When Bitcoin surges, savvy investors don’t just watch the price of BTC tick upward — they watch a carefully curated watchlist of stocks that move in lockstep with crypto’s flagship asset. These stocks, known as Bitcoin proxy stocks, offer a way to gain leveraged or direct exposure to Bitcoin through traditional brokerage accounts, 401(k) plans, and tax-advantaged retirement vehicles.
But not all Bitcoin proxy stocks are created equal. Some, like MicroStrategy, use aggressive financial leverage to amplify Bitcoin’s moves. Others, like spot Bitcoin ETFs, offer pure 1:1 exposure. And a third category — crypto miners, exchanges, and fintech platforms — correlate with Bitcoin through operational dependence rather than direct treasury holdings.
Understanding which stocks move with Bitcoin, and why they move the way they do, is critical for anyone trying to build a crypto-adjacent portfolio without directly buying and storing Bitcoin. Whether you’re asking “is it better to invest in MSTR or Bitcoin” or trying to understand what happens to crypto stocks when Bitcoin crashes, the answers lie in the financial architecture of the companies below.
Here are 10 Bitcoin proxy stocks, ranked by their mechanism of correlation, treasury size, and leverage profile.
What Are Bitcoin Proxy Stocks?
Bitcoin proxy stocks are publicly traded companies whose stock prices correlate strongly with Bitcoin’s price movements, either because they hold Bitcoin on their balance sheets, generate revenue from Bitcoin-related operations, or provide infrastructure for the crypto economy. These stocks allow investors to gain exposure to Bitcoin through traditional stock markets without directly purchasing cryptocurrency. Common types include leveraged Bitcoin treasury companies (like MicroStrategy), spot Bitcoin ETFs (like iShares Bitcoin Trust), crypto exchanges (like Coinbase), Bitcoin miners (like MARA Holdings), and fintech platforms that facilitate crypto transactions (like Block and Robinhood).
Understanding Correlation: Investors use the correlation coefficient — a statistical measure between -1.0 and +1.0 — to gauge how closely a stock moves with Bitcoin. A correlation of +1.0 means perfect lockstep. However, many Bitcoin proxy stocks exhibit what’s called “high beta,” meaning they don’t just mirror Bitcoin’s moves — they amplify them, sometimes moving 1.5x to 3x the magnitude of Bitcoin’s daily changes.
10 Bitcoin Proxy Stocks: Quick Comparison
| Stock | Ticker | BTC Holdings (approx.) | Proxy Type | Beta / Leverage |
|---|---|---|---|---|
| MicroStrategy | MSTR | 713,502 BTC | Leveraged Treasury | High (2–3x Bitcoin) |
| iShares Bitcoin Trust | IBIT | N/A (1:1 exposure) | Spot ETF | ~1.0x Bitcoin |
| Robinhood Markets | HOOD | Minimal treasury | Crypto Trading Platform | Moderate (1–2x) |
| Coinbase Global | COIN | 9,000+ BTC (custodial) | Exchange & Custodian | High (2–3x Bitcoin) |
| MARA Holdings | MARA | 53,250 BTC | Miner + Treasury | Very High (3–4x) |
| Block, Inc. | SQ | 8,780 BTC | Fintech + Treasury | Moderate (1–2x) |
| Strive (Semler) | ASST | 12,797 BTC | Corporate Treasury | High (2–3x) |
| Trump Media & Tech | DJT | 11,542 BTC | Treasury + Politics | Extreme (volatile) |
| Cosmos Health | COSM | Multi-asset treasury | Diversified Crypto | Moderate-High |
| Genius Group | GNS | 180 BTC (active trading) | Micro-cap Treasury | Extreme (high volatility) |
The Two Titans: Leveraged vs. Spot Exposure
1. MicroStrategy (MSTR) — The Leveraged Bitcoin Proxy That Amplifies Every Move
MicroStrategy is not merely a Bitcoin proxy stock; it is an active financial instrument specifically engineered to outperform the asset it holds. This is what separates MSTR from every other entry on this list — it uses sophisticated debt structures to create leverage that spot ETFs cannot replicate.
Why MSTR is “leveraged”: As of early 2026, MicroStrategy held approximately 713,502 BTC, acquired at a total cost of roughly $54.26 billion. By issuing convertible senior notes (often at 0% interest) and preferred stock, the company creates what it calls “BTC Yield” — a proprietary KPI that measured 22.8% for 2025. This financial engineering allows MSTR to accrete more Bitcoin per share over time, creating a multiplier effect that a passive fund cannot match.
