February 2024: A Stellar Month for Crypto-Focused Companies
The February bull run wasn’t just a win for Bitcoin holders; it amplified success across the entire cryptocurrency sector. Let’s discover who’s now uncorking “Dom Perignon” in celebration.
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In February, Bitcoin surged by 46%, with the largest monthly green candle in its history. On March 5, it surpassed its previous all-time high of $69,044 (achieved in November 2021), reaching $69,112. Although Ethereum slightly outperformed Bitcoin in February with a 47% increase, it has not yet set a new ATH. Investors are keenly awaiting further growth expected after March 13, with Dencun's launch set to significantly enhance Ethereum's scalability.
This cryptocurrency fervor also significantly boosted the revenues of various publicly traded companies within the crypto sector.
Coinbase. The leading global cryptocurrency exchange reported a net profit of $273 million in March, catalyzing an 11% uptick in its stock price.
MicroStrategy. Close to entering the S&P 500 and beginning NASDAQ trading, Michael Saylor's company has benefited from an extraordinary gain on its BTC holdings (+$6.8 billion). According to the SEC, the firm's Bitcoin assets are now nearly worth $13 billion, pushing its stock over 50% higher within a month. The return on investment in MSTR might even make Apple investors envious.
Marathon Digital. Reporting a 229% revenue increase and a net profit of $387.5 million, this mining giant defied analysts' December predictions of a 5% stock decline by marking a 4.25% growth. With the halving on the horizon, the world leader in Bitcoin mining is looking to expand its operational capacity.
Clean Spark. This major American mining company delighted its investors with a 6.8% gain per CLSK share, announcing an expansion of its hash rate to 15 EH/s and acquiring data centers for Bitcoin mining in Mississippi.
BlackRock. Despite their spot Bitcoin ETF attracting a billion dollars in January, the expected stock rally was modest at just +3.4%. A possible contributing factor could be the SEC lawsuit and a subsequent $2.5 million fine, which previously impacted its stock prices in late 2023. Now, the investment powerhouse is striving to recover lost ground.
The Bitcoin ETF boom period has shown that traditional gold ETFs are not just lagging but seem to be yielding funds to BTC, suggesting a net capital outflow. Does this signal Bitcoin's validation as “digital gold”? This concept might need a bit more time to ferment, at least until the next quarter.
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