BTC Returns to $80,000, Crypto-Related Stocks Finally Stand Tall

Original｜Odaily Planet Daily (@OdailyChina)

Author｜Wenser (@wenser 2010 )

The crypto market continues to recover, with BTC climbing back above the $80,000 mark for the first time in over a hundred days, surging nearly 30% in the past week and fully igniting bullish sentiment.

Meanwhile, crypto-related stocks that had been trending down for months have collectively rallied, shaking off the gloom and standing tall once again on the U.S. equity stage. Stocks of DAT treasury companies, crypto exchanges, and brokerage platforms—including Strategy, Coinbase, Circle, Robinhood, Bitmine, and Sharplink—have all seen catch-up gains, with increases that are particularly striking compared to their lows in recent months, making them the spotlight of this market cycle. In this article, Odaily Planet Daily will review the representative crypto-related stocks with the strongest rebound performance for readers' reference.

Strategy: MSTR Has Rebounded Nearly 50% from 52-Week Low

Last week, as BTC approached $70,000 and triggered a massive short squeeze, U.S. crypto-related stocks rallied across the board, with Strategy (MSTR) seeing the strongest rebound, at one point surging 12.68% to $104.25.

As of writing, Strategy (MSTR) is trading at $122.63 in pre-market, up 28.13% over the past five days. Compared to its low of around $82 over the past year (52 weeks), the overall rebound stands at 49.5%.

It's worth noting that Strategy's (MSTR) stock price hit its low during the peak of market skepticism over its BTC accumulation model and STRC dividend structure, which occurred in late June. Since then, Strategy has been aggressively raising capital over the past three months through financing, share sales, and other measures to meet dividend obligations. Recently, STRC's price has also been gradually re-anchoring to around $100, currently trading at $97.21—a 29.6% gain from its historical low of around $75—plus a dividend yield of roughly 12%, making for a substantial return.

MSTR stock price trend

Bitmine: BMNR Has Rebounded 88.6% from 52-Week Low

Ethereum treasury company Bitmine recently stated that it has become the U.S. large-cap listed company with the highest correlation to Ethereum (ETH) prices. Among U.S. large-cap stocks, BMNR's correlation with ETH price movements exceeds that of other crypto-related stocks, ranking second is crypto exchange Coinbase (COIN).

On August 20, amid continued market recovery in BTC and ETH, BitMine (BMNR) at one point rose 10.72% to $20.24.

As of writing, BMNR is trading at $24.14, up 31.48% over the past five days. Compared to its 52-week low of $12.80, the overall rebound is approximately 88.6%.

As the largest ETH treasury listed company on the market, Bitmine holds as many as 5,847,600 ETH, accounting for approximately 4.8% of Ethereum's total supply. Additionally, its crypto assets, cash, marketable securities, and "Moonshot" investments total approximately $14.9 billion, including $308 million in cash and marketable securities, 210 BTC, $180 million in Beast Industries equity, and an $89 million investment in Eightco Holdings. Currently, BitMine has staked 5,067,309 ETH, representing about 87% of its holdings, worth approximately $12.4 billion, with an estimated annual staking income of around $330 million.

BMNR stock price trend

Coinbase: COIN Has Rebounded 29% from 52-Week Low

On August 20, as crypto-related stocks rallied broadly, Coinbase (COIN)—long regarded as the "representative crypto stock"—at one point rebounded 9.05% to $159.47.

Before DAT listed companies like Strategy and Bitmine, Coinbase was once hailed as the "first crypto stock" due to its unique position as a U.S. cryptocurrency exchange, attracting sustained bets from institutions including Ark Invest. However, with the listings of exchanges like Bullish and Gemini, Coinbase's uniqueness as a standalone stock has been somewhat diluted. Combined with its shrinking market share and trading volumes across the crypto industry, its stock price has remained under pressure.

As of writing, COIN is trading at $179.48, up 21.27% over the past five days. Compared to its 52-week low of $139, the overall rebound is approximately 29%.

COIN stock price trend

Circle: CRCL Has Rebounded 75.5% from 52-Week Low

On August 20, as crypto-related stocks rallied, Circle (CRCL)—listed under the banner of "the first stablecoin stock"—saw its share price rise 9.56% to $78.59. In the following days, fueled by positive news from the CLARITY Act, Circle's (CRCL) stock climbed steadily, at one point rebounding to around $92.

As of writing, CRCL is trading at $87.72, up 20.44% over the past five days. Compared to its 52-week low of approximately $50, the overall rebound is approximately 75.5%.

CRCL stock price trend

Sharplink: SBET Has Rebounded 83.7% from 52-Week Low

As the "second-largest" Ethereum DAT listed company, Sharplink's stock has also performed impressively in this strong rebound wave.

As of August 3, Sharplink's ETH holdings increased to approximately 889,000 tokens, with crypto assets valued at roughly $1.4 billion under GAAP. Notably, Sharplink's Q2 revenue grew to $11.5 million this year, but its net loss still reached a staggering $394 million; by comparison, the loss was $103 million in the same period last year. The $394 million loss includes $321 million in unrealized crypto asset losses and a $76 million impairment on staked ETH.

As of writing, SBET is trading at $8.27, up 30.24% over the past five days. Compared to its 52-week low of approximately $4.50, the overall rebound is approximately 83.7%.