The premium factor: Because of this leverage and market positioning, MSTR often trades at a massive premium to its Net Asset Value (NAV) — sometimes as high as 2.4x the value of its underlying Bitcoin holdings. When Bitcoin rallies, MSTR typically moves 2–3 times the magnitude of Bitcoin’s daily change. When Bitcoin falls, the reverse is also true, making MSTR the highest-beta Bitcoin proxy stock on public markets.
Best for: Investors who want maximum amplified exposure to Bitcoin and believe in both Bitcoin’s long-term appreciation and the persistence of MSTR’s NAV premium. Not suitable for conservative portfolios or those with low volatility tolerance.
2. iShares Bitcoin Trust (IBIT) — The Pure Spot Bitcoin Proxy Without Leverage
If MicroStrategy is the leveraged option, iShares Bitcoin Trust (IBIT) is the vanilla alternative. IBIT is a spot Bitcoin ETF that holds Bitcoin at a 1:1 ratio with no corporate leverage, operational risks, or ability to issue debt to amplify exposure.
Why it’s “spot”: IBIT offers pure, unadulterated exposure to the spot price of Bitcoin with a management fee typically around 0.25% annually. Its correlation to Bitcoin is mathematically designed to be 1.0 — it will not outperform Bitcoin after fees, but it will never face the “premium collapse” risk that MSTR carries if market sentiment sours.
If Bitcoin rises 10% in a day, IBIT will rise approximately 10% (minus fees).
The correlation guarantee: Unlike MSTR, where the stock price is influenced by both Bitcoin’s price and the market’s willingness to pay a premium for leverage, IBIT’s price is a direct function of Bitcoin’s spot price. If Bitcoin rises 10% in a day, IBIT will rise approximately 10% (minus fees). This makes it the benchmark for “pure” Bitcoin proxy exposure.
Best for: Retirement accounts (IRAs, 401(k)s), conservative investors who want Bitcoin exposure without amplification risk, and anyone seeking tax-efficient Bitcoin holdings without direct custody.
The Operational Proxies: Revenue Tied to Bitcoin Activity
3. Robinhood Markets (HOOD) — The Retail Gateway Bitcoin Proxy Stock
Robinhood has become a primary venue for retail crypto adoption in the United States, making it a Bitcoin proxy stock through operational correlation rather than treasury holdings. When Bitcoin rallies, retail trading volumes surge, directly boosting Robinhood’s transaction-based revenue.
As of Q4 2025, the platform reported record revenues of $1.28 billion, driven significantly by crypto transaction fees. Unlike MicroStrategy, which benefits from Bitcoin appreciation through asset value, HOOD benefits from Bitcoin volatility — the more Bitcoin moves, the more retail traders buy and sell, and the more fees Robinhood collects.
The correlation mechanism: HOOD’s stock price correlates with Bitcoin primarily during high-volatility periods. In flat or low-volume markets, HOOD’s correlation weakens as users shift to stock trading or options. But during Bitcoin bull runs, when crypto dominates retail attention, HOOD acts as a high-beta proxy to the entire crypto market cap, not just Bitcoin alone.
Best for: Investors who want exposure to retail crypto adoption trends without holding crypto directly. HOOD also offers diversification benefits through its stock and options trading revenue, making it less purely dependent on Bitcoin than MSTR or IBIT.
4. Coinbase Global (COIN) — The Infrastructure Bitcoin Proxy Stock
Coinbase acts as the custodian for the vast majority of spot Bitcoin ETFs (including IBIT), making it the literal vault of the institutional Bitcoin economy. This dual role — both retail exchange and institutional custodian — makes COIN a uniquely leveraged Bitcoin proxy stock.
In bullish cycles, Coinbase captures fees on both retail trading and institutional custody, acting as a high-beta play on the sector’s total market cap. When Bitcoin rallies, two things happen simultaneously: retail trading volumes spike (boosting transaction fees) and institutional inflows into Bitcoin ETFs accelerate (boosting custody fees). This creates a compounding revenue effect that often causes COIN to move 2–3 times the magnitude of Bitcoin’s daily changes.
The custody advantage: Unlike exchanges that only profit from trading activity, Coinbase earns recurring revenue from custody services. As long as institutional Bitcoin ETFs exist and continue growing their assets under management, Coinbase receives a steady stream of custody fees regardless of Bitcoin’s price volatility.
