Valued at a market cap of $1.01 billion, Bitdeer Technologies (BTDR) is a crypto mining stock. While Bitcoin (BTCUSD) prices have surged close to 55% year-to-date, shares of crypto mining stocks – including Bitdeer – are trailing the market.
For instance, BTDR stock is virtually unchanged in 2024. This relative underperformance allows investors to buy a crypto mining stock at a lower multiple, especially if digital asset prices move higher.
Why Are Crypto Mining Stocks Underperforming in 2024?
Bitcoin mining stocks provide investors with exposure to the cryptocurrency sector. Typically, the performance of crypto mining companies is tied to the prices of the digital assets that they mine.
In 2023, the stellar comeback of Bitcoin allowed crypto mining stocks to deliver outsized gains. However, in 2024, the Bitcoin halving event drove valuations across the mining industry lower. A Bitcoin halving event occurs every four…
