASDAQ:ARBK) is a Britain based Bitcoin miner headquartered in London. After opening the year on a stock note, its shares tanked in February after Argo Blockchain plc (NASDAQ:ARBK) revealed that its January Bitcoin production had dropped by a fifth. It joins Marathon Digital Holdings, Inc. (NASDAQ:MARA), Coinbase Global, Inc. (NASDAQ:COIN), and CleanSpark, Inc. (NASDAQ:CLSK) in our list of the world’s largest publicly traded Bitcoin companies.
14. HIVE Digital Technologies Ltd. (NASDAQ:HIVE)
Latest Market Capitalization: $218 million
HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is a cryptocurrency mining company that also focuses on mining Bitcoin. It is based in Canada and has operations in Sweden and Iceland. Despite the Bitcoin halving, the firm managed its Bitcoin mining capacity and efficiency well in April 2024 as it grew capacity by 6% and efficiency by 8%.
13. Bit Digital, Inc. (NASDAQ:BTBT)
Latest Market Capitalization: $252 million
Bit Digital, Inc. (NASDAQ:BTBT) is an American Bitcoin mining company. Like other Bitcoin miners, it felt the impact of the halving on its operations in April as its production fell by 12.5%.
12. Canaan Inc. (NASDAQ:CAN)
Latest Market Capitalization: $287 million
Canaan Inc. (NASDAQ:CAN) is a Singapore based computer hardware company that sells Bitcoin mining hardware. The firm started 2024 out on a strong note after it launched a new Bitcoin miner capable of a hash rate of 185 TH/s.
11. Bitfarms Ltd. (NASDAQ:BITF)
Latest Market Capitalization: $578 million
Bitfarms Ltd. (NASDAQ:BITF) is another Canadian Bitcoin miner. The impact of Bitcoin’s halving on its monthly earnings was clear in April 2024 when the firm was able to earn 269 Bitcoins. These marked a considerable reduction over the 379 and 405 Bitcoins that Bitfarms Ltd. (NASDAQ:BITF) had earned during April 2023 and April 2022, respectively. Percentage wise, the figures marked a 6% sequential and a 29% annual drop.
10. Core Scientific, Inc. (NASDAQ:CORZ)
Latest Market Capitalization: $647 million
Core Scientific, Inc. (NASDAQ:CORZ) is a Delaware based diversified Bitcoin mining company that mines cryptocurrency for itself and provides others with the resources needed to do so. The firm reported its first quarter earnings in May 2024, with the results showing that Core Scientific, Inc. (NASDAQ:CORZ) grew revenue by 49% to sit at $179 million and a $210 million profit that reversed the year ago quarter’s loss.
9. Bitdeer Technologies Group (NASDAQ:BTDR)
Latest Market Capitalization: $649 million
Bitdeer Technologies Group (NASDAQ:BTDR) is a Singaporean Bitcoin technology and hardware company. Its services include enabling miners to share their resources to increase their mining rate. The average rating of eight analysts for its shares is Strong Buy, and the average share price target is $13.31.
8. TeraWulf Inc. (NASDAQ:WULF)
Latest Market Capitalization: $673 million
TeraWulf Inc. (NASDAQ:WULF) is an American Bitcoin mining facility operator. The firm has been struggling on the financial front as of late since it has missed analyst EPS estimates in all four of its latest quarters.
7. Iris Energy Limited (NASDAQ:IREN)
Latest Market Capitalization: $675 million
Iris Energy Limited (NASDAQ:IREN) is an Australian Bitcoin data center operator. April 2024 was a good month for its Bitcoin mining operations, as it grew its hash rate to 9 EH/s and promised investors that 10 EH/s was on the horizon.
6. Hut 8 Corp. (NASDAQ:HUT)
Latest Market Capitalization: $714 million
Hut 8 Corp. (NASDAQ:HUT) is a Florida based data center company whose facilities also cover cryptocurrency and Bitcoin mining. The average rating of six analysts covering the shares is Buy, and the average share price target is $13.95. Along with Marathon Digital Holdings, Inc. (NASDAQ:MARA), Coinbase Global, Inc. (NASDAQ:COIN), and CleanSpark, Inc. (NASDAQ:CLSK), it is one of the biggest publicly traded companies in the world.
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Disclosure: None. 15 Biggest Publicly Traded Bitcoin Companies is originally published on Insider Monkey.