Best for: Investors who believe in the long-term growth of institutional Bitcoin adoption and want leveraged exposure to both retail and institutional crypto activity. COIN is essentially a bet on the entire crypto economy’s velocity, not just Bitcoin’s price.
The Miner and Treasury Hybrids
5. MARA Holdings (MARA) — The Industrial Bitcoin Miner Proxy Stock
Formerly Marathon Digital, MARA has pivoted from pure mining operations to a hybrid “HODL-first” treasury strategy. As of early 2026, the company holds over 53,250 BTC on its balance sheet — making it one of the largest corporate Bitcoin holders globally outside of MicroStrategy.
Unlike MSTR, which buys Bitcoin with borrowed capital, MARA produces its own Bitcoin through industrial-scale mining operations. This creates a unique risk-return profile: when Bitcoin rallies, MARA benefits from both the appreciation of its existing treasury and increased mining profitability. When Bitcoin falls, MARA faces a double hit — lower asset value and reduced mining margins.
The operational leverage factor: Bitcoin mining is a capital-intensive business with fixed costs (electricity, hardware depreciation, facility leases). When Bitcoin’s price rises above the cost of production, miners experience explosive margin expansion. When it falls below breakeven, losses accelerate rapidly. This operational leverage makes MARA one of the highest-beta Bitcoin proxy stocks, often moving 3–4 times the magnitude of Bitcoin’s daily price changes.
Best for: Aggressive investors who want maximum Bitcoin exposure and are comfortable with extreme volatility. MARA is not suitable for conservative portfolios or investors with short time horizons.
6. Block, Inc. (SQ) — The Fintech Bitcoin Proxy Stock With Diversified Revenue
Jack Dorsey’s Block (formerly Square) integrates Bitcoin into its Cash App ecosystem and holds approximately 8,780 BTC on its balance sheet as of February 2026. Unlike pure treasury companies, Block uses Bitcoin as a functional rail for financial empowerment, not just as a speculative asset.
Cash App allows users to buy, sell, and send Bitcoin directly within the app, generating transaction fees for Block. Additionally, Block’s merchant payment processing business increasingly supports Bitcoin payments, creating a secondary revenue stream tied to Bitcoin adoption.
Why the correlation is “softer”: Block’s correlation to Bitcoin is somewhat dampened by its diversified revenue streams. The company generates significant income from point-of-sale hardware (Square terminals), peer-to-peer payments (Cash App P2P), and stock trading services. During periods when Bitcoin is flat or declining, Block’s stock can still perform well if its core fintech businesses are growing.
Best for: Investors who want moderate Bitcoin exposure combined with exposure to the broader fintech and digital payments sector. SQ is a “softer” Bitcoin proxy stock than MSTR or MARA, making it suitable for more balanced portfolios.
The Corporate Treasury Pivots
7. Strive, Inc. (ASST) — The Healthcare Company Turned Bitcoin Proxy Stock
Following its acquisition of Semler Scientific, Strive became the 11th largest corporate Bitcoin holder globally, with a treasury of 12,797.9 BTC. Originally a medical device company focused on vascular testing equipment, Strive pivoted to a “Bitcoin Treasury” model explicitly to combat healthcare sector inflation and currency debasement.
This stock now moves less on medical device sales and more on the market Net Asset Value (mNAV) of its digital hoard. The company follows a MicroStrategy-inspired playbook: raise capital through debt and equity, convert it to Bitcoin, and measure success through “Bitcoin per share” rather than traditional earnings metrics.
The pivot risk: Companies that pivot from their core business to Bitcoin treasury strategies carry execution risk. If management fails to maintain its original operations while simultaneously managing a volatile crypto treasury, the stock can underperform both its legacy sector and pure Bitcoin proxies. However, if executed well, these pivots can unlock significant value for shareholders who were previously trapped in low-growth legacy businesses.
Best for: Speculative investors looking for undervalued Bitcoin proxy stocks outside the obvious names like MSTR. Strive’s smaller market cap means higher volatility but also higher potential upside if the Bitcoin treasury strategy gains market recognition.
8. Trump Media & Technology Group (DJT) — The Political Bitcoin Proxy Stock
In a unique convergence of politics and finance, Trump Media reported holding 11,542 BTC (valued over $1 billion) by late 2025. The company launched a crypto treasury subsidiary called “Trump Media Group CRO Strategy” to accumulate tokens including Bitcoin and Cronos (CRO).
