The price of BTC climbed by about 290% year-over-year, wherein it surged from $10,695 to a little over $42,000. In comparison, shares of Marathon Digital Holdings (MARA), one of the largest North American crypto mining companies, rose by 1,641% in the same period.
MARA stock weekly price chart. Source: TradingView.comInstitutions-led pump
More crypto mining firms outran spot BTC prices in terms of YoY returns. For instance, Canada-based Bitfarms (BITF) surged 1,736%, while Hut 8 Mining (HUT) and Riot Blockchain (RIOT) rallied by 1,010% and 913% in a year.
The performance of spot Bitcoin versus crypto-focused stocks in a year. Source: Ecoinometrics
Nick, the founder of Ecoinometrics, a crypto-focused newsletter service, called mining stocks an “obvious pick,” noting that they gave institutional investors indirect exposure to Bitcoin markets.
“I bet a lot of institutional investors haven’t yet dipped their toes in trading spot BTC, mostly for compliance reasons,”