A Year After Coinbase's Public Debut, Most Listed Crypto Firms Are Underwater Compared With Bitcoin's Performance; BTC Retreats From $42K

Hong Kong’s BC Technology Group, which runs the institutional-focused digital assets platform OSL, has seen a similar fate with its stock. Although it had a brief rally after positive earnings, the stock is down nearly 66% over the last year.

Mining stocks aren’t fairing much better. RIOT Blockchain, which operates bitcoin mining farms throughout the U.S., is down nearly 66% over the last year while Marathon Digital, another miner, is down 40%. Canaan, a manufacturer of mining equipment, is down nearly 70%. Michael Del Grosso, an analyst at Compass Point Research who covers miners, explains this poor performance by“Mining stocks currently are leveraged plays on the price of bitcoin.”

These mining stocks had their moment when China ordered operations shut in-country and the global hash rate was in flux. But as that sorted itself out and bitcoin flirted with all-time highs yet couldn’t sustain itself, the stocks sank like rocks.This begs the question, are there any listed crypto companies that are actually above the water line?Both of these banks, which provide banking services to crypto exchanges, have managed to outperform bitcoin over the last year.

So perhaps the problem with these listed companies isn’t a market hostility to listed crypto companies, but rather that the market needs more than them just being a proxy for the price of bitcoin.

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