Introduction

Cryptocurrency and blockchain technology have redefined the financial markets and driven the development of related industries. Crypto-related stocks provide investors with an indirect way to participate in this field, covering areas such as asset-driven companies, mining, trading platforms, and infrastructure. This article will analyze the classification of global crypto-related stocks and representative companies.

Over the past decade, cryptocurrency has evolved from a niche experiment to a significant part of the global financial system. In 2024, with the political elections and Trump’s victory, Coinbase and mining stocks surged, and Bitcoin surpassed $100,000 to reach a new all-time high.

Recent innovations in blockchain technology have driven market expansion, increasing the market value of related companies. The involvement of investment institutions and the listing of Bitcoin ETFs have brought regulatory benefits, transforming cryptocurrency from a niche market into an emerging sector that aligns with traditional capital markets.

Bitcoin ETF Overview

The Grayscale Bitcoin Trust (GBTC), led by Grayscale, serves as a bridge for traditional investors to enter the crypto market, allowing general investors outside the crypto space to participate in the crypto world’s financial activities. According to Coinglass data, as of the close on January 6, 2025, the total assets under management (AUM) of Bitcoin ETFs reached approximately $113.6 billion, with a total trading volume of about $2.75 billion.

Among these, the Grayscale Bitcoin Trust ETF (GBTC) manages assets of around $20.2 billion, while the IBIT (iShare Bitcoin Trust) managed by BlackRock has assets exceeding $54 billion. This demonstrates the strong interest and confidence traditional investors have in cryptocurrency as an emerging asset class.

Source: https://www.coinglass.com/zh-TW/bitcoin-etf

In addition to Bitcoin ETFs, cryptocurrency-related stocks have also increased in recent years. As more companies recognize the immense potential brought by blockchain technology, they are actively incorporating it into their strategic plans. This undoubtedly accelerates the digital transformation of businesses, and the capital market also has the opportunity for greater development potential driven by blockchain. Therefore, this article will outline the global cryptocurrency-related stocks to help investors gain a better understanding.

Classification of Crypto-Related Stocks

As of February 2025, the cryptocurrency market’s total capitalization is $3.15 trillion. According to data from BitcoinTreasuries, 160 entities hold Bitcoin, with 79 of them being publicly listed companies, representing half of the total entities.

Source: https://bitcointreasuries.net/

Data from the treasuries.bitbo.io database also shows that Bitcoin holdings are concentrated in ETFs, national reserves, and listed companies. This once again highlights the strong interest from institutions and governments in cryptocurrency and its increasing alignment with traditional finance.

Source: http://treasuries.bitbo.io/

With the structural changes in the market, global crypto regulations are accelerating in 2025. Influenced by Trump’s policies and the development of AI, investors are shifting toward the fields of artificial intelligence, crypto payments, RWA (Real-World Assets), and DeFi.

More and more companies are incorporating cryptocurrencies into their asset allocation and integrating innovative elements such as AI, green energy, and payments into their existing businesses. Based on this, I have reorganized the 79 crypto-related listed companies into six categories, referring to the classification by Waterdrop Capital, and selected representative companies from each category to analyze their current characteristics.

(Classification reference from https://www.theblockbeats.info/news/55855)

Six Major Types of Crypto-Related Stocks

Based on their business models and relevance to cryptocurrencies, I have categorized crypto-related stocks into the following six types, listing representative companies and their specific business directions. The six categories are: asset-driven, cryptocurrency mining, trading platforms and payment services, blockchain technology and infrastructure, AI and crypto integration, and hybrid businesses.

Six Major Types of Crypto-Related Stocks

1. Asset-Driven Crypto-Related Stocks

Asset-driven companies treat Bitcoin and other cryptocurrencies as significant asset allocations, leveraging their value growth to enhance the company’s net worth and market position. These companies primarily use Bitcoin in two ways:

1) Treating Bitcoin as a core asset to increase the company’s capital value.

2) Using Bitcoin as a hedge against inflation.

The most representative companies in this category are MSTR and Metaplanet.

MicroStrategy Inc. (MSTR): The Largest Bitcoin Treasury Company

MicroStrategy officially rebranded as Strategy on February 5, 2025, changing its logo to Bitcoin orange to emphasize its position as a “Bitcoin Treasury Company.” Under the leadership of founder Michael Saylor, the company started aggressively investing in Bitcoin in 2020, becoming the earliest and largest corporate BTC holder globally. Michael Saylor is also a prominent entrepreneur and KOL in the crypto space, with his statements widely followed.

