Crypto-linked companies see significant stock gains in past year, with Voyager leading the pack

The past twelve months have been good for publicly traded companies working in the digital asset space, according to data collected by The Block.

As shown in the chart below, industry notables such as Galaxy Digital and Silvergate have seen their stock prices swell since early 2020, with those two firms seeing appreciations of 1,105% and 672%, respectively. 

But it's Voyager Digital -- a brokerage firm listed in Canada -- that has seen its stock rise more than 6,000% since February 2020. Less than a year ago, VYGVF traded for roughly $0.23. Now, according to stock market data, the firm's stock is priced at about $15 as of press time. Voyager's standing market capitalization is about $1.96 billion, per data from Yahoo! Finance.

Though the precise factors for a stock's rise always vary, it's possible that these particular securities have attracted attention because they serve as kinds of proxy-investments in the crypto space. Rather than invest directly in cryptocurrencies like bitcoin, investors can gain exposure to the industry by way of business stocks. Some commentators have highlighted MicroStrategy -- which has bought hundreds of millions of dollars worth of bitcoin as part of its treasury management policy -- as an example of this phenomenon.

And in what might be the latest example, U.S. automaker Tesla announced on Monday that it bought $1.5 billion in bitcoin in January. The price of TSLA is currently up 1% on the day's trade after this morning's news.