2024’s crypto stock winners

Two bitcoin miners make the list thanks to record-high BTC prices and new mining technology

article-image

Mark Agnor/Shutterstock modified by Blockworks

share


This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


As we close out a historic year for bitcoin and other cryptocurrencies, some crypto-related equities are poised to end 2024 well into the green. Here’s a round-up of some of the best performers:

Coinbase 

COIN shares started the year around $156. The stock rallied into the high-$200s in March, coinciding with bitcoin’s run-up to what was then a new all-time high of around $73,000. COIN’s big breakout came in the latter half of the year, though. Shares gained 67% between election night and Nov. 11, a sign investors saw Trump’s win as a major turning point for the industry. 

Boutique equity research firm Monness, Crespi, Hardt & Co. raised its price target for the exchange from $245 to $390 earlier this month. Analysts cited the Trump Administration’s potential plan to create a strategic bitcoin reserve as a positive catalyst for Coinbase’s custody services. 

COIN shares were up 58% year to date (to ~$247) at 2 pm ET Tuesday. 

MicroStrategy 

MicroStrategy, an unprofitable business intelligence company, started buying bitcoin back in 2020. Today, the firm has 446,400 BTC (acquired for an average price of $62,428 per coin), and execs say they have no intention of slowing down anytime soon

These days, MSTR is essentially a leveraged trade on BTC, and for those who bought shares at the beginning of the year, it’s paid off. The stock has gained more than 60% since Election Day alone. 

MSTR shares stood at $290 at 2 pm ET — up 323% in 2024.

Miners Hut 8, Core Scientific 

Bitcoin miner Hut 8 made its public market debut in 2018 at around $17 a share. The stock hit a record high of almost $80 in 2021, a rally analysts attribute to bitcoin’s run and Hut 8’s mining operation expansion

After shares stalled in 2022 and 2023, Hut 8 saw another surge this year, once again thanks to record-high bitcoin prices and new mining technology. Recent price targets from Cantor Fitzgerald and Craig Hallum are in the mid-$30 range. 

HUT shares were up 63% year to date at 2 pm ET Tuesday, just north of $20. 

Up even more is the share price for rival miner Core Scientific, which has increased roughly 300% in 2024.

The company emerged from bankruptcy in January, relisting on the Nasdaq. Core Scientific’s stock surged to above $7 in June right after inking its first hosting deal with cloud provider CoreWeave. CORZ’s share price hovered around $14 on Tuesday afternoon.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research

article-image

The S&P 500 was mostly flat after a month of losses, and the Nasdaq has been slowly gaining

article-image

Movement Labs is once again at the core of some criticism after it declined to name a market maker offboarded by Binance

article-image

Experts discuss the future of crypto ETFs as Trump puts “money where his mouth is”

article-image

Luke Barwikowski took to Twitter to raise awareness about the threats against him and his family

article-image

David Chaum’s ecash in the 90s offers insights into balancing priorities in DeFi today

article-image

The forthcoming stablecoin was praised by BitGo’s Mike Bleshe as an advancement in “institutional-ready digital assets”