As of February 2025, MicroStrategy holds 478,740 Bitcoins, with a total value of approximately $46.33 billion, and an average purchase cost of around $65,000 per BTC. The company firmly executes its Bitcoin-based financial strategy and continues to increase its BTC holdings through convertible bond issuance and additional financing, further enhancing its influence in the crypto market.

Metaplanet Inc.: The Japanese Version of MicroStrategy

Metaplanet is Japan’s first publicly listed company to make Bitcoin its core asset. Since April 2024, the company has transformed into a Bitcoin-first strategy firm, adopting a capital model similar to that of MicroStrategy. Originally in the hospitality industry, Metaplanet attracted market attention by continuously increasing its Bitcoin holdings through its “Bitcoin-first strategy,” becoming one of the representative companies for yen-hedging assets.

• In 2024, its stock price skyrocketed by more than 4,000%, making it one of the most-watched growth stocks on the Japanese stock market.
• In February 2025, Metaplanet further invested ¥4 billion to increase its Bitcoin holdings, bringing the total to 2,031 BTC, with a Bitcoin asset value exceeding $195 million, placing it in the Top 15 of global publicly listed companies by Bitcoin holdings.
• The company uses Bitcoin to hedge against the risk of yen depreciation and plans to expand its Bitcoin financial allocation further to enhance its market competitiveness.

Summary and Investment Focus

• MicroStrategy has become the largest corporate Bitcoin holder globally with its enterprise-level BTC financial strategy, continuously increasing its holdings through debt issuance, influencing market trends.
• Metaplanet, on the other hand, is the first Bitcoin-based company in the Asian market, successfully attracting hedge funds, leading to rapid growth in its market value.
• Asset-driven crypto-related stocks are highly correlated with Bitcoin prices. A Bitcoin price surge can drive corporate valuations, but a market downturn may expose these companies to greater risks.

2. Cryptocurrency Mining Industry Concept Stocks

Cryptocurrency mining companies acquire Bitcoin by operating large mining facilities, continually optimizing energy management, equipment efficiency, and financial strategies. As the 2024 Bitcoin halving approaches, mining companies are entering a critical phase of “scaling up + cost control.” The key factors influencing company competitiveness include:

Hashrate Expansion: Enhancing mining equipment efficiency to strengthen hash power competitive advantage.

Energy Cost Management: Seeking low electricity prices and collaborating with renewable energy sources.

Financial and Capital Operations: HODL strategy vs. flexible cash flow management.

Marathon Digital Holdings (MARA): The Largest Mining Company in the US, Strengthening Asset Value Through HODL Strategy

Marathon Digital Holdings is one of the largest Bitcoin mining companies in the US, holding over 45,000 BTC, making it the global leader in Bitcoin holdings among mining companies. The company emphasizes the HODL strategy and has raised $250 million through convertible bonds to expand its mining capacity. As of February 2025, Marathon’s mining output has increased by 1,265 BTC, with a total market value of $4.435 billion, demonstrating its strategy of leveraging operations to enhance asset value.

Riot Platforms Inc. (RIOT): Low-Cost Strategy, Focusing on Cash Flow Management

Riot Platforms is another major Bitcoin mining company in the US, adopting a low-cost mining strategy with the lowest electricity costs in the industry (3.1 cents/kWh), significantly reducing operational expenses. The company holds 18,200 BTC, which is less than MARA, but its cash flow and risk management are more stable. In Q3 2024, its revenue reached $84.8 million, a 65% increase year-over-year, indicating continued improvement in operational efficiency and profitability.

Mining Market Trends and Future Challenges

1. After the 2024 Bitcoin halving, mining difficulty will increase, and only companies with high hash power and low-cost advantages will survive in the competition.
2. Energy costs remain a key factor, with both MARA and RIOT having partnered with renewable energy providers to reduce long-term electricity expenses.
3. Bitcoin market price fluctuations will continue to directly affect the financial conditions of mining companies. Companies with a HODL strategy, like MARA, may be more influenced by a bull market, while companies like RIOT, which focus on cash flow management, offer greater defensiveness.
4. Institutional capital will shape the market landscape, and companies with stronger capital strength will further increase their market share through acquisitions and technological upgrades.

3. Cryptocurrency Trading Platforms and Payment Services

With the launch of Bitcoin ETFs and the influx of institutional capital, cryptocurrency trading platforms and payment service stocks have become a market hotspot. These companies are responsible for cryptocurrency trading, payments, asset management, and clearing, playing a key role in integrating traditional finance and the blockchain economy. The main business models include exchange operations, payment solutions, institutional-level asset management, and DeFi (decentralized finance) applications, driving the circulation and popularization of digital assets.

