By George Glover

Bitcoin went on a record-breaking run after Donald Trump won the U.S. presidential election -- but shares in some companies that make money out of the crypto's surging price have performed even better.

The large-cap token has surged on the expectation that Trump will slash digital-asset regulations, although it's stalled just short of $100,000 over the past week. On Tuesday, it was down 0.3% to $95,395.

Crypto-related stocks have benefited from Bitcoin's gains. The most obvious winner has been MicroStrategy, which has been selling shares and convertible debt to fund repeat purchases of the token. Its shares are up 67% over the past month.

But there are other ways to play the surge. In a research note published Monday, J.P. Morgan estimated that Bitcoin miners' daily gross profit rose 64% in November compared with the previous month -- and highlighted four stocks that outperformed the cryptocurrency's 39% gain.

Bitdeer Technologies was the biggest winner out of the 14 crypto miners tracked by the bank. Its shares jumped 83% last month. Hut 8 Corp., MARA Holdings, and Iris Energy all also beat Bitcoin last month, racking up gains of 77%, 64%, and 48% respectively.

The group of crypto mining stocks that J.P. Morgan covers climbed 52% on average in November -- gains it called "staggering." It's a reminder that loading up on Bitcoin, which has left digital-asset bulls feeling frustrated after stalling recently, isn't the only way to play the latest crypto rally.

Write to George Glover at george.glover@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

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December 03, 2024 05:32 ET (10:32 GMT)

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