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:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

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 Report Templates (2).png

Research

We’re bullish on the PUMP token. We believe Pump.fun's brand strength, existing integrations, product roadmap, and strategic levers justify PUMP's TGE valuation, and expect the token to re-rate meaningfully higher in the months ahead.

article-image

The acquisition is Pump.fun’s first, and comes just days before its planned ICO

article-image

As Trump’s tariff war reignites, everyone is assuming the dollar will continue its path lower. But the journey might be bumpy

article-image

A valuation model for “blockchain GDP”

article-image

The mini app combines vibe-coding with a hypercasual game feed and is coming to the new Coinbase Wallet

article-image

An improbable tale of the world’s 40th graphics-chip startup

article-image

The newly announced token will debut in an ICO on Saturday