Coinbase is the preferred exchange for institutional investors, with a 137% revenue growth in Q4 2024, mainly driven by increased institutional trading volume due to the Bitcoin ETF. The company is actively expanding Coinbase Prime to serve institutional clients and launched the Ethereum L2 network, Base, to strengthen the decentralized ecosystem.

Bakkt Holdings focuses on enterprise and institutional-level asset custody and payments. Despite facing market consolidation pressure, it has collaborated with Bank of America (BoA), Wells Fargo, and Starbucks to explore the application of digital assets in the payment sector.

Block Inc. (SQ) promotes Bitcoin payments through Cash App and has entered the Bitcoin mining equipment and self-custody wallet market. Its Bitkey hardware wallet has begun shipping and can seamlessly integrate with Cash App and Coinbase platforms.

Additionally, Ripple Labs expands banking payments and cross-border settlements with XRP. Despite facing regulatory challenges, it continues to gain adoption from major financial institutions, driving the integration of DeFi and traditional payments.

The cryptocurrency trading and payment industry is witnessing three key trends

1. Accelerated Institutional Adoption: The approval of Bitcoin ETFs has catalyzed institutional inflows, with exchanges like Coinbase seeing a significant increase in trading volumes (137% growth in Q4 2024). Platforms need to develop more institutional-grade products to maintain competitiveness.
2. Expansion of the Payment Ecosystem: Major payment companies such as PayPal, Visa, and Block Inc. are actively rolling out blockchain-based payment solutions. Bitcoin and stablecoin payments are becoming more widespread, accelerating the integration of digital assets with traditional finance.
3. Regulatory Divergence Effect: The tightening of SEC regulations is reshaping the market landscape. Compliant exchanges like Coinbase (which have obtained licenses in Hong Kong and the EU) will gain a competitive advantage, while smaller exchanges face survival pressure. Investors should closely monitor platform compliance and the development of technologies like DeFi and L2 solutions.

4. Blockchain Technology and Infrastructure Stocks

Blockchain technology and infrastructure companies focus on core areas such as underlying technology development, smart contracts, security solutions, decentralized storage, data verification, and Blockchain-as-a-Service (BaaS). These companies drive scalability, security, and efficiency within the blockchain industry, playing a key supporting role in traditional finance, enterprise applications, the Web3 ecosystem, and the foundational infrastructure for digital assets.

DMG Blockchain Solutions Inc. (DMGI.V): Blockchain Solutions and Cybersecurity

DMG Blockchain Solutions Inc. is a Canadian blockchain technology company that provides infrastructure management, mining support, cybersecurity, and compliance services. It focuses on carbon-neutral mining technologies and Mining-as-a-Service (MaaS), enabling institutions to safely participate in Bitcoin mining.

As of February 2025, it holds 423 Bitcoins and has launched Terra Pool, the world’s first carbon-neutral mining pool. To reduce its carbon footprint, the company partners with North American renewable energy providers. The company actively participates in blockchain data forensics and regulatory technologies, assisting government and enterprises with risk monitoring and collaborating with the U.S. SEC and Canada’s OSC to enhance market transparency and compliance.

DeFi Technologies (NEO: DEFI): Bridging Traditional Finance and Blockchain

DeFi Technologies focuses on the development of decentralized finance infrastructure, providing blockchain financial solutions for institutional investors. Through its subsidiary Valour Inc., it launched compliant digital asset ETP products, enabling traditional investors to participate in cryptocurrency investments via the stock market.

In January 2025, DeFi Technologies partnered with Swiss banks to launch a Bitcoin ETP, holding 204.3 BTC as reserves. Valour’s ETP products are listed on major exchanges in Germany, Switzerland, and the Nordic region, successfully opening up the European institutional investment market. In response to regulatory challenges, the company is developing DeFi products that comply with traditional financial standards, aiming to be the bridge for institutional capital entering blockchain finance.

Market Trends and Investment Focus

• Blockchain application penetration, infrastructure market expansion: As adoption rates by businesses and government agencies increase, the demand for compliant and secure infrastructure surges. BaaS services, smart contract verification, and blockchain data forensics have become the three major growth areas.
• Sustainability and compliance as key drivers: Carbon-neutral mining technologies (such as DMG’s renewable energy mining pools) align with ESG investment trends, while the DeFi sector holds a market advantage with compliant products that meet regulatory standards like MiCA (such as Valour ETP).
• Emerging technology integration creates investment opportunities: As AI and Web3 technologies deeply integrate, decentralized identity (DID), privacy computing, and blockchain security will become hot spots for next-generation infrastructure investment, offering long-term growth potential.

