Bitcoin has evolved from a niche digital asset into a mainstream financial phenomenon, drawing attention not only from crypto enthusiasts but also from traditional investors seeking exposure to its growth. While directly purchasing Bitcoin carries volatility and technical barriers for some, investing in Bitcoin-related stocks offers a regulated, accessible alternative. These companies either hold Bitcoin on their balance sheets, operate in the mining sector, or provide critical infrastructure for the crypto ecosystem.
This guide explores the top four publicly traded companies closely tied to Bitcoin’s performance—MSTR, COIN, MARA, and RIOT—and explains how they benefit from the broader adoption and price movements of BTC. We’ll also examine key risks, market trends, and investment considerations.
What Are Bitcoin-Related Stocks?
Bitcoin-related stocks refer to public companies whose business models or financial health are significantly influenced by Bitcoin's price and market dynamics. These firms fall into three main categories:
- Hardware Providers: Companies that manufacture ASIC miners or high-performance computing chips used in Bitcoin mining.
- Mining Operators: Firms engaged in Bitcoin mining operations, managing large-scale data centers and energy resources.
- Corporate Holders: Publicly listed companies that hold substantial amounts of Bitcoin as part of their treasury strategy.
Investing in these stocks allows market participants to gain indirect exposure to Bitcoin through traditional stock exchanges, often with added leverage or operational upside beyond pure price appreciation.
👉 Discover how institutional adoption is reshaping Bitcoin’s future market dynamics.
Key Risks of Investing in Bitcoin Stocks
Before diving into specific tickers, it’s crucial to understand the risks involved:
1. Bitcoin Price Volatility
Since these stocks are correlated with BTC’s price, sharp declines in Bitcoin can lead to significant drawdowns in share value—even if the company’s fundamentals remain strong.
2. Decoupling from Bitcoin Performance
Some companies generate revenue from non-crypto businesses. For example, a firm might mine Bitcoin but derive most profits from cloud services, leading to performance that doesn’t mirror BTC trends.
3. Regulatory Uncertainty
Governments worldwide are still shaping crypto regulations. Changes in tax policy, mining restrictions, or securities classification could impact operations, especially for exchanges and mining firms.
The Top 4 Bitcoin-Related Stocks in 2025
1. MSTR (MicroStrategy) – The Leveraged Bitcoin Play
MicroStrategy (NASDAQ: MSTR) is arguably the most direct proxy for Bitcoin investment among public equities. Originally a business intelligence software provider, the company pivoted under CEO Michael Saylor to adopt Bitcoin as its primary treasury reserve asset starting in 2020.
Key facts:
- Holds over 528,000 BTC, the largest corporate holder globally.
- Acquired Bitcoin primarily through debt financing, creating a leveraged position.
- Market capitalization now closely tracks BTC price movements, often amplifying gains and losses.
Because of its aggressive acquisition strategy and reliance on debt, MSTR behaves like a leveraged long bet on Bitcoin—offering higher returns during bull markets but increased risk during downturns.
👉 Learn how corporate Bitcoin adoption is changing global investment strategies.
2. COIN (Coinbase) – The Crypto Gateway
Coinbase (NASDAQ: COIN) is the largest regulated cryptocurrency exchange in the U.S. and a cornerstone of the digital asset infrastructure.
Unlike MSTR, Coinbase does not rely solely on Bitcoin’s price—it thrives on market activity. Its revenue model includes:
- Trading fees from retail and institutional users.
- Custody services for Bitcoin ETFs—Coinbase secures assets for 8 out of 11 approved U.S. Bitcoin ETF issuers, managing nearly 90% of ETF-held BTC.
- Staking, lending (where permitted), and Web3 tools.
While its stock doesn’t move one-to-one with BTC, periods of high volatility and rising trading volumes typically boost revenue. The approval of spot Bitcoin ETFs in 2024 significantly expanded Coinbase’s institutional relevance.
3. MARA (Marathon Digital Holdings) – Scaling the Mining Game
Marathon Digital Holdings (NASDAQ: MARA) ranks among the largest U.S.-based Bitcoin miners by hash rate and BTC holdings (over 46,000 BTC).
