Top Bitcoin-linked and crypto-related stocks by market cap

Note: All information and examples are provided for general education about publicly listed companies with exposure to Bitcoin and digital assets. Investors should conduct their own research before making any financial decisions.

What are Bitcoin-linked and crypto-related stocks?

Bitcoin-linked and crypto-related stocks are shares of public companies whose operations or assets connect them to the digital asset economy. These equities allow investors to participate in crypto market trends through traditional exchanges, without holding tokens directly.

A company may qualify as a crypto-linked stock if it:

• Holds Bitcoin or other cryptocurrencies as part of its corporate treasury
• Earns revenue from crypto-related services such as mining, trading or custody
• Builds or supplies technology used in blockchain networks or digital asset infrastructure

While each firm’s level of exposure differs, these stocks tend to move in line with Bitcoin’s broader price cycles. When BTC rises, market interest and revenues across crypto-facing businesses often follow – and vice versa.

However, crypto stocks also introduce traditional equity considerations such as earnings, debt and management performance, meaning their share prices don’t always mirror BTC directly.

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Why are Bitcoin-linked stocks trending in 2025?

Several macro and sector-specific developments have renewed investor interest in Bitcoin-linked stocks in 2025.

The Bitcoin halving effect

The April 2024 Bitcoin halving reduced block rewards from 6.25 to 3.125 BTC, tightening new supply. Historically, halvings have preceded price recoveries, influencing valuations of miners and other crypto-exposed firms.

Spot Bitcoin ETF approvals

The introduction of US-listed spot Bitcoin ETFs in early 2024 provided new institutional pathways into the asset class. These inflows indirectly supported companies holding or building around Bitcoin.

Institutional adoption and macro shifts

Growing on-chain volumes, increasing corporate treasury allocations and signs of a Federal Reserve pivot toward looser monetary conditions have contributed to renewed ‘risk-on’ sentiment in equities. As a result, Bitcoin-linked stocks are again drawing mainstream investor attention.

Categories of crypto-linked stocks

Crypto-linked equities fall into several broad categories, depending on how their business models intersect with Bitcoin and digital assets. Each responds differently to shifts in price, regulation and market sentiment.

1. Treasury holders
Companies that allocate part of their corporate balance sheet to Bitcoin offer the most direct form of equity-based exposure. Their valuations often reflect BTC’s market movements, amplified by leverage or debt strategies.

2. Miners
Mining firms validate transactions and earn Bitcoin rewards. Their financial performance depends on BTC’s price, energy costs and network competition, making them among the most cyclical crypto-linked stocks.

3. Exchanges and infrastructure providers
Publicly listed trading platforms and service providers generate revenue from transaction fees, custody and blockchain technology solutions. Their earnings fluctuate with market activity and institutional adoption levels.

4. Technology and payments companies
Tech enablers benefit indirectly from crypto’s growth through demand for GPUs, payment integrations or blockchain-based development tools. These firms offer diversified exposure, with crypto representing only part of their overall revenue.

Each category reacts differently to Bitcoin’s market cycle – miners move fastest in either direction, treasury holders mirror BTC’s trend more closely and tech firms show the most resilience in downturns.

Top 10 Bitcoin-linked and crypto-related stocks by market capitalization (2025)

1. Coinbase (COIN)
2. MicroStrategy (MSTR)
3. Marathon Digital Holdings (MARA)
4. Galaxy Digital (GLXY)
5. Riot Platforms (RIOT)
6. Core Scientific (CORZ)
7. Bitdeer (BITD)
8. CleanSpark (CLSK)
9. Hut 8 Mining (HUT)
10. Cipher Mining (CIFR)

Note: These companies aren’t necessarily the best or only Bitcoin or crypto-related stocks to watch, but they’re among the most widely followed based on market capitalization. Market capitalization data compiled from Yahoo Finance, MarketWatch and CompaniesMarketCap.com as of November 2025.