5. Artificial Intelligence and Crypto Integration Concept Stocks

The integration of AI and blockchain is accelerating, with companies leveraging AI for blockchain data analysis, smart contract optimization, and exploring AI-driven decentralized applications (dApps). This combination enhances network security and computational efficiency, and brings innovative applications in areas such as decentralized identity verification (DID), financial analysis, and supply chain management.

Nano Labs Ltd. (NA): Blockchain and AI Computing Infrastructure Provider

Nano Labs focuses on blockchain computing power and AI computing IC design. Its core products include high-throughput computing (HTC), high-performance computing chips (HPC), and distributed storage solutions, driving the integration of AI and Web3.

Its Cuckoo 3.0 chip is optimized for PoW mining and AI computing, effectively enhancing computing efficiency and reducing energy consumption. In addition, the company is actively developing zero-knowledge proof (ZK Proof) acceleration technology, exploring blockchain-driven AI training and data storage, positioning itself as a competitive player in the AI+Web3 field.

In December 2024, the company acquired 360 BTC and continues to hold them, demonstrating long-term confidence in digital assets. Financially, in the first half of 2024, the company reported revenue of CNY 24.7 million (approximately USD 3.5 million), a positive gross margin, and a reduced net loss of CNY 59.1 million. With the rising demand for AI and blockchain computing power, Nano Labs possesses strong technological innovation and market development potential.

KULR Technology Group (KULR): Pioneer in Sustainable Energy Storage and Thermal Management

KULR is a leading US company specializing in thermal management and energy solutions. It focuses on AI computing, high-performance computing, blockchain infrastructure, and aerospace electric vehicles. The company utilizes NASA technology to develop vibration-free fans (KULR Xero Vibe™), carbon fiber heat dissipation technology, and smart battery management systems, providing efficient heat dissipation and energy management solutions for AI data centers and Bitcoin mining machines.

KULR is actively promoting the integration of AI and blockchain technologies, improving energy efficiency through smart battery management and supply chain tracking, and collaborating with data centers and AI chip companies to expand Web3 applications.

In terms of digital asset allocation, KULR started holding Bitcoin in December 2024, accumulating 610 BTC within three months and achieving a 167.3% return through the BTC Yield program. The company supports its BTC investment through cash and ATM equity plans, showcasing its long-term confidence in crypto assets.

Market Trends and Investment Focus

1. Computing Power and Technology Integration: The deep integration of AI and blockchain computing infrastructure is advancing, with companies like Nano Labs and Nvidia developing specialized high-performance chips that serve both AI training and PoW mining, significantly improving computing efficiency and reducing energy consumption.
2. Sustainable Infrastructure: Smart energy management has become a key competitive factor, with companies like KULR offering heat dissipation and battery management systems that optimize energy usage for AI computing and mining, while also driving the commercialization of Web3 applications.
3. Security and Efficiency Enhancement: AI-driven financial innovation is accelerating, including automated smart contract audits, decentralized identity verification (DID) improvements, and AI’s integration with blockchain for predictive analytics and risk management, creating new investment opportunities.

6. Diversified Business Concept Stocks: Pioneers in Cross-Industry Integration

“Diversified business cryptocurrency concept stocks” refer to companies involved in multiple sectors, expanding their business beyond Bitcoin mining or blockchain technology into areas such as AI computing, high-performance cloud computing, machine learning, and energy management. These companies have strong infrastructure and the flexibility to adapt to market changes, reducing the volatility risk of the cryptocurrency market through diversified revenue streams while actively exploring emerging technology applications.

Among the 160 listed concept stocks, Hut 8 Mining (HUT), which holds more than 500 Bitcoin, is a prime example. In addition to Bitcoin mining, the company is actively venturing into AI computing and high-performance cloud computing, receiving investment support from Coatue, demonstrating strong growth momentum.

Hut 8 Mining (HUT): Transforming from Mining to AI Computing Leader

Hut 8 Mining, a leading Bitcoin mining company in North America, has successfully transformed by expanding into AI computing, machine learning (ML), visual effects rendering (VFX), and cloud computing. Through AI computing services, it has established a more robust business model, reducing reliance on Bitcoin market volatility.

