Bitcoin Treasuries MicroStrategy, Metaplanet Outshine BTC, Mining Giants RIOT, MARA Close Year in Red

Key Takeaways

• MicroStrategy and Metaplanet outperformed Bitcoin’s remarkable growth in 2024.
• MicroStrategy’s stock surged by 440%, and Metaplanet saw an astonishing 1,923% jump this year.
• Bitcoin mining companies like Riot Platforms and Marathon Holdings struggled amid operational challenges and halving effects.

In a year defined by Bitcoin’s meteoric rise, corporate heavyweights like MicroStrategy and Metaplanet have turned their BTC holdings into substantial stock market gains.

Their stellar performances even eclipsed Bitcoin’s impressive 132% growth in 2024, marking a standout year for crypto-focused companies.

However, while companies holding Bitcoin have thrived, mining giants like Riot Platforms and Marathon Holdings have struggled to keep pace.

Bitcoin Treasuries Shine Bright

MicroStrategy’s stock MSTR surged 440% to $341.05 in 2024, driven by Bitcoin’s explosive growth and the company’s strategic investments throughout the year.

The company, led by Michael Saylor, added 5,262 Bitcoin this year, increasing its holdings to 444,262 BTC, worth a staggering $27.7 billion at an average purchase price of $62,257 per coin.

Metaplanet stock jumped by 1,923% this year. | Credit: Yahoo! Finance

Metaplanet , another Bitcoin-focused firm, outperformed even MicroStrategy with a staggering 1,923% rise in its stock price.

The company bolstered its Bitcoin treasury with 1,761 BTC at an average purchase price of $75,099. Metaplanet’s BTC yield surged from 41.7% to 309.82% in the final quarter.

Bitcoin’s Growth Slower but Still Historic

While Bitcoin enjoyed another milestone year, surpassing the $100,000 mark for the first time, its annual growth rate of 132% fell short of 2023’s 158% increase.

Key events such as ETF approvals , the halving, and the U.S. presidential election significantly influenced Bitcoin’s price trajectory.

Bitcoin increased to over $100,000 in 2024 but the performance was lower than last year. | Credit: CoinMarketCap

Trading activity surged alongside Bitcoin’s ascent, with average daily volumes hitting $38.35 billion, up 103% from the previous year.

Open interest closed the year at $30.95 billion, a 196% rise, while Bitcoin holdings in ETFs grew to 11.2 million BTC, reflecting an 81% annual increase.

Despite these records, Bitcoin’s performance was overshadowed by the meteoric rise of corporate treasuries like MicroStrategy and Metaplanet, which demonstrated how institutional strategies can amplify returns beyond holding the asset itself.

Mining Companies Struggled

While Bitcoin holders thrived, mining companies like Riot Platforms and MARA (formerly Marathon Holdings) faced a tough year.

Riot Platforms ended 2024 with a 25% decline in its stock price, closing at $11.55.

Despite maintaining its mining output of 1,104 Bitcoins in the third quarter, Riot struggled with higher operational costs and the effects of the Bitcoin halving, which halved block rewards.

The company’s hash rate capacity grew by 159%, reaching 28 EH/s. However, Riot reported a net loss of $154 million, or $0.54 per share, representing a 92% increase in year-over-year losses. These financial struggles overshadowed its operational achievements.

Similarly, MARA saw its stock drop by 18% in 2024.

Despite raising debt to purchase Bitcoin, the company’s third-quarter revenue of $131.6 million fell short of analysts’ expectations of $151.67 million. MARA reported an adjusted loss of $0.34 per share, higher than the anticipated $0.26.

A Shift in Focus: Treasuries vs. Mining

The divergent fortunes of Bitcoin treasuries and mining companies suggest a potential shift in focus for crypto investors.

The performance of companies like MicroStrategy and Metaplanet underscores the advantages of holding Bitcoin as a treasury asset, while the struggles of mining firms highlight the challenges of operational efficiency in a competitive and evolving market.

As the crypto ecosystem matures, the strategies of 2024’s winners could become the blueprint for future success, potentially reshaping priorities within the industry.