In this article, we will take a look at the 5 top performing bitcoin stocks in January. To see more such companies, go directly to 13 Top Performing Bitcoin Stocks in January.
5. Riot Platforms, Inc. (NASDAQ:RIOT)
Stock Performance in January: +86%
Bitcoin mining and blockchain firm Riot Platforms, Inc. (NASDAQ:RIOT) gained about 86% in January, registering its name among the top performing Bitcoin stocks in the month. In December, investment firm Cantor Fitzgerald called Riot its top pick in the crypto space for 2023. The firm said in a note that Riot Platforms, Inc. (NASDAQ:RIOT) has a “best-in-class balance sheet” and has “enough flexibility” to navigate a “crypto winter.”
A total of 11 hedge funds tracked by Insider Monkey reported having stakes in Riot Platforms, Inc. (NASDAQ:RIOT) as of the end of the third quarter. The total value of these stakes was over $29 million. One of the notable stakeholders of Riot Platforms, Inc. (NASDAQ:RIOT) as of the end of the September quarter was Dmitry Balyasny’s Balyasny Asset Management, with an $8.8 million stake.
4. Marathon Digital Holdings, Inc. (NASDAQ:MARA)
Stock Performance in January: +112%
Marathon Digital Holdings, Inc. (NASDAQ:MARA) is operating in blockchain and crypto mining space. In January, Marathon Digital Holdings, Inc. (NASDAQ:MARA) gained a whopping 112%. In November 2022, Marathon Digital Holdings, Inc. (NASDAQ:MARA) produced 472 BTC and increased its total Bitcoin holdings to 11,757. As of the end of November, Marathon Digital Holdings, Inc. (NASDAQ:MARA) had deployed about 69,000 active miners producing 7.0 EH/s. Marathon Digital Holdings, Inc. (NASDAQ:MARA) has also deployed new 14,000 miners in Texas. This shows Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s resilience as most of its peers remained under pressure during the same period amid tough regulatory environment.
In December, Marathon Digital Holdings, Inc. (NASDAQ:MARA) mined 475 BTC in December. As of the end of the third quarter, 8 hedge funds had stakes in Marathon Digital Holdings, Inc. (NASDAQ:MARA), as compared to 12 funds in the previous quarter.
Here is what Horizon Kinetics 1st/2nd Quarter Interim Commentary has to say about Marathon Digital Holdings, Inc. (NASDAQ:MARA) in its Q1 2022 investor letter:
“Investors also tend to not give sufficient credit to the power of management to enhance or create additional value with such an asset. The commercialization of land requires considerable management expertise. This particular transaction involves two other parties that will build and operate up to 60 megawatts of bitcoin mining, which was stated could accommodate up to 2.0 Exahash of operational capacity. That is quite sizable. As a reference point, Marathon Digital Holdings (NASDAQ:MARA), which has a $1.0 billion stock market value, even after a year-to-date decline of 70%, had about 3.6 EH/s of capacity at year-end 2021, though it expects to reach 13.3 EH/s during this calendar year. The TPL venture is expected to begin operations in the fourth quarter of this year.”
3. Bitfarms Ltd. (NASDAQ:BITF)
Stock Performance in January: +129%
Canadian Bitcoin self-mining firm Bitfarms Ltd. (NASDAQ:BITF) ranks 3rd in our list of top performing Bitcoin stocks in January 2023. Bitfarms Ltd. (NASDAQ:BITF) shares gained on February 1 after it said it produced 486 BTC in January, which shows a 61% YoY growth. A total of 3 funds had stakes in Bitfarms Ltd. (NASDAQ:BITF) at the end of the September quarter. Ken Griffin’s Citadel Investment Group owns a $529,000 stake in Bitfarms Ltd. (NASDAQ:BITF).
2. Hut 8 Mining Corp. (NASDAQ:HUT)
Stock Performance in January: +135%
Canada-based Hut 8 Mining Corp. (NASDAQ:HUT) is a notable player in the digital asset mining and blockchain industry. Hut 8 Mining Corp. (NASDAQ:HUT) ranks 2nd in our list of top performing Bitcoin stocks in January 2023. Hut 8 Mining Corp. (NASDAQ:HUT) recently announced that it increased its BTC holdings by 161 in December 2022. This brings Hut 8 Mining Corp. (NASDAQ:HUT)’s total self-mined holdings in 2022 to 9,086 Bitcoins.
As of the end of the third quarter of 2022, Ken Griffin’s Citadel Investment Group had a $2.3 million worth of stake (CALL options) in Hut 8 Mining Corp. (NASDAQ:HUT).
1. Core Scientific, Inc. (OTC:CORZQ)
Stock Performance in January: +407%
Core Scientific, Inc. (OTC:CORZQ) filed for bankruptcy back in December amid tough market conditions. However, Core Scientific, Inc. (OTC:CORZQ) recently jumped after the firm said in January that it mined about 1,400 BTC in November and December each, better than 1,300 BTC mined in October.
Core Scientific, Inc. (OTC:CORZQ) also got investors’ attention after the company raised about $500 million from its convertible notes that were purchased by several notable creditors, including BlackRock Inc. (NYSE:BLK) and Apollo Global Management, Inc. (NYSE:APO).
As of the end of September 2022, 9 hedge funds in Insider Monkey’s database had stakes in Core Scientific, Inc. (OTC:CORZQ). The biggest stakeholder of the company was
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