Bitcoin‘s (BTC -1.02%) price hit an all-time high of $67,567 last November. But today it trades at about $18,000. The world’s top cryptocurrency lost its luster as inflation, rising interest rates, and other macro headwinds drove investors away from riskier investments.

That decline also crushed many Bitcoin-related stocks. Coinbase (COIN -3.63%), one of the world’s largest cryptocurrency exchanges, and Marathon Digital (MARA -10.60%), one of the market’s top Bitcoin mining companies, both shed more than 80% of their value this year. Should investors buy either of these beaten-down stocks as a turnaround play?

Two different approaches to the Bitcoin market

Coinbase’s cryptocurrency exchange served 8.5 million monthly transacting users (MTUs) in the third quarter of 2022. That represented a steep drop from its peak of 11.2 million MTUs in the fourth quarter of 2021.

It generates most of its revenue from transaction fees. Institutional investors accounted for 84% of its trading volume in the third quarter, while the remaining 16% came from retail investors. It provides access to a wide range of cryptocurrencies, but Bitcoin and Ether (ETH -2.10%) accounted for 31% and 33%, respectively, of its total trading volumes in its latest quarter. The remaining 36% came from other types of crypto assets.

Marathon owns a fleet of about 69,000 active ASIC miners, but it actually missed its original target of bringing 133,000 miners online by the middle of…