DJT stock behaves as a hyper-volatile Bitcoin proxy stock influenced by two independent variables: Bitcoin’s price action and political polling data related to Donald Trump’s political fortunes. This dual correlation creates extreme volatility — when both Bitcoin and Trump-related political sentiment are positive, DJT can surge dramatically. When either variable turns negative, the stock can collapse equally fast.
The reflexive correlation: Unlike pure treasury plays, DJT’s stock price is “reflexive” — meaning it responds to media narratives, political events, and Bitcoin price action simultaneously. This makes it one of the most difficult Bitcoin proxy stocks to analyze using traditional fundamental methods.
Best for: Only suitable for highly speculative traders who understand and accept extreme volatility. Not recommended for long-term investors or those seeking stable Bitcoin exposure.
9. Cosmos Health (COSM) — The Diversified Crypto Proxy Stock
Cosmos Health secured a $300 million financing facility specifically to build a digital treasury comprising Bitcoin, Ethereum, and Solana. By explicitly allocating capital to a “basket” of crypto assets rather than just Bitcoin, COSM acts as a proxy for the broader digital asset market — often called the “Total 3” index (total crypto market cap excluding Bitcoin and Ethereum).
This diversification strategy creates a different risk-return profile than pure Bitcoin proxy stocks. When Bitcoin outperforms altcoins, COSM may underperform MSTR. When altcoins rally harder than Bitcoin (as often happens in late-stage bull markets), COSM may outperform pure Bitcoin exposure.
Best for: Investors who want crypto exposure beyond just Bitcoin and believe in a multi-chain future where Ethereum and Solana capture significant value alongside Bitcoin. COSM is a bet on the entire crypto economy, not just Bitcoin’s dominance.
10. Genius Group (GNS) — The Micro-Cap Bitcoin Proxy Stock
Adopting a “Bitcoin-first” treasury strategy, Genius Group committed to a long-term target of holding 10,000 BTC. As of late 2025, the company actively traded its treasury, booking profits to fund operations while holding approximately 180 BTC.
GNS represents the “micro-cap” high-volatility Bitcoin proxy stock category, where even small purchases of Bitcoin can drastically alter the company’s market valuation. With a market cap far smaller than MicroStrategy, MARA, or Coinbase, GNS exhibits extreme price sensitivity to Bitcoin — a $10,000 move in Bitcoin’s price can cause GNS to move 20–30% in a single day.
The liquidity risk: Micro-cap Bitcoin proxy stocks like GNS carry significant liquidity risk. Low trading volumes mean wide bid-ask spreads and the potential for sharp price dislocations that don’t reflect fundamental value. Investors can face difficulty exiting positions during volatile periods.
Best for: Only suitable for experienced traders comfortable with illiquid, high-volatility positions. GNS should represent at most a very small percentage of any portfolio and is not appropriate for risk-averse investors.
Which Bitcoin Proxy Stock Is Right for You?
The choice between Bitcoin proxy stocks depends entirely on your risk tolerance, time horizon, and what you’re trying to achieve. If you want pure Bitcoin exposure with minimal corporate risk, IBIT is the clear choice. If you want maximum leverage and are comfortable with extreme volatility, MSTR or MARA may be appropriate. If you want exposure to Bitcoin’s growth while maintaining diversification into related fintech businesses, COIN, HOOD, or SQ offer compelling middle-ground options.
Understanding that these stocks are not perfect substitutes for Bitcoin itself is critical. Each carries its own unique risks — management execution risk, leverage risk, regulatory risk, and in some cases, political or reputational risk. But for investors who cannot or prefer not to hold Bitcoin directly, these 10 Bitcoin proxy stocks offer legitimate pathways to crypto exposure through traditional investment accounts.
Bitcoin Proxy Stocks: Investment Decision Framework
| Investor Profile | Best Bitcoin Proxy Stocks | Why |
|---|---|---|
| Conservative / Retirement Accounts | IBIT | Pure spot exposure, low fees, 1:1 correlation |
| Aggressive / Maximum Leverage | MSTR, MARA | 2–4x Bitcoin beta, leveraged treasury strategies |
| Balanced / Fintech Exposure | COIN, HOOD, SQ | Bitcoin correlation plus diversified revenue streams |
| Speculative / High Risk Tolerance | DJT, GNS, ASST | Micro-cap volatility, unconventional treasury pivots |
| Multi-Asset Crypto Exposure | COSM | Diversified across Bitcoin, Ethereum, Solana |
Frequently Asked Questions About Bitcoin Proxy Stocks
Who holds the most Bitcoin among publicly traded companies?
