3 Bitcoin Plays That Outperformed AI-Fueled Nvidia In 2023
Portfolio Pulse from Surbhi Jain
In 2023, Nvidia (NASDAQ:NVDA) experienced significant growth, with a 230% return YTD as of December 20. Despite this impressive performance, three Bitcoin-related stocks outperformed Nvidia: Marathon Digital Holdings (NASDAQ:MARA) with a 550% increase, Riot Platforms (NASDAQ:RIOT) with a 388% increase, and MicroStrategy (NASDAQ:MSTR) with a 295% increase. These companies benefited from the surge in Bitcoin, which saw a 165% increase YTD. Nvidia's performance also surpassed that of other major tech companies, including Meta Platforms, Tesla, Amazon, Netflix, Alphabet/Google, Microsoft, and Apple.
December 21, 2023 | 3:00 pm
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POSITIVE IMPACT
Marathon Digital Holdings' stock surged by 550% YTD, benefiting from its strong position in Bitcoin mining and holding 14,025 unrestricted bitcoin.
Marathon Digital Holdings' substantial gain is directly tied to the Bitcoin rally, and with the company's strong position in the mining sector, investor sentiment is likely to remain positive in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
MicroStrategy's stock rose over 295% YTD, leveraging low-cost debt and equity financing to accumulate Bitcoin, owning 174,530 bitcoin.
MicroStrategy's significant stock performance is linked to its aggressive Bitcoin accumulation strategy and its ability to raise low-cost financing, which is likely to keep attracting investors.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
POSITIVE IMPACT
Riot Platforms' stock increased by 388% YTD, driven by strong fundamentals, capacity growth, and holding 7,358 bitcoin.
Riot Platforms' impressive YTD gain is supported by its strong fundamentals and growth in capacity, alongside its Bitcoin holdings, suggesting continued investor interest.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
NEUTRAL IMPACT
Nvidia's stock soared in 2023 with a 230% return YTD, outperforming major tech peers but was outpaced by Bitcoin-related stocks.
Nvidia's stock has already seen significant growth, and while the article highlights its success, it also points out that it was outperformed by Bitcoin-related stocks, which could temper investor enthusiasm slightly.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100