The cryptocurrency world is gradually adopting characteristics similar to the U.S. stock market, and now, understanding U.S. stocks is becoming essential for anyone involved in crypto.
With Bitcoin now having an ETF, it was originally just Bitcoin that closely mirrored U.S. stocks, but now people in the crypto industry are also diving into the U.S. stock market.
So, what are the crypto-stock assets that are worth paying attention to right now?
The entire crypto-stock market can be divided into four main categories:
1. Stablecoin Concept Stocks – A Benchmark: Circle
However, Circle’s premium is currently very high, and people in the crypto world are finding it hard to understand, while traditional finance investors are still aggressively pursuing it.
Besides Circle, other companies to watch include Tether (a non-public company, but USDT dominates the market) and Paxos (issuer of Pax Dollar, PayPal USD).
2. Trading Platforms – A Benchmark: Coinbase
However, Coinbase's assets have already been priced very high, and its valuation is stable with limited growth potential.
In addition to Coinbase, other companies worth keeping an eye on include Robinhood and Kraken.
Robinhood, traditionally a stock trading platform, is actively expanding into crypto and has recently acquired Bitstamp.
Kraken, a U.S. compliant exchange that has yet to go public, is planning an IPO. If successful, it could become a strong competitor to Coinbase.
3. Mining Stocks – Companies in the Bitcoin Mining Industry
Typical representatives include Riot Platforms (RIOT), Marathon Digital Holdings (MARA), and CleanSpark (CLSK).
Mining stocks are cyclical—during a bear market, they suffer substantial losses, while in a bull market, they enjoy high returns.
Since mining is dependent on computing power and energy costs, these stocks are also under pressure from environmental policies.
In the long term, Bitcoin's increasing role as a reserve asset benefits mining stocks.
4. Cryptocurrency Treasuries – Led by MicroStrategy
MicroStrategy pioneered the "fundraising-buying crypto-pumping the market" model, raising capital to buy BTC with leverage.
Other examples include Ethereum Treasuries, Solana Treasuries, TRON Treasuries, and more.
Many leading crypto companies are acquiring U.S. shell companies and raising funds from the stock market to buy crypto.
This highly tests the fundraising abilities of crypto companies, requiring them to have substantial capital, like MicroStrategy.
For example, Ethereum’s core team purchased SharpLink, and TRON's Justin Sun bought SRM Entertainment.
These two cases differ—Ethereum raised funds to purchase Ethereum, while TRON injected its stablecoins and TRX into the U.S. company, converting them into USD.
Therefore, asset types like SRM may have potential compliance risks.
Summary:
Stablecoins and trading platforms represent "infrastructure" investments, while mining stocks and cryptocurrency treasuries are more like "high-risk, high-reward" speculative assets.
The risks associated with these four types of crypto-stocks differ:
- Stablecoin concepts have the lowest risk but limited growth potential, making them suitable for institutional investors seeking stable returns.
- Trading platforms have high valuations, requiring attention to their ability to expand ecosystems, suitable for those optimistic about the long-term growth of the crypto market.
- Mining stocks are highly cyclical, needing attention to energy costs and regulatory pressures, suitable for cyclical traders but requiring position adjustments based on Bitcoin prices and energy costs.
- Cryptocurrency treasuries have the most explosive potential but also the highest leverage and regulatory risks, suited for high-risk speculative investors and requiring detailed research into the company's fundraising capabilities.
Crypto-stocks are merging, with stock assets being tokenized and crypto-assets being listed. The liquidity of both markets is now becoming more interconnected.