Bitcoin (BTC -1.74%) has hit new all-time highs this year, and it's up around 300% since 2023. But there have been even better crypto investments investors could have held during that time.

Coinbase Global (COIN -1.47%), MicroStrategy (MSTR -1.93%), and CleanSpark (CLSK -1.03%) all outperformed the popular digital currency during that time frame. Here's a closer look at how these stocks have done since last year, from smallest to largest gains.

Coinbase Global: 518%

Coinbase Global runs a popular cryptocurrency exchange that benefits from crypto's growing popularity. And since it doesn't have to rely entirely on Bitcoin, it can make for a more diverse investment option for investors. While it is the most popular digital currency, it accounted for just 34% of the exchange's trading volume last year.

In 2023, Coinbase Global reported a profit of $94.9 million (a sharp improvement from 2022, when it incurred a $2.6 billion loss) as it reduced expenses and didn't incur hefty impairment charges. The company generates roughly half of its revenue from subscriptions and services and the other half from transactions, which further highlights its diversification.

The stock trades at more than 17 times its revenue, but with a price/earnings-to-growth ratio of less than 1, this has the potential to still be a good buy for the long term if you're bullish on crypto. But this is still a volatile and risky stock because Coinbase's performance will ultimately depend on how well Bitcoin and other digital currencies are doing. And as it scales up its operations, it could be difficult for the company to remain in the black.

CleanSpark: 765%

CleanSpark is a Bitcoin miner, and so its performance is going to be more directly affected by how high the price of the digital currency goes. A higher price means greater revenue for the business. The recent halving event, unfortunately, will mean less production for the company and fewer bitcoins produced.

CEO Zach Bradford isn't concerned, however, leaning on the company's strong margins as a key differentiator and the reason it might succeed where other miners could fail. As one of the larger miners, Bradford said: "... our piece of the pie should get bigger after halving. We think to the tune of 10, 15, or even 20%."

For the last three months of 2023, the company turned a profit of $25.9 million, versus a loss of $29 million in the prior-year period. But that was with the aid of a $36 million gain on the fair value of Bitcoin.

As one of the larger miners, it might do well despite the recent halving event. But what's concerning is that the company needed a high price for the digital coin and an asset gain for it to turn a profit last quarter. CleanSpark is a riskier option than Coinbase, and it might only be suitable for the most bullish of Bitcoin investors.

MicroStrategy: 790%

One of the hottest stocks over the past year has undoubtedly been MicroStrategy. What's intriguing is that the company isn't a crypto miner and doesn't operate an exchange; it's in the business of providing companies with analysis and business intelligence solutions.

But its CEO, Michael Saylor, is incredibly bullish on crypto, saying in a recent interview that Bitcoin is a better option than gold -- having all of its most attractive features without its drawbacks.

MicroStrategy owns more than 214,000 bitcoins and is the largest corporate holder of the cryptocurrency. That means its exposure to it is significant.

Last year, the company incurred a digital asset impairment loss of $115.9 million. And the year before that, when Bitcoin was falling heavily in value, the loss totaled nearly $1.3 billion.

The company only turned a profit in 2023 due to an income tax benefit of $553.6 million. Its core operations remain unprofitable, and that's what should matter to investors. MicroStrategy's fundamentals don't support its inflated valuation, which now stands at more than 800 times its expected future earnings.

Investors appear to be piling into the stock for its cryptocurrency holdings and the CEO's bullish outlook on Bitcoin. While this stock is doing well with crypto doing well, it could have the furthest to fall in a correction. MicroStrategy is a stock I'd stay far away from.