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After a stellar pre-Christmas week, crypto stocks lost their luster in the last week of the year, with three of the five weakest financial names being bitcoin miners.
For the last five sessions of the week, the Financial Select Sector SPDR ETF (NYSEARCA:XLF) edged up 0.9% and finished the year up 9.9%, lagging the S&P 500’s 24% increase. By contrast, bitcoin (BTC-USD) rose 152% in the past year, although the token will still be trading over the weekend and Monday.
In the climbers’ column, Burford Capital (NYSE:BUR) surged 19% on news that Argentina’s new president, Javier Milei, suggested the use of a perpetual bond to pay a $16B judgment ordered by a court in September.
BGC Group (NASDAQ:BGC) stock climbed 8.1% during the week that the investment firm said it expects Q4 revenue and earnings to come in at the top end of its previous outlook range. In addition, the company expects CFTC regulatory approval of its FMX electronic U.S. Treasury, rates futures, and spot FX platform in early 2024.
Chinese fintech app Qifu Technology (NASDAQ:QFIN) gained 6.5%.
White Mountain Insurance (NYSE:WTM) rose 5.1%.
And TD Synnex (NASDAQ:SNEX) advanced 5.1%.
In the decliners’ column, AI-powered loan platform Upstart Holdings (NASDAQ:UPST) slid the most, slumping 9.5% in the last five sessions of the year, on no obvious news.
With crypto weakening in the last two sessions of the week following a dramatic rally, bitcoin miner Riot Platforms (NASDAQ:RIOT) sank 7.6%.
Marathon Digital Holdings (NASDAQ:MARA) slid 5.2%, breaking an 11-session streak on Thursday.
CleanSpark (NASDAQ:CLSK) dipped 4.3%.
The Bancorp (NASDAQ:TBBK) rounded out the five biggest decliners, slipping 3.8% for the week.
