If bitcoin were to climb to a new all-time high of $70,000 an investor would realize a return of only 167%, the report said. Investors could see larger gains by buying a diversified portfolio of publicly listed bitcoin mining companies including firms, such as HIVE Digital (HIVE), Bitfarms (BITF) and Iris Energy (IREN).

Based on bitcoin’s current price, these stocks are trading at a 33% discount, and offer 52% upside, the note said.

“In our regression analysis, the 10 stocks included could be valued 97% higher if bitcoin returns to $30,000 or an impressive 572% higher if bitcoin reaches a new all-time high and trades at $70,000,” wrote Markus Thielen, head of research.

“For the sake of diversification, opting to invest in a selection of discounted bitcoin mining stocks or tokens with substantial growth potential could possibly represent the ultimate bet for 2024,” he wrote, noting that tokens have considerably more risk than listed stocks.

Matrixport maintains a positive outlook for bitcoin, despite signs that the U.S. Securities and Exchange Commission (SEC) could delay the approval of a U.S. listed spot BTC exchange-trade-fund (ETF) until January 2024.

Read more: Bitcoin Price May Boom in October; Could Hit $37K by Year-End: Matrixport