The examples below are provided for informational purposes only – they’re not investment recommendations.

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1. Coinbase (COIN)

Coinbase (COIN) is a publicly listed cryptocurrency exchange that provides access to digital asset trading and custody. Its financial performance tends to mirror broader market conditions – with higher trading volumes and revenues during bullish cycles and slower activity during market downturns.

While Coinbase continues to diversify its operations beyond trading, it remains heavily dependent on overall crypto market sentiment and regulatory developments in the United States, which can influence both user activity and profitability.

2. MicroStrategy (MSTR)

MicroStrategy remains one of the most prominent public companies tied to Bitcoin’s performance. The firm holds more than 200,000 BTC on its balance sheet – a strategy that has effectively transformed it into a proxy for Bitcoin exposure in equity markets. Its founder-led approach and use of debt to finance purchases have amplified its sensitivity to BTC’s price movements. 

When Bitcoin rallies, MSTR often outperforms due to leverage; when Bitcoin declines, the stock can retrace sharply. The company continues to expand its analytics software business, but investor focus remains squarely on its Bitcoin holdings and related financing strategy.

3. Marathon Digital Holdings (MARA)

Marathon Digital is among the largest Bitcoin mining companies in North America. Its core business involves securing the Bitcoin network and earning rewards through high-efficiency mining operations. Marathon’s results are heavily influenced by Bitcoin’s price, mining difficulty and energy costs, making it one of the purest Bitcoin-equity plays. 

In 2025, the company has focused on scaling its hash rate and improving operational efficiency, positioning itself to capture greater block rewards as network competition intensifies.

4. Galaxy Digital (BRPHF)

Galaxy Digital operates as a diversified crypto financial services firm, offering trading, asset management, investment banking and venture capital exposure. It bridges traditional finance and digital assets, providing institutional clients with structured access to crypto markets. 

Galaxy’s performance is tied to overall digital asset activity and institutional participation, which have grown with the advent of spot Bitcoin ETFs and broader regulatory clarity. Its business model reflects the maturing intersection of finance and blockchain.

5. Riot Platforms (RIOT)

Riot Platforms operates large-scale Bitcoin mining and data infrastructure facilities across the United States. Its earnings depend on the BTC price and mining productivity, while its long-term growth strategy includes expanding renewable-powered data centers. 

Recent investments in its Texas operations have increased Riot’s total hash rate capacity, reinforcing its role as a leading US miner. The company also benefits from hosting services, which diversify revenue during periods of lower Bitcoin profitability.

6. Core Scientific (CORZ)

Core Scientific is one of the largest Bitcoin miners and hosting providers in North America. After restructuring its balance sheet, the company has refocused on scaling its mining capacity and improving profitability. It combines self-mining operations with third-party hosting, providing flexibility across market cycles. 

As network difficulty rises post-halving, Core Scientific’s access to high-efficiency infrastructure and long-term power contracts could help sustain competitive margins.

7. Bitdeer (BITD)

Bitdeer Technologies operates a global Bitcoin mining and cloud computing platform founded by former Bitmain co-founder Jihan Wu. The company provides self-mining, hosting and cloud hash rate services, allowing customers to participate in Bitcoin mining without managing hardware directly.

Bitdeer’s vertically integrated model, covering infrastructure, equipment procurement and energy management, gives it operational control and scalability advantages. Its focus on data center expansion in low-cost energy regions and partnerships with renewable energy providers supports efficient and sustainable growth.

8. CleanSpark (CLSK)

CleanSpark combines Bitcoin mining with a focus on renewable energy. It integrates sustainable power sources into its operations to lower costs and improve environmental performance – an increasingly important theme in the mining sector. 

The company’s expansion of solar and microgrid assets supports stable energy supply, giving it a cost advantage over competitors dependent on volatile grid prices. CleanSpark’s strategy positions it as one of the few mining firms aligning BTC production with long-term energy efficiency goals.

