U.S.-Listed Bitcoin Miners Shed 25% of Their Market Cap in March: JPMorgan
The total market cap of the 14 U.S.-listed bitcoin (BTC) miners tracked by JPMorgan (JPM) dropped 25% in March, the third-worst monthly performance on record, the Wall Street bank said Tuesday.
Only one stock, Stronghold Digital Mining (SDIG), outperformed bitcoin (BTC) last month, the report noted. Bitfarms (BITF) completed its acquisition of the company on March 17. Miners with high performance computing (HPC) exposure underperformed pure-play miners for the second month in a row.
"We note valuations today are at the lowest levels relative to the block reward since the collapse of FTX in the Fall of 2023," analysts Reginald Smith and Charles Pearce wrote.
The average network hashrate inched higher during the month to 816 exahashes per second (EH/s), the report said. The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty.
Mining revenue and profitability both fell.
"We estimate bitcoin miners earned an average of $47,300 per EH/s in daily block reward revenue in March, down 13% from February," the bank said. Daily block reward gross profit dropped 22% month-on-month to $23,000 per EH/s.
Stronghold Digital outperformed the sector last month with a 2% decline. Cipher Mining (CIFR) underperformed with a 45% slump.
Read more: Bitcoin Network Hashrate Inched Higher in March as Mining Economics Weakened: JPMorgan UPDATE (April 1, 14:25 UTC): Adds Bitfarms' purchase of Stronghold Digital in second paragraph.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
5 hours ago
- Forbes
More Crypto IPOs Are Coming: 3 Initial Public Offerings To Watch For
INDIA - 2024/04/07: In this photo illustration, a Bitcoin Logo seen displayed on a smartphone with ... More the Wall Street - New York Stock Exchange logo in the background. (Photo Illustration by Avishek Das/SOPA Images/LightRocket via Getty Images) Circle, the issuing company of the USDC Stablecoin, went public last week under the ticker 'CRCL'. The company's stock surged over 168% during its first day of trading, blowing investor expectations out of the water. Their wildly successful listing will likely trigger a rush of additional crypto companies to list or accelerate their plans to go public. I've put together a list of the top 3 crypto-related public listings that will likely make headlines in the months to come. Before we get to the list, let's quickly review the numbers of Circle's recent listing to grasp just how impressive the outcome was for its investors. Circle first announced its plans to go public on May 27th, 2025, though the company had filed for an S-1 registration with the SEC back in January 2024, which signalled its intention to go public. The company was initially targeting to raise $624 million by offering 24 million shares as part of its listing transaction. During the road show, the price was estimated at $24-$26 per share. Due to strong demand, the company increased the offering to 32 million shares at $27-$28 per share, upping the amount raised to $896 million. Even at the increased valuation, the company received 25 times more demand for the shares than expected, meaning the deal was 25 times oversubscribed. To put this in context, this implies that there was demand for ~850 million shares vs the 34 million that Circle was offering for sale. Part of the excitement came from the fact that ARK Invest and Blackrock had strong demand to invest. Circle finally penned the deal by selling 34 million shares at $31 per share, raising a total of $1.05 Billion and valuing the company at $8.1 Billion on a fully-diluted basis. During the first day of trading, the company's share price rose by 168%, closing the day at $81.69. This valued the company at ~$20 billion. While the excitement around Circle's IPO is partly rooted in the optimism surrounding U.S. dollar pegged stablecoins, the deal also implies strong investor interest to participate in the future of the digital economy that's being built around Bitcoin and digital assets. You can bet that other companies in the space are observing the deal with optimism and will likely work to accelerate their plans to list this year. Here are the top 3 companies that have announced or reported plans to list in the months ahead: Gemini As reported three days ago, the U.S.-based crypto exchange owned by Tyler and Cameron Winklevoss, filed for an Initial Public Offering (IPO) in the U.S.. In terms of projected valuation, the company has not yet reported a price, but its last priced round back in November 2021 valued the company at $7.1 Billion. The estimated listing date is late 2025 or early 2026. Kraken The San Francisco-based exchange has also been reportedly getting ready for an IPO in early 2026, although no formal registration has been filed. The company's last priced round was all the way back in 2019, when it raised $13.5 Million at a $4 Billion valuation. The company has reportedly been working with banks to complete a debt offering to boost growth ahead of the listing. Bitgo Back in February the U.S. based custodian was reported to be eyeing an IPO 'as early as this year', though no formal registration has been filed yet. Bitgo's last priced round was done in August 2023, valuing the company at $1.75 Billion. These are just three companies-- after Circle's warm welcome, you can bet that there will be more announcing plans to list soon. In a market where Bitcoin Treasury company stocks and Bitcoin ETFs are performing so well, equity from companies that provide the infrastructure for the industry seems like a logical next step.
