Bitcoin Miners Are Better Bets Than Actual Token, Bernstein Says
- Riot and CleanSpark are the analyst’s top picks in the group
- Bitcoin briefly hit a record $69,191 Tuesday before retreating
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Bitcoin has surged to an all-time high but investors eager to gain long-term exposure to the risky asset may be better off buying shares of the companies that mine the cryptocurrency, according to AllianceBernstein.
Since the launch of US exchange-traded funds that invest directly in Bitcoin in mid-January, miners have underperformed the world’s largest digital asset by market value, which jumped more than 50% in that period. Marathon Digital Holdings Inc., the largest miner, is down 4.3% year to date, while rival Riot Platforms Inc. is down 21%.