Crypto Stock Roundup: MSTR, COIN Thrive While Bitcoin Miners Struggle

• MicroStrategy’s Bitcoin investment delivered significant returns in 2024 despite the December dip in its stock price.
• Coinbase remains the leading crypto exchange in the U.S., with a strong market capitalization and growing user base.
• The largest Bitcoin miners faced challenges in 2024, including rising costs, BTC halving, and declining stock prices.

The crypto stock market witnessed a mixed bag of fortunes in 2024.

While Coinbase (COIN) thrived and MicroStrategy (MSTR) delivered strong returns, mining companies like Riot Platforms and MARA faced significant challenges.

MicroStrategy Outperforms

MicroStrategy remains the largest holder among listed companies, now holding 446,400 BTC.

Michael Saylor’s company acquired Bitcoin at a total cost of $27.9 billion, with an average purchase price of $62,428 per BTC.

MicroStrategy’s Bitcoin strategy delivered impressive returns in 2024, with a 47.8% quarter-to-date gain and 74.1% year-to-date return on its Bitcoin holdings.

However, MSTR , after significant growth, saw a December dip, falling over 6% to $302.96 from its December high of $387.47, following its inclusion in the Nasdaq-100 index.

Despite this pullback, MSTR ended the year with an extraordinary 380% gain, rising from just $69.25 at the start of 2024.

This Bitcoin-focused approach has driven MicroStrategy to outperform all S&P 500 companies since it embraced Bitcoin.

Coinbase on the Rise

Coinbase shares have surged by 47% this year , reaching $255.56 per share.

As the largest registered crypto exchange in the U.S., Coinbase boasts a market capitalization of $64 billion, with an average trading volume of 13.4 million shares over the past three months.

The company’s growth has been fueled by strengthening banking partnerships, new licenses, and a diverse product portfolio tailored to customer needs.

Coinbase continued to expand its U.S. market share in spot and derivatives trading while pursuing international opportunities and benefiting from stablecoin adoption, which is expected to boost its revenue further.

Coinbase is heavily focused on enhancing crypto utility, aiming to onboard over a billion people to the crypto ecosystem.

Investments in infrastructure, Layer 2 platforms like Base, and partnerships such as the one with Stripe for global crypto adoption underline its commitment to growth.

Its shift to a subscription-based model has allowed it to maintain positive EBITDA for six consecutive quarters.

This was supported by strong liquidity to fund strategic initiatives and broaden its service offerings.

MARA and Riot Struggle

While Bitcoin holders enjoyed a strong year, mining companies like Riot Platforms and MARA faced significant challenges in 2024.

Riot Platforms saw its stock price drop by 32% , closing the year at $10.50.

Despite a steady mining output of 1,104 Bitcoins in the third quarter, the company grappled with rising operational costs and the impact of the Bitcoin halving, which reduced block rewards.

Riot’s hash rate capacity expanded by 159% to reach 28 EH/s, but financial woes overshadowed these operational milestones.

The company posted a net loss of $154 million, or $0.54 per share, marking a 92% year-over-year loss increase.

MARA experienced a 26% decline  in its stock price over the year.

The company raised debt to acquire Bitcoin, yet its third-quarter revenue of $131.6 million fell short of analysts’ forecasts of $151.67 million.

MARA also reported an adjusted loss of $0.34 per share, exceeding expectations of a $0.26 loss.

What To Expect in 2025

The crypto market is set to transition from speculation to utility as regulatory clarity, institutional adoption, and technological innovation take center stage.

The U.S. is expected to lead this transformation, with regulatory agencies like the SEC paving the way for crypto ETFs, tokenized securities, and a stablecoin framework.

These developments could reestablish the U.S. as a hub for blockchain innovation, unlocking new opportunities for traditional finance to integrate with decentralized finance.

Bitcoin’s position as a global financial asset is likely to strengthen, with sovereign nations and institutions adding it to their reserves.

Meanwhile, the convergence of blockchain and artificial intelligence will open new frontiers in automation, transparency, and portfolio management.

Despite challenges like rising operational costs and the halving impact, the focus on infrastructure and stablecoin adoption is expected to drive meaningful growth across the crypto ecosystem.

As a result of this shift, several crypto stocks, particularly those that focus on infrastructure or take the traditional reserve route, are set for massive growth in 2025.