Bitcoin Miners Riot Platforms and Marathon Digital Holdings Rally as BTC Price Tops $23K

The re-election of Donald Trump as the President of the United States has reignited a frenzy in the crypto market, sending Bitcoin (BTC-USD) and other cryptocurrencies soaring in hopes of favorable policies.

Coinbase Global (NASDAQ:COIN) is one of the leading cryptocurrency exchanges. It stands to gain from the rising interest in cryptocurrencies and the Biden administration's focus on digital assets. COIN stock has rallied about 123% over the past year, driven by the presidential elections-led rally in the crypto space and declining interest rates.

Coinbase is also trying to drive improved revenue growth through several initiatives, such as focusing on products like derivatives, international expansion, and custodial services. Notably, Coinbase Global has delivered four consecutive quarters of GAAP profitability, supported by its cost reduction efforts.

The company is set to announce its fourth-quarter results on February 13. Analysts expect the company's Q4 2024 EPS to rise by more than 55% year-over-year to $1.61, while revenue is expected to surge about 79% to $1.7 billion. Coinbase's Q4 results are expected to be driven by higher crypto prices and increased volatility, which would fuel increased activity and higher transaction revenue.

Is Coinbase Global a Good Stock to Buy?

Recently, Oppenheimer analyst Owen Lau lowered his price target for Coinbase Global stock to $334 from $358 and maintained a Buy rating. The analyst expects Q4 to be a “very good” quarter, sees upward earnings estimate revisions, and the possibility of inclusion in the S&P 500 (SPX) in 2025.

Further, Lau expects clearer regulations, given Trump's pro-crypto stance. He believes that increased trading volume, higher token prices, and regulatory clarity will drive the Street's estimates higher for COIN stock for 2025 and 2026.

Overall, Wall Street has a Moderate Buy consensus rating on Coinbase Global stock based on seven Buys and nine Holds. The average COIN stock price target of $315.21 implies 8.2% upside potential.

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Riot Platforms (NASDAQ:RIOT) is one of the leading Bitcoin miners. It benefits from the rise in Bitcoin price. Shares have advanced 29% over the past three months but have risen only 5% in the past year. This is because the Bitcoin halving event had an adverse impact on miners. Bitcoin halving, which occurs once in four years, reduces the reward paid to the miners for mining a single block on the blockchain by half.

However, Riot Platforms is focused on enhancing its efficiency and strategically expanding its operations. In 2024, the company increased its deployed hash rate by 155%. Riot held 17,722 Bitcoin at the end of 2024, reflecting a 141% rise compared to the prior year. Moreover, Bitcoin yield (Bitcoin held per fully-diluted Riot share) rose 39%.

Looking ahead, the company is focused on boosting its hash rate from the current 31.5 exahashes (EH/s) to over 100 EH/s by 2027.

What Is the Stock Price Prediction for Riot Platforms?

Recently, Needham analyst John Todaro increased his price target for Riot Platforms stock to $16 from $11 and maintained a Buy rating on the stock following discussions with the management at the Needham Growth Conference. The analyst noted the company's optimism about high performance computing (HPC). Todaro also highlighted RIOT's financing flexibility and strong balance sheet, which will be favorable if the Bitcoin bull market continues its stellar run.

With nine Buys versus one Hold recommendation, Riot Platforms stock earns a Strong Buy consensus rating on TipRanks. The average RIOT stock price target of $18.56 implies 56.2% upside potential.

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MicroStrategy (NASDAQ:MSTR) stock has rallied by a remarkable 554% over the past year, mainly benefiting from the post-election rally in Bitcoin and inclusion in the Nasdaq 100 (NDX). The data analytics company is the largest corporate holder of Bitcoin and is expected to continue to gain from the price appreciation in the most prominent cryptocurrency.

The company uses the proceeds from debt and equity issuance to purchase Bitcoin, with the aim of increasing its Bitcoin yield. MicroStrategy is expected to gain from the increasing global adoption of Bitcoin, slowing supply growth, and the expectation of favorable crypto policies under the Trump administration.

MSTR is scheduled to announce its results on February 5. Analysts expect the Bitcoin treasury company to report a loss per share of $0.12 compared to the EPS of $0.50 in the prior-year quarter. While MSTR stock is rallying due to the company's huge Bitcoin holdings, analysts expect Q4 2024 revenue to decline by 1.6% on a year-over-year basis due to the subdued performance of