As of February 2025, Hut 8 holds 10,208 Bitcoin (approximately $990 million), ranking among the top publicly listed crypto concept stocks. In Q3 2024, the company reported revenue of $43.7 million (up 101.38% year-over-year), net profit of $900,000, successfully turning a profit, and EBITDA of $5.6 million, showing significant financial improvement and reflecting the growth potential of its AI computing and cloud services business.

Business Diversification Strategy

• Environmentally-Friendly Mining: Expanding low-cost renewable energy mining facilities in North America.
• AI Computing Services: Providing AI training and machine learning computing power, entering the high-performance computing sector.
• Film and Television Industry Partnerships: Supporting VFX rendering and post-production, exploring commercial applications of computing power.

In the second half of 2024, Hut 8 secured investment from Coatue, further strengthening its position in the AI computing market. Moving forward, the company will deepen collaborations with AI firms, expand its AI cloud computing business, and reduce operational costs through renewable energy, enhancing its ESG (Environmental, Social, Governance) performance. As the AI industry continues to grow, Hut 8 is expected to further expand its business footprint and achieve diversified revenue streams.

Similarly, Bit Digital (BTBT) and Cango Inc. (CANG) are also undergoing business expansion and transformation.

Although Bit Digital is exploring AI and Web3 services, its core business remains Bitcoin mining, and its AI operations have not yet formed a stable revenue model, so it is still categorized as a cryptocurrency mining concept stock. If its AI business experiences significant growth in the future, it may have the potential to transition into a diversified business concept stock.

Cango Inc.’s primary business remains automotive trading and supply chain management. While the company entered the Bitcoin mining industry in November 2024, its scale is still limited. It is currently more like a traditional company attempting to venture into cryptocurrency rather than a true diversified business concept stock, so it is not included in this category at present.

Conclusion

Three Main Characteristics of Crypto Concept Stocks

1. Diversification and Integration Trends

Crypto concept stocks have expanded from being focused solely on mining, exchanges, and blockchain technology companies to encompass diverse sectors such as AI computing, data centers, Web3 infrastructure, and energy management. This not only enhances the business resilience of companies but also drives the deep integration of Web3 with traditional tech industries. For example, Canaan has transformed from an ASIC miner manufacturer into an AI chip and computing equipment company, while Hut 8 Mining has ventured into the high-performance AI computing market. This diversified layout makes investment opportunities in crypto concept stocks more abundant.

2. Rise of Corporate Bitcoin Financial Strategies

Many crypto concept stocks no longer rely solely on trading or mining revenues but hold Bitcoin directly as part of their corporate financial strategy to hedge against inflation and manage capital liquidity. For instance, MicroStrategy has become the world’s largest corporate Bitcoin holder, and Metaplanet (Japan) has replicated a similar strategy, using BTC to hedge against the depreciation of the Japanese yen. These companies’ growth potential and financial stability will be influenced by Bitcoin market prices, forming a potential risk.

3. Accelerated Fusion of AI and Web3

With the surge in demand for AI servers, crypto concept stocks are actively expanding into the high-performance computing market. For example, Hut 8 offers GPU-as-a-Service to support AI training, Nano Labs develops AI + blockchain computing chips to enhance DePIN (decentralized infrastructure), and KULR optimizes AI server and miner cooling and energy efficiency management. The mutual enhancement of AI and Web3 technologies will become an important development direction for the industry in the future.

Risks and Opportunities in Investing in Crypto Concept Stocks

Market Bubbles and Regulatory Uncertainty

Although crypto concept stocks have significant growth potential, investors must remain aware of market volatility and regulatory risks. Bitcoin prices, blockchain technology policies, and the development of AI infrastructure will directly affect the stock performance of these companies. For example:

Regulatory Challenges: Global Policy Discrepancies and Impact

One of the biggest challenges faced by crypto concept stocks is the global regulatory uncertainty. In the United States, the tightening of regulations, such as the SEC’s increased compliance requirements for exchanges and DeFi platforms, has raised compliance costs for companies like Coinbase and Kraken. While Bitcoin ETFs have been approved, the review of other crypto asset ETFs remains uncertain, influencing capital flows. Some states, such as New York, are pushing for PoW mining bans, requiring 100% renewable energy, which challenges mining operations.

In Europe, regulation is clearer. The MiCA regulation in 2024 provided a clear legal framework for digital assets, enabling companies like DeFi Technologies (NEO: DEFI) to launch compliant ETP products in countries such as Germany and Switzerland. European exchanges also show a higher acceptance of Bitcoin ETPs, making the capital markets relatively stable.

