Marathon, Coinbase, Riot Lead Weekly Crypto Stock Surge

During the past week, stocks associated with cryptocurrencies demonstrated remarkable strength within the broader financial sector, propelled by a 4.2% gain in bitcoin (BTC-USD). According to Michael Novogratz, the founder and CEO of Galaxy Digital, the surge in cryptocurrency-related stocks can be attributed to a dovish stance from the Federal Reserve.

In contrast, traditional financial stocks showed relatively little movement, with the Financial Select Sector SPDR (XLF) closing the week at $37.26, a marginal decrease from the $37.35 at the close on December 15.

Leading the gainers for the week ending December 22 was Marathon Digital Holdings (NASDAQ:MARA), which surged by an impressive 46%. This surge followed the company’s announcement on Monday of its intent to acquire two bitcoin mining sites for $179 million. By Friday, the stock, along with several other crypto-related stocks, reached a 52-week high, fueled by ongoing optimism in the cryptocurrency sphere.

Other notable performers in the crypto sector included Coinbase Global (NASDAQ:COIN), which saw a substantial 19% increase; Riot Platforms (NASDAQ:RIOT), jumping by 14%; CleanSpark (NASDAQ:CLSK), climbing by 12%; and Robinhood Markets (NASDAQ:HOOD), which gained 11%.

On the flip side, among the biggest decliners were more traditional finance names. New York Community Bancorp (NYSE:NYCB) experienced the most significant drop, falling by 8.0%. Early in the week, KBW downgraded the stock to Market Perform, citing uncertainties surrounding its credit quality and expenses.

Other notable decliners included Futu Holdings (NASDAQ:FUTU), which slid by 6.3%; Aon Plc (NYSE:AON), dipping by 6.0% during the week it agreed to buy NFP for $13.4 billion in stock and cash; Synovus Financial (NYSE:SNV), dropping by 4.7%; and M&T Bank (NYSE:MTB), falling by 4.4% after Deutsche Bank downgraded the bank to Hold, citing rate and credit pressures.