MicroStrategy (MSTR) is the largest publicly traded corporate Bitcoin holder with approximately 713,502 BTC as of early 2026, acquired at a total cost of roughly $54.26 billion. MARA Holdings is second among miners with over 53,250 BTC, followed by Strive (12,797 BTC), Trump Media (11,542 BTC), and Block (8,780 BTC).
Is it better to invest in MSTR or Bitcoin directly?
MSTR offers leveraged Bitcoin exposure — when Bitcoin rises, MSTR typically rises 2–3x faster due to its NAV premium and debt leverage. However, the reverse is also true in downturns. Buying Bitcoin directly gives you pure price exposure with no corporate risk, no NAV premium erosion risk, and no dilution from share issuance. MSTR suits investors who want amplified exposure within traditional brokerage accounts; direct Bitcoin suits those who want straightforward exposure without corporate leverage. For a detailed breakdown of how MicroStrategy’s financial engineering works, see our complete guide to the MicroStrategy Bitcoin strategy.
Can MSTR reach $1,000 per share?
MSTR’s stock price is primarily a function of two variables: Bitcoin’s price and the NAV premium the market assigns to MSTR’s treasury. If Bitcoin reaches $200,000+ and the NAV premium remains at 2–2.4x, MSTR could mathematically reach $1,000+. However, this requires both sustained Bitcoin appreciation and continued market willingness to pay a premium for leveraged exposure. Neither is guaranteed.
What happens to MSTR if Bitcoin goes to $200K?
If Bitcoin reaches $200,000, MicroStrategy’s 713,502 BTC holdings would be worth approximately $142.7 billion. At the historical NAV premium of 2.4x, MSTR’s market cap could theoretically reach $342 billion — substantially higher than its current valuation. However, at extreme Bitcoin valuations, the NAV premium could compress as investors question whether leverage is still necessary, potentially limiting MSTR’s upside relative to Bitcoin itself.
How risky are Bitcoin proxy stocks compared to Bitcoin?
Bitcoin proxy stocks carry additional risks beyond Bitcoin’s price volatility: management execution risk (bad decisions can destroy shareholder value), leverage risk (debt obligations can force liquidations), regulatory risk (SEC enforcement actions against crypto businesses), and liquidity risk (especially in micro-cap names). The trade-off is accessibility — Bitcoin proxy stocks can be held in retirement accounts, bought with margin, and traded during stock market hours, while direct Bitcoin requires setting up crypto accounts and managing custody.
What’s the difference between a Bitcoin ETF and Bitcoin proxy stocks?
A spot Bitcoin ETF like IBIT holds actual Bitcoin and offers 1:1 price exposure with minimal fees. Bitcoin proxy stocks like MSTR, COIN, and MARA are operating companies that either hold Bitcoin on their balance sheets or generate revenue from Bitcoin-related activities. ETFs offer pure, passive exposure; proxy stocks offer leveraged or operational exposure with additional corporate risks and potential upside.
Research Sources
- MicroStrategy (Strategy). Q4 2025 Earnings Report and Bitcoin Holdings Update. SEC EDGAR — MSTR Filings. February 2026.
- Bitcoin Treasuries. (2026). Public Companies Holding Bitcoin — Ranked List. bitcointreasuries.net.
- Robinhood Markets, Inc. Q4 2025 Shareholder Letter. Revenue figure: $1.28 billion. investors.robinhood.com. February 2026.
- Coinbase Global, Inc. (2026). Institutional Custody and ETF Custodian Holdings. SEC EDGAR — COIN Filings.
- MARA Holdings (formerly Marathon Digital). Bitcoin Treasury and Mining Production Report, Q4 2025. ir.mara.com.
- Block, Inc. (2026). Bitcoin Holdings and Cash App Crypto Activity. SEC Form 10-K Annual Report. investors.block.xyz.
- Strive, Inc. / Semler Scientific. (2025). Bitcoin Treasury Acquisition Strategy Announcement. Press Release, October 2025.
- Trump Media & Technology Group. (2025). Trump Media Group CRO Strategy — Crypto Treasury Subsidiary Launch. Form 8-K Filing, November 2025.
- Cosmos Health Inc. (2025). $300 Million Digital Asset Treasury Financing Facility. SEC Form 8-K, December 2025.
- Genius Group Limited. (2025). Bitcoin-First Treasury Strategy and Active Trading Policy. Investor Update, Q4 2025.
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