The Asian market presents a split, with Hong Kong and Singapore being more crypto-friendly, with Hong Kong implementing virtual asset exchange licenses, and Japan’s Metaplanet benefiting from Bitcoin-friendly policies. However, mainland China has fully banned cryptocurrency trading and mining, forcing miners like Bit Digital (BTBT) to shift operations to North America.

Market Cycle Influence: Dual Variables of Policy and Financialization

The Bitcoin market cycle is no longer solely influenced by halving events. Global policies and financialization have become new deciding factors. Recently, the U.S. government has proposed establishing a cryptocurrency strategic reserve, promoting Bitcoin as a national capital management asset, which could further influence its market price. At the same time, rising international economic uncertainty has increased Bitcoin’s importance as a hedge asset.

With the proliferation of Bitcoin ETFs, more institutions are entering the crypto asset market, benefiting concept stocks like Coinbase and MicroStrategy. However, this also makes their stock prices more susceptible to macroeconomic market fluctuations and regulatory policies. In the future, if regulations tighten or economic policies shift, crypto companies will face challenges in capital allocation and cash flow management.

Challenges in the Fusion of AI and Web3: Multiple Barriers of Technology, Data, and Regulation

While the fusion of AI and blockchain brings the potential for decentralized intelligent computing, it still faces numerous challenges. First, the demand for computing power and energy consumption are major bottlenecks. AI training requires immense computational resources, which puts a strain on blockchain infrastructure, making the improvement of energy efficiency crucial.

Secondly, the lack of high-quality data affects AI model training, especially in the Web3 world, where decentralized data management makes it difficult to ensure data consistency and validity. Moreover, the challenges of technology integration cannot be ignored. The application scenarios for AI and blockchain still require interdisciplinary collaboration, from optimizing smart contracts to decentralized AI training. The practical implementation of this technology still faces significant hurdles.

In terms of regulation, the uncertainty of global policies could impact the development of AI and Web3 fields. For instance, some countries impose strict regulations on AI training data, while the challenge of how decentralized applications (DApps) can comply with traditional regulations remains unresolved. Additionally, the ethical and safety challenges of human-machine integration are gaining attention, and ensuring that the autonomy of AI does not undermine the decentralized spirit of blockchain requires further exploration by the industry.

Opportunities: The Intersection of Digital Economy and Technological Innovation

Crypto concept stocks are at the heart of the digital asset financialization, AI and blockchain integration, and global payment system transformation, presenting long-term opportunities. Bitcoin has shifted from a speculative asset to an enterprise-level financial tool, with companies like MicroStrategy, Metaplanet, and Hut 8 Mining using BTC as a hedge asset, and ETFs boosting market liquidity.

The fusion of AI and blockchain creates new opportunities in the computing power market. Hut 8 provides AI computation services, Nano Labs develops AI-compatible chips, and KULR optimizes energy management. This facilitates new models such as decentralized AI training, the commercialization of computing power, and data privacy, which are pushing Web3 to be realized.

Simultaneously, the transformation of payment systems is accelerating, with companies like Visa and Mastercard testing blockchain-based payments and DeFi Technologies promoting compliant digital asset investment. With the development of stablecoins and CBDCs, crypto assets are moving toward global payment infrastructure. If more countries include Bitcoin in their national reserves, the value of related concept stocks will significantly increase.

The Past and the Future

Overall, crypto concept stocks are no longer limited to traditional Bitcoin mining or exchanges, but now cover fields such as AI, blockchain infrastructure, Web3 cloud computing, and enterprise-level capital management. Therefore, when investors consider selecting crypto concept stocks, they can focus on three key aspects:

1. Industry Trends and Company Technical Competitiveness: Choose companies with long-term competitive advantages, such as AI, computing infrastructure, and energy management, rather than those solely relying on cryptocurrency price fluctuations.
2. Bitcoin Strategy and Financial Stability: Focus on the company’s BTC holdings, debt ratio, and cash flow management to ensure that the company can maintain stable operations amid market fluctuations.
3. Regulatory Risks and Market Cycles: Monitor regulatory policy changes and the impact of market events such as Bitcoin halving and ETF approvals on the company’s business model.

Finally, as the demand for Web3 infrastructure and AI computing grows, the growth potential of crypto concept stocks remains substantial. However, investors must carefully assess the risks and opportunities to capture the maximum rewards from future market changes.