‘Fire in the cauldron’ as Coinbase, Marathon surge over 300% in 2023

Publicly traded crypto firms have notched triple-digit percentage returns this year and closed up in green on Dec. 4, as Bitcoin (

CMC Markets analyst Tina Teng and de Wet agreed that crypto stocks are “exchange-listed proxies” for investors to indirectly expose themselves to the market. Teng said pending spot ETFs have been a “micro-bullish factor” to Bitcoin’s rally since August.

“The ETF is certainly a key driver in sentiment,” said de Wet. “We are also seeing a maturing cryptocurrency market in which participants are increasingly seeing the value in scarce assets.”

Sycamore added the latest wave of excitement will attract a new wave of crypto investors and the increased interest, volatility and volume will mean increased earnings and profits for crypto exchanges and similar businesses.

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