Crypto Stocks, Bitcoin Miners Sell-Off as Profit-Taking Caps Explosive Year-End

Bitcoin slipped below $42,000 on Friday, stalling below its yearly high.

AccessTimeIconDec 29, 2023 at 5:20 p.m. UTC
Updated Mar 8, 2024 at 7:15 p.m. UTC

Shares of U.S.-listed cryptocurrency-related companies sold off heavily on Friday morning as investors took profit on the last trading day of the year after an explosive rally in 2023.

Crypto exchange Coinbase (COIN) declined 8% during the early hours of Friday, while the shares of relentless bitcoin hoarder MicroStrategy, with nearly $6 billion in BTC in its treasury, dropped nearly 7%.

Nasdaq-listed bitcoin miners Marathon Digital Holdings (MARA) and Riot Platforms (RIOT) suffered even steeper losses ranging over 10%. Smaller public miners CleanSpark (CLSK) and Hut 8 (HUT) also fell nearly 20%.

The sell-off was perhaps buoyed by investors locking in profits for 2023, capping an explosive year for the beaten-down asset class as bitcoin's price rally stuck below its yearly highs ahead of an expected spot-based ETF approval in the U.S.

BTC was changing hands slightly below $42,000, lower than its near-$45,000 local top recorded in early December but up 155% this year.

Crypto stocks gained even more through 2023, with Coinbase up nearly 400%, while the miners' stocks multiplied several folds.

Edited by Aoyon Ashraf.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Krisztian  Sandor

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.