October, 2021

What’s the Most Popular Bitcoin Stock? ($RIOT, $MARA, $MSTR)

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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.  
 With just 1,175 BTC, RIOT has a smaller number of Bitcoin on its balance sheet than MARA (4,813 BTC) and Microstrategy (114,042 BTC, #1 overall) — However, RIOT’s stock chatter has been outperforming in recent months, largely due to the company’s imperative on BTC mining operations.

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.

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