Bitcoin holdings for public U.S.-listed companies have more than doubled since January 2024.
Publicly traded U.S. crypto mining companies doubled their bitcoin holdings last year, taking the total to 92,473 valued at $8.6 billion as of end-December while the price of the largest cryptocurrency rose 120%, according to data fromwith 44,893 BTC. MARA has the second-largest stash among publicly listed companies, surpassed only by MicroStrategy's 450,000 BTC.
Not all miners subscribe to the HODL playbook. IREN , TeraWulf , and Core Scientific all keep very little bitcoin or none at all. Due to the competitive nature of the business, these companies have pivoted into the artificial intelligence and Share prices haven't matched bitcoin's trajectory. In general, the miners underperformed bitcoin and other crypto-related equities, such as MicroStrategy. Standout performers Core Scientific and Terawulf, with their new AI focus, both saw over 300% returns.
This year, though, the miners that HODL bitcoin have strongly benefited, with RIOT, HUT and CLSK all outperforming bitcoin. Only Bitdeer has generated negative returns, after seeing a strong performance in 2024.As the senior analyst at CoinDesk, specializing in Bitcoin and the macro environment. Previously, working as a research analyst at Saidler & Co., a Swiss hedge fund, introduced to on-chain analytics.
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