Crypto stocks cool by market close but stay in the green

Most crypto stocks, with the exception of MicroStrategy, cooled down a bit as trading continued into the afternoon

October 24, 2023 04:12 pm

Pan Xunbin/Shutterstock modified by Blockworks

Following a red hot morning of trading on Tuesday, some US crypto stocks lost some of their earlier gains throughout the afternoon.

Coinbase for instance, which bounced as high as 14% Tuesday, settled at just over $82 a share. Even so, this still represents a more than 6% increase on the day.

The catalyst for all these stock jumps, bitcoin (BTC) itself, dipped from its $35,000 peak on early Tuesday morning to around $33,800 at the time of writing.

Mining companies, the firms with the most to lose and the most to gain on the back of the digital asset, retreated along with bitcoin but stayed in the green.

Newsletter

Subscribe to The Breakdown

One miner that climbed as much as 20% on Tuesday — Marathon Digital — closed over 11% up. CleanSpark performed similarly to Marathon, ending the day with a resounding 10.46% surge.

Argo Blockchain had the most consistent and strongest price growth of the day, rising over 26% by around 4 pm ET.

Single digit gainers included Bitdeer, Hut 8, Hive Digital Technologies, Bitfarms and TeraWulf.

Core Scientific was the outlier among mining companies, as their stock had a much smaller response to bitcoin surging past $34,000.

Of course, Core Scientific has still yet to emerge from bankruptcy, with a disclosure statement hearing scheduled for Nov. 14, 2023.

MicroStrategy, though, stayed strong. By the stock market close, the top US corporate holder of bitcoin was in the green by over 12%.

It still remains to be seen whether this bitcoin surge is the start of an era dominated by bullishness or simply a blip caused by frenzied speculation on social media about a spot bitcoin ETF.

Get the news in your inbox. Explore Blockworks newsletters:

The Breakdown: Decoding crypto and the markets. Daily.
0xResearch: Alpha in your inbox. Think like an analyst.

Tags

Newsletter

The Breakdown

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

Upcoming Events

Digital Asset Summit 2026

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

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.

buy tickets learn more

recent research

Research

Kinetiq Protocol: From LST Infrastructure to HIP-3 Deployer

Kinetiq has established itself as Hyperliquid's dominant liquid staking protocol, holding 82.5% of LST market share with $610M in TVL. The protocol is now expanding beyond its kHYPE staking core into higher take-rate verticals: iHYPE for institutional custody rails, Launch for HIP-3 capital formation, and Markets for builder-deployed perpetuals. We view Markets, launching Jan. 12, as the highest-potential product line given its mechanically scalable, activity-linked unit economics. Near-term revenue remains anchored by kHYPE's KIP-2 fee schedule (~$1.6M annualized), while Markets provides embedded optionality if HIP-3 economics normalize post-Growth Mode. KNTQ's setup is relatively clean: zero insider unlocks until November 2026, 6.2% buyback yield from staking revenue, and cleared airdrop overhang. Risks center on unproven Markets execution, declining kHYPE TVL despite ongoing incentives, and competition from Hyperliquid's native initiatives.

by Shaunda Devens