As the week comes to a close, financial stocks with a market capitalization exceeding $2 billion have charted an impressive path of gains. This surge has been led by a motley crew of financial stalwarts, including two cryptocurrency-related firms, a couple of insurers, and a prominent retail trading platform.

Notably, the Financial Select Sector SPDR ETF (NYSEARCA:XLF) surged by 1.4%, outpacing the S&P 500’s 0.4% decrease for the week ended Feb. 16.

One standout among the gainers was CleanSpark (NASDAQ:CLSK), a Bitcoin mining company, which soared by an impressive 28%. This surge was spurred by Bitcoin’s enduring bull run and CleanSpark’s expanding operational footprint in Sandersville, Georgia, resulting in a notable increase in hashrate.

Meanwhile, Coinbase Global (NASDAQ:COIN), a leading cryptocurrency exchange, jumped 27% buoyed by Bitcoin’s extended uptrend and the company’s robust Q4 earnings, which exceeded expectations. Notably, KBW turned notably more bullish on COIN after the firm posted its first quarterly profit in almost three years.

Mercury General Corp. (NYSE:MCY), focusing on personal auto insurance, notched an impressive 25% gain after reporting stronger-than-expected earnings and revenue for Q4. Similarly, the trading app Robinhood Markets (NASDAQ:HOOD) surprised the market with a profitable Q4, propelling its stock price up by 21.2%.

Rounding out the top five gainers is Kinsale Capital Group (NYSE:KNSL), a property and casualty insurer, which recorded a substantial 20.5% gain driven by Q4 earnings that surpassed Wall Street’s projections.

On the flip side, AI-driven lending platform Upstart (NASDAQ:UPST) bore the brunt of negative market sentiment, plummeting by 22.7% after its 2024 revenue guidance fell short of Wall Street expectations. Additionally, Brighthouse Financial (NASDAQ:BHF) stumbled by 9.6% post its Q4 earnings, which failed to meet analysts’ estimates.

Moody’s (NYSE:MCO) also experienced a downward trajectory, with a decline of 8.5%, driven by weaker-than-expected 2024 guidance and lackluster Q4 earnings. Meanwhile, Freedom Holding (NASDAQ:FRHC), a Kazakhstan-based investment bank and brokerage, saw a 4.5% dip, and financial data company FactSet Research Systems (NYSE:FDS) grappled with a 4% loss by the close of the week.