Stocks with deep ties to cryptocurrencies give traditional investors a way to benefit from crypto markets without owning digital coins. These companies often move in line with Bitcoin’s price and react sharply to developments in the broader crypto market.
Among them, Circle Internet Group (CRCL), Strategy (MSTR), Coinbase Global Inc. (COIN), MARA Holdings (MARA), and Riot Platforms Inc. (RIOT) are some of the most prominent names. Though their business models vary, all are heavily shaped by the ups and downs of the cryptocurrency market.
| Ticker | Primary Exposure | Mechanism |
|---|---|---|
| CRCL | Stablecoin utility | Issuing USDC, facilitating DeFi/liquidity flows |
| MSTR | Institutional Bitcoin holding | Balance sheet bitcoin holdings, on-chain shares |
| COIN | Crypto trading infrastructure | Exchange fees, custody, staking, gaming partnerships |
| MARA | Bitcoin mining | Operates mining rigs, pools, and crypto treasury holdings |
| RIOT | Bitcoin mining | Infrastructure-led mining, energy grid integration |
Table of Contents
Circle Internet Group (CRCL): Stablecoin Powerhouse
Circle is a financial technology company best known for issuing USD Coin (USDC), a digital currency backed by the U.S. dollar. Launched in 2013, the firm provides blockchain-based payment solutions and stablecoin infrastructure. Its Euro Coin (EURC) offers a similar service for the euro, catering to businesses and developers integrating digital currencies into financial applications.
USDC ranks among the top stablecoins, with a market value exceeding $62 billion. It serves as a key asset in trading, decentralized finance, and cross-border transactions. Regulatory discussions, including the proposed GENIUS Act, have placed Circle at the center of policy debates. The company’s stock has gained traction as stablecoins become more widely adopted in mainstream finance.
Read also: Circle’s Stock Surges as Senate Clears Stablecoin Bill
Strategy (MSTR): Bitcoin’s Biggest Corporate Holder
Formerly known as MicroStrategy, the company rebranded to reflect its focus on Bitcoin investments. While it still offers business analytics software, its primary strategy revolves around accumulating Bitcoin. The firm funds these purchases through debt and stock sales, amassing roughly 597,325 BTC, worth 42.4 billion.
MSTR’s stock price closely tracks Bitcoin’s performance, with a correlation that ranges from 0.6 to 0.92. Recently, the company introduced tokenized shares on the Gemini exchange, blending traditional equity with blockchain technology. This move highlights its commitment to integrating crypto into conventional financial systems.
Coinbase Global (COIN): Leading Crypto Exchange
Coinbase operates one of the largest regulated cryptocurrency exchanges, serving retail and institutional clients. The platform supports trading, staking, custody, and developer tools, including its Ethereum-based layer-2 solution, Base.
The company’s revenue depends heavily on crypto trading volumes. A recent partnership with Riot Games positions Coinbase as the official crypto exchange for major esports titles like League of Legends and VALORANT. While no tokens or NFTs are involved yet, the deal could introduce gaming audiences to crypto trading.
Marathon Digital Holdings (MARA): Bitcoin Mining Leader
MARA specializes in Bitcoin mining, using energy-efficient methods to secure the network. The company operates its own mining pools, reducing costs compared to competitors who outsource these services.
In May 2025, MARA mined approximately 950 BTC and holds over 49,000 BTC in reserves. A collaboration with Two Prime allows the firm to generate yield from part of its Bitcoin holdings. Since mining revenue is tied to Bitcoin’s price, MARA’s financial performance fluctuates with market trends.
Riot Platforms (RIOT): Mining and Energy Innovation
RIOT is North America’s largest Bitcoin miner by capacity, focusing on sustainable mining practices and energy storage solutions. The company earns revenue from block rewards and transaction fees, making its business highly sensitive to Bitcoin’s price movements.
Though separate from Riot Games, RIOT benefits from the gaming studio’s partnership with Coinbase, which promotes crypto in esports. This association underscores the growing intersection between digital assets and mainstream entertainment.
Final Words
Crypto-linked stocks offer a way to ride the volatility and momentum of digital assets without holding any coins directly. The five companies covered – CRCL, MSTR, COIN, MARA, and RIOT – each provide a unique angle on the crypto sector, from stablecoins and trading platforms to large-scale mining. Their fortunes rise and fall with Bitcoin and broader crypto trends, making them high-risk but high-reward plays.
