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Author: Admin | 2025-04-28
Its balance sheet, and even though its total hashrate is on par with Bitfarms (which holds 2,300 BTC at a ~$900 million marketcap), Hut 8’s ~$2.1 billion marketcap is closure to Riot (which holds 3,534 BTC at $2.8 billion marketcap but which has almost twice as much hashrate as Hut 8).Additionally, these stocks are unlikely to be impacted much by the new Bitcoin futures ETFs that were just launched. The restrictive nature of these products, overhead that comes with rolling over monthly contracts, and expense ratios make them an imperfect competitor to Bitcoin or its associated mining stocks. In fact, you can see in the chart below that they have largely outperformed the first two ETFs (ProShares Bitcoin Strategy ETF (BITO) and the Valkyrie Bitcoin Strategy ETF (BTF), which have trailed Bitcoin since inception.Top bitcoin mining stocks are outperforming the new ETFsTradingViewEven when spot market ETFs for Bitcoin get approved, investors will no doubt continue to look at these stocks as roundabout investment vehicles for Bitcoin itself, and much in the same way gold miners trend up and down with gold, they will track Bitcoin’s price. Additionally, as these miners continue to mature by expanding operations and increasing revenue streams, taking advantage of this brief opportunity to gobble up market share, they will benefit from the fact that their valuations in the future will be tied more to their actual performance than we’ve seen in the past. That said, those miners with more Bitcoin on their balance sheets will likely experience larger drawdowns in a bear market because they are more exposed to bitcoin and, as a result, trade like something of a stand-in for it. Bitcoin Mined by Major Public CompaniesLuxor
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