What's the Most Popular Bitcoin Stock? ($RIOT, $MARA, $MSTR)
Bitcoin ($BTC) is trading above $60,000 again after U.S. regulators approved Bitcoin Futures ETFs.
The first product of this kind will begin trading tomorrow on the NYSE.
Now, stock-focused investors will have a simple option for pure BTC price exposure…However, a number of “less-pure” options have already become incredibly popular for stock traders.
Over the past year, a plethora of companies have added Bitcoin to their balance sheets, including high-profile names like Tesla ($TSLA) and Square ($SQ)… However, we’re taking a look at 3 companies that have been heavily utilized as publicly-traded BTC analogs: Microstrategy ($MSTR), Marathon Patent Group ($MARA), and Riot Blockchain ($RIOT).
Over the past year, underlying investor chatter for all 3 names has fluctuated in tandem with the price of Bitcoin — All 3 companies saw their respective cashtag Mention volume peak alongside Bitcoin’s ATH price in April 2021.
As investor confidence in BTC grows, pure bitcoin holders like Microstrategy are at a disadvantage to the likes of Riot Blockchain, which has established a revenue stream based on the underlying cryptocurrency.
Although Bitcoin is nearing a new all-time high price, it’s worth noting that none of these “Bitcoin stocks” are enjoying the same level of popularity they experienced earlier this year… Likely a side effect of BTC price exposure becoming increasingly accessible for mainstream investors.