The price of Bitcoin (BTC -2.32%) has more than doubled during the past year. The launch of new spot Bitcoin exchange-traded funds (ETFs) has helped drive more excitement in the cryptocurrency. And many investors have been looking at the asset as "digital gold," and as an alternative to the equity markets.

While Bitcoin has been a great investment of late, there are three crypto stocks that have done even better than the popular digital currency. Shares of Marathon Digital (MARA 2.21%), Coinbase Global (COIN 5.68%), and Riot Platforms (RIOT -1.49%) have all risen by 180% or more in just the past 12 months. Here's a look at how well these stocks have done, and why they've been good buys.

Marathon Digital: 340%

When the price of Bitcoin goes up, that's great news for mining companies such as Marathon Digital. The company is a leading Bitcoin miner and that puts it in an excellent position to profit from higher prices. Marathon has also been investing into increasing its capacity, which can further bolster its growth prospects.

In the past year, the stock has soared almost 340% thanks to the bullishness around Bitcoin. Investors are excited about the company as a recent acquisition will help it boost its hash rate and lead to at least a 50% increase in its baseline revenue for 2024.

Although investors may be concerned about a halving event potentially disrupting its rally, history says that may not necessarily be the case and that Marathon Digital's stock may even continue to rise higher this year.

This is, however, still a risky investment to own given that it depends so much on the price of Bitcoin. If you're comfortable with the risk, Marathon Digital could be a good way to invest in crypto as one of the leading Bitcoin mining companies in the industry.

Coinbase Global: 240%

Coinbase Global, which is up more almost 240% in the past year, operates one of the top crypto trading platforms in the world. It's potentially safer than a mining stock because it doesn't depend directly on the price of Bitcoin. But the popularity of cryptocurrencies does have a big impact on trading volumes and how many transactions flow through its platform.

Last year, Bitcoin accounted for a little more than a third (35%) of Coinbase's total transaction revenue, with Ethereum accounting for 17% and other crypto assets making up 48%. For crypto investors, Coinbase Global may offer a more diversified investing strategy that relies less on Bitcoin and more on the crypto market in general. While the two normally go hand-in-hand, it's one way to potentially lessen some of the risk down the road.

During the past three months of 2023, Coinbase reported an operating profit of $115.6 million compared with a loss of $554.9 million in the prior-year period. The company benefited from a big 52% increase in revenue, with its top line reaching $953.8 million this past quarter.

For crypto investors, Coinbase Global may be a better, more balanced investment, but it also comes with risk that is tied to the excitement surrounding crypto's top digital currencies.

Riot Platforms: 180%

Riot Platforms is the second mining stock on this list as it is clear that rising prices may benefit these types of investments the most. The company recently posted its year-end numbers for 2023, which saw Riot reach record revenue of $280.7 million. Riot also significantly reduced its net loss from $509.6 million a year ago to just $49.5 million in 2023.

Like Marathon, Riot is also investing in increasing its hash rate. By the end of 2023, its hash rate was 12.4 exahashes per second, which is 28% higher than a year earlier. Riot still plans to improve upon that number even further, hoping to get that hash rate up to more than 38 exahashes per second by the end of 2025.

Riot, which is up more than 180% in the past year, is a smaller company than Marathon but with high hopes for drastically accelerating its hash rate, it should also be a big winner if Bitcoin's value continues to rise in the years ahead. It is, however, another risky investment that isn't going to be suitable for all types of growth investors.