Welcome to our “Bitcoin in the Public Markets” mini-series! This newsletter is the first of three installments targeted at learning how to get exposure to Bitcoin via the stock market. We hope you enjoy the series and would love to get feedback on what you think and future ideas. Make sure to share with a friend!
In the words of @Wealth_Theory “Bitcoin stocks continue to be extremely hot.” This might not come as a surprise considering Bitcoin hovers around a $1T market cap. Bitcoin can be bought directly on various exchanges, wallets, and brokerage services. For some those services might not be an option or appealing. So how do you get Bitcoin exposure in the stock market?
Miners
Bitfarms Limited (BITF): Bitfarms Ltd., a blockchain infrastructure company, mines for cryptocurrency coins in North America. The Backbone segment mines cryptocurrencies and the Volta segment provides electrician services to commercial and residential customers in Quebec, Canada. It operates five server farms that mine various cryptocurrencies.
Marathon Patent Group Inc. (MARA): Marathon Patent Group, Inc. operates as a digital asset technology company that mines cryptocurrencies. It owns cryptocurrency mining machines and a data center to mine digital assets in Quebec, Canada.
Riot Blockchain Inc. (RIOT): Riot Blockchain, Inc., together with its subsidiaries, focuses on building, supporting, and operating Blockchain technologies ecosystem. It is involved in digital currency mining operations in addition to related services like accounting, audit, and verification. Riot recently reached the milestone of 1 EH/s.
Argo Blockchain (ARBKF): Argo Blockchain Plc operates as a data-centric management company. The firm is committed to powering blockchain technology and offers a powerful network of mining operations.
Hut 8 Mining Corp. (HUT): Hut 8 Mining Corp. operates as a cryptocurrency mining company. The company engages in industrial-scale bitcoin mining operations. It also owns and data centers.
HIVE Blockchain Technologies Limited (HVBTF): HIVE Blockchain Technologies Ltd. operates as a cryptocurrency mining company in Canada, Sweden, and Iceland. It is involved in the mining and sale of digital currencies, such as Ethereum, Ethereum Classic, and Bitcoin.
Digihost Technology Inc. (DGHI): Digihost Technology Inc. operates as a blockchain company. The company focuses on validation through mining, hosting solutions, and blockchain software solutions.
Bluesky Digital Assets Corp. (BTCWF): Bluesky Digital Assets Corp. operates as a digital asset and AI software-focused virtual mining company. It mines digital currencies, such as Bitcoin and Ether; and offers value-added technology services for the digital currency market, such as digital mining proprietary methods and applications.
Equipment Manufacturers
Canaan Inc. (CAN): Canaan Inc. engages in the research, design, and sale of integrated circuit (IC) final system products by integrating IC products for bitcoin mining and related components primarily in the People’s Republic of China. It is also involved in the assembly of system products, and supply chain and distribution of system products. The company has a strategic cooperation with Northern Data AG in the areas of artificial intelligence development, blockchain technology, and data center operations.
ETFs & Investment Vehicles
Grayscale Bitcoin Trust (GBTC)
Ruffer Investment Company (RICA)
3iQ The Bitcoin Fund (QBTC.U)
Bitwise 10 Crypto Index Fund (BITW)
Ninepoint Bitcoin Trust (BITC.U)
Wisdom Tree Bitcoin Trust (BTCW.USD)
CI Galaxy Bitcoin Fund (BTCG.U)
Osprey Bitcoin Trust (OBTC)
Recently U.S. asset managers J.P. Morgan (JPM) and Goldman Sachs (GS) issued statements saying they will be allowing high net worth clients access to Bitcoin ETFs while Fidelity is working on developing its own Bitcoin ETF. This change in policy is happening a year after Goldman said Bitcoin was not an asset class. Yikes…