9. Hut 8 Mining (HUT)

Hut 8 is a diversified miner that operates across both Bitcoin and data center services. The company’s merger activity and infrastructure expansion have provided access to new revenue streams, including AI and cloud computing. 

While Bitcoin mining remains its foundation, Hut 8’s diversification efforts aim to balance crypto volatility with more stable enterprise contracts. This hybrid model allows it to maintain exposure to Bitcoin while gradually building recurring, service-based income.

10. Cipher Mining (CIFR) 

Cipher Mining is a US-based Bitcoin mining company focused on large-scale, energy-efficient operations. It develops and operates facilities designed to maximize hash rate performance while minimizing power costs through long-term energy contracts.

The company’s strategic sites in Texas and Ohio offer access to abundant, low-cost electricity, helping Cipher maintain competitive margins even as mining difficulty increases. With a strong balance sheet and ongoing capacity build-out, Cipher aims to solidify its position as one of the most cost-efficient public miners in North America.

Are there ETFs for Bitcoin-linked stocks?

Yes, several exchange-traded funds (ETFs) provide exposure to Bitcoin or to companies operating within the crypto ecosystem. These funds allow investors to track the performance of digital assets or crypto-linked equities through traditional markets.

Spot Bitcoin ETFs are designed to mirror Bitcoin’s market price by holding BTC directly. Crypto-equity ETFs invest in baskets of Bitcoin-related companies, such as miners, infrastructure providers, and technology firms.

Spot ETFs tend to move closely with Bitcoin’s price, while equity-based ETFs reflect both crypto market dynamics and company-specific performance factors.

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What risks should you consider with crypto-related stocks?

• Price volatility: Bitcoin’s price can experience significant swings and these moves often have an amplified effect on crypto-linked equities. When BTC enters a drawdown, for example, mining and exchange stocks in particular tend to see sharper declines as revenue expectations adjust.

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• Dilution risk: Mining companies frequently raise capital through new share issuances to fund equipment purchases, facility expansions or energy contracts. While this can support growth, it can also increase the total share count – reducing existing shareholders’ proportional ownership.
• Regulatory uncertainty: Crypto-related businesses operate within evolving legal and policy frameworks. Changes in regulation, taxation or enforcement priorities can affect market access, profitability and investor sentiment across the sector.
• Revenue concentration: Many crypto-linked firms derive a large portion of their income from Bitcoin mining, trading or custody services. This dependence means their earnings may fluctuate closely with BTC’s price cycles and transaction activity.
• Operational exposure: Energy costs, security and infrastructure reliability remain critical factors for miners, exchanges and service providers. Power price spikes, custody breaches or system downtime can materially impact financial results, even during favorable market conditions.

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4. Follow Bitcoin’s market cycle to stay informed on trends.

FAQs about Bitcoin-linked stocks

Which stocks rise with Bitcoin?
Historically, MicroStrategy, Marathon and Riot have shown strong correlation with Bitcoin’s price trends. However, this relationship can vary over time, as company performance, funding and operational factors also influence share movements.

Are crypto mining stocks profitable?
Profitability varies with Bitcoin’s price, mining difficulty and operational efficiency. When BTC prices rise faster than energy and hardware costs, margins can widen; during downturns, the same cost base can quickly compress profits.

How do BTC treasury holdings affect share price?
Corporate holders like MicroStrategy often reflect Bitcoin’s performance in their share prices, as mark-to-market accounting and investor perception tie valuations closely to BTC’s market value. This can heighten both upside and downside moves during major price shifts.

Are Bitcoin-linked stocks more volatile than BTC itself?
Often, yes. Especially among miners, where leverage, energy costs and capital intensity can magnify gains and losses. These stocks tend to react more sharply to changes in Bitcoin’s price than the asset itself.

Can I buy these stocks with Crypto.com?
Many US-listed Bitcoin-linked equities are available through Crypto.com Stocks. Availability may depend on jurisdiction and listing status.

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