Key highlights:
- Generated $656 million in revenue in 2024, a 69% year-over-year increase.
- Focuses on sustainable mining practices, including investments in wind energy projects in Texas.
- Continuously acquires additional BTC through both mining rewards and direct purchases using cash or convertible debt.
However, MARA faces challenges tied to the Bitcoin halving cycle, which reduces block rewards every four years. To maintain profitability post-halving, miners must improve efficiency or see offsetting price increases.
FAQ: What is the Bitcoin halving?
The halving is a programmed event that cuts mining rewards in half approximately every four years. It limits supply inflation and historically precedes bull markets due to reduced selling pressure from miners.
4. RIOT (Riot Platforms) – Integrated Mining Powerhouse
Riot Platforms (NASDAQ: RIOT) operates Whinstone, the largest Bitcoin mining facility in North America, located in Texas.
What sets RIOT apart:
- Uses an integrated model combining in-house mining operations with energy management.
- Achieved $323 million in revenue in 2024, growing 19% YoY.
- Offers hashrate hosting services, allowing other entities to deploy miners at its facility for a fee—providing stable cash flow beyond volatile mining rewards.
Its ability to dynamically manage power usage based on grid demand enhances cost efficiency and sustainability, positioning RIOT as a leader in next-generation mining infrastructure.
FAQ: Can individual investors mine Bitcoin profitably today?
Direct mining is rarely profitable for individuals due to high electricity costs and competition from large-scale operations like RIOT and MARA. Most retail investors opt for indirect exposure via stocks or ETFs.
Top 10 Public Companies Holding the Most Bitcoin
The following list ranks public firms by BTC holdings, illustrating how corporate adoption continues to grow:
- MicroStrategy Inc. (MSTR) – 528,185 BTC
- Marathon Digital Holdings (MARA) – 46,374 BTC
- Riot Platforms (RIOT) – 18,692 BTC
- Galaxy Digital Holdings (GLXY) – 15,449 BTC
- Tesla, Inc. (TSLA) – 11,509 BTC
- Hut 8 Mining Corp (HUT) – 10,237 BTC
- Block Inc. (SQ) – 8,485 BTC
- Coinbase Global (COIN) – 6,885 BTC
- CleanSpark Inc. (CLSK) – 6,154 BTC
- Metaplanet Inc. (TYO:3350) – 4,206 BTC
Source: CoinGecko
These holdings mean that even non-mining firms like Tesla and Block contribute to market sentiment when they buy or sell BTC.
Frequently Asked Questions
Q: How do Bitcoin stocks differ from holding Bitcoin directly?
A: Stocks offer exposure through regulated markets with built-in corporate structures, but include operational risks unrelated to BTC price—such as management decisions or regulatory compliance.
Q: Are Bitcoin mining stocks profitable after the 2024 halving?
A: Profitability depends on energy costs, mining efficiency, and BTC price. Efficient operators like RIOT and MARA can remain profitable if prices stay above break-even levels (~$30K–$40K range).
Q: Is MSTR a safe way to invest in Bitcoin?
A: MSTR provides leveraged exposure but carries financial risk due to its debt-funded purchases. It’s best suited for investors comfortable with volatility and long-term conviction in BTC.
Q: Does Coinbase hold customer funds?
A: Yes—Coinbase custodies user assets and plays a major role in securing ETF-linked BTC. However, users should still practice self-custody for maximum control.
Q: Can I buy these stocks through regular brokers?
A: Yes—all are listed on major U.S. exchanges and available via platforms like Fidelity, Charles Schwab, Robinhood, or international brokers.
Final Thoughts
Bitcoin-related stocks offer a strategic bridge between traditional finance and the digital asset economy. Whether you're interested in leveraged exposure via MSTR, ecosystem infrastructure via COIN, or operational mining plays like MARA and RIOT, these equities reflect broader confidence in Bitcoin’s long-term value.
Still, they come with unique risks—from regulatory shifts to technological disruption. Diversification, ongoing research, and alignment with your risk profile are essential.
👉 Explore how global financial institutions are integrating Bitcoin into portfolios today.