Yahoo
9 hours ago
- Yahoo
Why eToro's IPO took four years to list in the US
Why eToro's IPO took four years to list in the US originally appeared on TheStreet. eToro finally made its US debut on May 14, 2025 — four years after first filing for a listing in 2021. In an interview with TheStreet Roundtable, Andrew McCormick detailed why eToro waited so long and what ultimately made the timing right. 'As a company that's all about empowering people and giving them access to capital markets, it's only natural for a company like eToro to hit the capital markets, to be a publicly traded company,' McCormick said. He emphasized the symbolic importance of letting customers 'all around the world become owners of eToro. And we love that idea of going from a consumer to an owner.' McCormick explained that after the initial 2021 filing, 'financial markets didn't cooperate at the time. There's definitely some regulatory pressures and challenges, but lots of work in between to be ready for that moment.' He described the IPO process as 'really complicated — it's a lot of work, comes with a lot of responsibility, a lot of diligence, a lot of meetings with lawyers and bankers.' A combination of an industry-best year in 2024 and an improved regulatory outlook opened a window for eToro to 'kick down the door and make this happen' this spring. 'After 18 years of just building a great company all around the world, it was a true honor and joy to have that happen three weeks ago,' McCormick added. When asked what sets eToro apart, McCormick pointed to low barriers and community insights. 'We are so great at making investing easy and accessible. $10, whether it's crypto, stocks, options, you can get started. So people who have never got into investing, what a great way to start.' Education is also central. 'We've got a whole dedicated resource called the eToro Academy — tons of courses, videos, articles to just help people learn and grow.' On the platform, users can gauge sentiment and validate it. 'If someone says, 'I love Bitcoin,' you can look at the portfolio and see they've actually bought it, here's a performance. That social element really sets it apart.' Looking forward, McCormick stressed there's 'no better time in history to be a retail investor than today,' whether via ETFs, spot trading or options — and eToro aims to welcome millions more into the markets. Why eToro's IPO took four years to list in the US first appeared on TheStreet on Jun 9, 2025 This story was originally reported by TheStreet on Jun 9, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10 hours ago
- Yahoo
Cboe Launches New Bitcoin ETF BuyWrite Indices
Cboe Global Markets Inc. (CBOE) launched new spot Bitcoin ETF BuyWrite indices last week, offering investors covered call strategies designed to generate income from cryptocurrency exposure while managing volatility. The introduction of these Bitcoin ETF indices represents a new approach for investors seeking cryptocurrency exposure with income generation potential, as traditional buy-and-hold Bitcoin strategies face increased volatility, according to a press release from the firm. The exchange operator introduced three indices tracking different Bitcoin ETF covered call strategies, according to the announcement. The BXGBTCA index, which writes monthly call options, delivered a 25.3% annualized return compared to a loss of 10.6% for the underlying Bitcoin ETF benchmark, the Grayscale Bitcoin Trust ETF (GBTC), according to performance data from November 2024 through April 2025. Cboe's BXGBTCA index also reduced annualized volatility to 39.7% versus 50.7% for the GBTC benchmark, according to the report. The covered call approach generated monthly option premiums averaging 5.5%, calculated as the bid price of short call options divided by the closing price of underlying assets. The BXGBTCT index, writing calls on roll days, recorded a 9.2% annualized loss with 53.7% volatility over the same period, according to the data. Maximum drawdowns reached 29.2% for BXGBTCT compared to 28.5% for the benchmark GBTC. Monthly option yields for the BXGBTCA strategy peaked at around 7% in January 2025, while BXGBTCT yields reached just under 2% during the same month, according to the release. The performance difference stems from the timing of option-writing relative to Bitcoin ETF price movements. Cboe positioned the indices as tools for navigating cryptocurrency volatility while seeking income through covered call premiums, according to the release. The launch follows growing demand for sophisticated crypto-linked investment solutions as digital asset markets continue to evolve. The indices build on existing derivatives-based cryptocurrency products as more investors seek structured digital asset exposure, according to Cboe. The exchange operator views the launch as part of efforts to broaden cryptocurrency investment options beyond traditional buy-and-hold | © Copyright 2025 All rights reserved Sign in to access your portfolio
