The US Securities and Exchange Commission (SEC) approved Bitcoin spot ETFs on January 11. However, this did not lead to rapid growth of cryptocurrencies – on the contrary, most of the coins went into correction. Let's look at what happened to the securities of the ten largest organizations that hold, mine or accept Bitcoin.
CleanSpark (NASDAQ:CLSK)
CleanSpark is an American mining company based in Nevada and focused on the environment.. It ranks tenth in terms of capitalization ($1.47 billion). The company's shares began declining back in December, and after the approval of spot Bitcoin ETFs they only continued to fall.. By January 19, they dropped by almost 40%. However, as of January 28, the shares rose slightly: the decline relative to the opening price on January 11 is now only 25%.
Source: tradingview.com
Riot Blockchain (NASDAQ:RIOT)
Mining company Riot BlockChain from Colorado ranks ninth in capitalization ($2.34 billion). Its stock dynamics are similar to CleanSpark: from January 11 to January 28, the price of securities decreased by 31%. At the same time, at the minimum of January 19, they lost even more – over 42%.
Source: tradingview.com
Galaxy Digital Holdings (TSX:GLXY)
Another mining company, but now from the state of Texas, Galaxy Digital Holdings, ranks eighth in capitalization ($2.46 billion). Its shares are also in the red: since January 11 they have lost more than 17.5%. What may be comforting for investors is the fact that at the minimum on January 23, securities lost twice as much – 35.51%.
Source: tradingview.com
Marathon Digital Holdings (NASDAQ:MARA)
Seventh place by capitalization ($3.97 billion) and again a mining company – Marathon Digital Holdings – based in Nevada. Its shares also fell sharply after the approval of spot ETFs. From January 11 to January 28, their price decreased by 34.59%, and at the minimum on January 19, the decrease reached as much as 46%.
Source: tradingview.com
MicroStrategy (NASDAQ:MSTR)
MicroStrategy took sixth place in terms of capitalization ($8.26 billion). Unlike the previously mentioned list members, she is not a miner. But MicroStrategy is one of the largest investors in Bitcoin. Since the approval of spot ETFs, the company's shares have fallen by 17.44%. At the same time, at the minimum on January 23, the drop relative to the opening on January 11 was 26.73%.
Source: tradingview.com
Grayscale Bitcoin Trust (NYSE: GBTC)
In fifth place is the Grayscale Bitcoin Trust with a capitalization of $25.97 billion.. The fund was eventually converted into a spot ETF, but GBTC had a poor start to trading. However, since January 23, the situation has improved slightly – if then the fall was 18.8%, then by January 28 the figure reached 11.22%.
Source: tradingview.com
Coinbase (NASDAQ:COIN)
The fourth place in capitalization ($29.95 billion) belongs to the crypto exchange Coinbase. The company's shares lost 21.35% from January 11 to January 28. The maximum decrease for this period was recorded on January 19 – 25.9%.
Source: tradingview.com
Block (NYSE:SQ)
The top three prize winners are Block, with a capitalization of $39.89 billion.. Its main focus is payments. However, cryptocurrencies also occupy an important place in Block’s activities.. The company provides ongoing training in the field of crypto assets, has its own Bitkey custodial wallet, and publishes reports on public perception of BTC. Block shares fell by 5.31% from January 11 to January 28, and the maximum decline during this period reached over 9.8%.
Source: tradingview.com
PayPal (NASDAQ:PYPL)
In second place by capitalization ($66.6 billion) is the PayPal payment service.. Shares of this company, unlike all others, showed a slight increase of 1.86% from January 11 to January 28.. This can be explained by the fact that the company is not directly related to BTC, but only provides services related to it: transfer, purchase and sale.
Source: tradingview.com
Tesla (NASDAQ: TSLA)
Tesla is still the largest company by capitalization ($582.53 billion) that invests in Bitcoin. However, January 2024 was negative for its shareholders. Since the spot ETFs were approved on January 11, Tesla shares have fallen 20.52%, and since January 1 they have fallen more than 25%.
However, such dynamics are hardly related to cryptocurrency news. The company released a rather weak report for the fourth quarter of 2024, where revenue growth was only 3% – below forecast. In addition, there are constantly reports that Tesla cars have certain problems, which leads to their recall.
Source: tradingview.com
Conclusion
Thus, since Bitcoin spot ETFs were approved, crypto stocks have declined. The only exception was PayPal, which showed growth in this time period of 1.86%.
This material and the information contained herein do not constitute individual or other investment advice. The opinion of the editors may not coincide with the opinions of the author, analytical portals and experts.