SBET stock price trend

Robinhood: HOOD Has Rebounded 63.2% from 52-Week Low

Compared to other DAT treasury companies, crypto exchanges, and stablecoin leaders, Robinhood's crypto attributes are less pronounced. However, its prediction market expansion over the past two years, rising crypto trading volumes, and the official launch of Robinhood Chain this year—along with its ecosystem's native on-chain Meme coins—have made its positioning as a "crypto-related stock" indisputable.

It's worth mentioning that Robinhood's Q2 earnings report was impressive, with net revenue reaching $1.308 billion, up 32% year-over-year and hitting an all-time high; net income attributable to common shareholders reached $561 million, up 45% year-over-year; diluted earnings per share (EPS) was $0.62, beating the market expectation of $0.42. Additionally, the company's 13 business lines each surpassed $100 million in annualized revenue, and the "super finance app" is gradually moving from ambition to reality. The earlier launch of the Meme coin CashCat is also seen as a key piece in completing its "exchange + public chain + Meme coin" strategy. Based on current operating data, Robinhood's revenue performance may continue to set new records. Recommended reading: "13 Business Lines Exceed $100M Annualized Revenue: Robinhood Moves Toward a 'Super Finance App'" and "Robinhood Launches CashCat: The Next Meme Coin Factory Is Ready".

As of writing, HOOD is trading at $103.62, up 11.1% over the past five days. Compared to its 52-week low of approximately $63.50, the overall rebound is approximately 63.2%.

HOOD stock price trend

Bullish: BLSH Has Rebounded 45.8% from 52-Week Low

As a crypto exchange that listed on U.S. markets last August, Bullish's stock performance has been respectable, and thanks to its position as a U.S.-compliant exchange, it continues to attract support and capital from crypto industry heavyweights like Cathie Wood.

On August 13, Bullish published its Q2 financial results: Q2 digital asset sales volume was $32.6 billion, down from $58.6 billion in the same period last year; net loss was $280 million, versus net income of $108.3 million in the year-ago period, corresponding to a diluted loss per share of $1.78.

However, the company's core business metrics improved modestly: Q2 adjusted revenue (non-IFRS) reached $92.6 million, up 62% year-over-year from $57 million in the prior-year period; subscription, services, and other revenue hit a record $62.7 million. Adjusted trading revenue was $29.9 million, up 24% year-over-year; adjusted EBITDA was $29.5 million versus $8.1 million in the year-ago period; adjusted net income was $14.3 million, compared to a loss of $6 million in the prior-year period.

As of writing, BLSH is trading at $30.61, up approximately 24.18% over the past five days. Compared to its 52-week low of $21, the overall rebound is approximately 45.8%.

BLSH stock price trend

Hyperliquid Strategies: PURR Has Rebounded Nearly 255% from 52-Week Low

Among the crypto-related stocks with strong rebound momentum this cycle, Hyperliquid Strategies (PURR) is a rather unique one. Thanks to the standout performance of Hyperliquid and the HYPE token during the market downturn, PURR has carved out its own independent trend.

Moreover, according to Q2 13F disclosures, numerous investment funds, family offices, and institutions have actively or passively bought PURR shares to gain exposure to the Hyperliquid ecosystem and the "compliant on-chain perpetual DEX platform entering the U.S." angle. Combined with recent positive news about heightened attention from U.S. regulators toward Hyperliquid, PURR's stock has continued to climb. For more details, see "From Hedge Funds to Family Offices: Who Is Quietly Adding HYPE Exposure Through PURR?"

As of writing, PURR is trading at $10.64, up approximately 52.87% over the past five days. Compared to its 52-week low of $3, the overall rebound is approximately 254.6%.

PURR stock price trend

Summary: Going with the Leaders Is Always the Best Strategy

Looking at the price performance of the crypto-related stocks above, we can identify some rough patterns based on when price lows occurred and the strength of the rebounds:

First, buying leader stocks at their lows is always the best choice. Like many investment institutions, their screening universe is typically limited to 3–5 leading stocks, including Strategy, Bitmine, and Circle.

Second, the 52-week price lows for crypto-related stocks like Strategy, Bitmine, Sharplink, and Bullish almost all occurred around June 25–26, marking a cyclical market bottom; while crypto-related stocks less affected by BTC and ETH price swings—such as Coinbase, Circle, and Robinhood—hit their lows in February of this year, when market panic reached a cyclical peak. There is also a degree of cross-referencing value among these stocks.

Third, despite the recent strong market rebound—with BTC up nearly 30% in a single week and ETH up over 30%—many crypto-related stocks remain significantly below their 52-week highs, with numerous names still down over 50% or even more than 100%. This also suggests that the market still has a ways to go before returning to previous peaks.

Finally, in terms of profitability beyond the cycle or the projects themselves, PURR has seen the strongest rebound from its low, with the highest percentage gain; Robinhood's rebound is also respectable and worth long-term attention.

Additionally, judging by the degree of price recovery in BTC and ETH, in a sense, many crypto-related stocks are essentially acting as "leveraged plays on BTC and ETH." Through market competition and natural selection, the crypto-related stocks still standing at the table are themselves already the best of the best.