Apple, which announced its Vision Pro headset in June, saw its share price grow by 55% in 2023. Meanwhile, Amazon stock gained 79% as its AWS division pushed for AI-focused products.

But these leading “Magnificent Seven” tech stocks did not make it into the top ten by yearly returns for 2023. The tech industry stocks that did were all Bitcoin mining stocks. Moreover, Wall Street’s top ten performers this year included not one, not two or three, but four Bitcoin mining companies.

Wall Street Mania For Bitcoin Mining Stocks

The impressive showing proves that mainstream investor interest in cryptocurrency is increasing. The four Bitcoin mining stocks that outperformed nearly the entire market were:

• Cipher Mining (CIFR) at number three for the entire year after gaining 1,042% in 12 months
• Marathon Digital (MARA) at number four with 783% ROI
• CleanSpark (CLSK) up 590% at number seven on Wall Street
• Riot Blockchain (RIOT) at number ten with one-year gains of 430%

These companies even outperformed Bitcoin price gains of 157% for the year. That suggests there is strong demand by more traditional investors for a safe, regulated way to get cryptocurrency exposure into their portfolios.

“Crypto stocks are trading almost like a mania,” said Galaxy Digital CEO Michael Novogratz.

Several 2023 Tailwinds For Miners

Bitcoin mining stocks did so well as a result of the rally in Bitcoin prices this year.

The halving cycle is gearing up for another bull run, and the SEC is supposedly preparing to approve a batch of Bitcoin ETF proposals, which could put a heavy thaw on the long Bitcoin price winter of 2022.

Other tailwinds supporting price gains for Bitcoin mining stocks this year