These Crypto Companies Had a Sudden Windfall Thanks to Bitcoin

Bitcoin has soared this year, thanks to growing demand for the digital currency. The rapid adoption of the digital currency by traditional investors has been a major catalyst for the unprecedented recovery that has driven the value of the currency from $11,500 just six months ago to its current valuation of $57,480. With celebrities like Elon Musk investing in bitcoin, many cryptocurrency companies have also gained a lot of attention.

The collective of bitcoin and blockchain companies rode an exuberant wave, then experienced a sudden windfall.

Blockchain Rebel

Riot Blockchain Inc. is one of the companies that have grown by leaps and bounds thanks to the bitcoin boom of 2020 – 2021. The company, which mines bitcoin and supports a range of blockchain technologies, has increased its holdings by more than 9,000% in the past year.

In March 2020, the company’s shares were valued at approximately $0.65. As we go to press, they are trading at $65.93.

Riot Blockchain plans to scale its operations and increase revenue by acquiring 22,640 new miners by June 2021.

Canaan Creative

Canaan Creative is another company that has benefited from the bitcoin boom. In the past six months, the share price has risen from $1.86 to an impressive $30.58. This represents an increase of over 1,500%.

In February, the company cited increased demand for its ASIC miners from Central Asia and North America as one of the key factors behind its continued profitability.

Bitcoin trustsin shades of gray

Grayscale Bitcoin Trust currently has the largest number of public bitcoins in the world, holding over 700,000 coins. As a result of the SEC’s ban on bitcoin exchange-traded fund (ETF) products, the agency has become the BTC wholesaler for large investors in the United States.

After all, it gives direct access to the digital currency. Normally, companies trade on over-the-counter markets to avoid clogging up the markets.

In addition to trading cryptocurrencies, a significant portion of the company’s revenue comes from the interest it charges investors. Depending on the product, this represents between two and three percent.

The stock has quadrupled in the past six months to $52.96 per share.

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