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 returning above the $80,000 mark after more than 100 days, surging nearly 30% over the past week and fully igniting bullish sentiment among investors.

Meanwhile, crypto-related stocks that had been declining for months staged a collective rebound, shaking off the gloom and standing tall once again on the U.S. equity stage. DAT treasury companies and crypto exchange/brokerage platform stocks including Strategy, Coinbase, Circle, Robinhood, Bitmine, and Sharplink all posted gains, with impressive rallies relative to their lows over the past few months, making them the standout performers of this cycle. In this article, Odaily Planet Daily takes stock of the most representative crypto-related stocks with the strongest rebound performance for readers' reference.

Strategy: MSTR Rebounds Nearly 50% from 52-Week Low

Last week, as BTC approached the $70,000 mark and triggered a wave of long squeezes, U.S. crypto-related stocks rallied across the board, with Strategy (MSTR) posting the strongest rebound, rising as much as 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 with the low of around $82 over the past year (52 weeks), the overall rebound stands at 49.5%.

It is worth noting that the low point of Strategy (MSTR)'s stock price coincided with the peak of market skepticism over its BTC accumulation model and STRC dividend model in late June. Since then, Strategy has been aggressively raising capital over the past three months through financing and share sales to meet dividend obligations. Recently, STRC has also been gradually re-anchoring to around $100, currently trading at $97.21, representing a 29.6% gain from its historical low of around $75. Combined with a dividend yield of approximately 12%, the returns are quite substantial.

MSTR share price trend

Bitmine: BMNR Rebounds 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) price, and among large-cap U.S. stocks, BMNR shows the strongest correlation with ETH price movements among crypto-related stocks, followed by crypto exchange Coinbase (COIN).

On August 20, as BTC and ETH markets continued to recover, BitMine (BMNR) rose as much as 10.72% to $20.24.

As of writing, BMNR is trading at $24.14, up 31.48% over the past five days. Compared with the 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 approximately 5.8476 million ETH, accounting for about 4.8% of the total ETH supply. Additionally, its combined 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 approximately 87% of its holdings and valued at around $12.4 billion, with estimated annual staking income of approximately $330 million.

BMNR share price trend

Coinbase: COIN Rebounds 29% from 52-Week Low

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

Before DAT-listed companies such as Strategy and Bitmine, Coinbase was once considered the "top crypto concept stock" due to its unique position as the leading U.S. cryptocurrency exchange, attracting sustained bets from institutions including Ark Invest. However, with the listings of exchanges such as Bullish and Gemini, Coinbase's uniqueness as a listed stock has been somewhat diluted. Coupled with its shrinking market share and trading volume across the broader crypto industry, the stock has remained under pressure.

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

COIN share price trend

Circle: CRCL Rebounds 75.5% from 52-Week Low

On August 20, as crypto-related stocks rallied broadly, 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 surrounding the CLARITY Act, Circle (CRCL) shares climbed steadily, rebounding to around $92 at one point.

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

CRCL share price trend

Sharplink: SBET Rebounds 83.7% from 52-Week Low

As the "second-largest" Ethereum DAT listed company, Sharplink's shares have also performed strongly in this powerful rebound rally.

As of August 3, Sharplink's ETH holdings increased to approximately 889,000 tokens, with crypto assets valued at approximately $1.4 billion on a GAAP basis. Notably, Sharplink's Q2 revenue increased to $11.5 million this year, but net losses still reached as high as $394 million, compared with a loss of $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 with the 52-week low of approximately $4.50, the overall rebound is approximately 83.7%.

SBET share price trend

Robinhood: HOOD Rebounds 63.2% from 52-Week Low

Compared with other DAT treasury companies, crypto exchanges, and stablecoin leaders, Robinhood's crypto attributes are less pronounced. However, its expansion into prediction markets over the past two years, rising crypto trading volumes, and the official launch of Robinhood Chain this year—along with native on-chain Meme coins within its ecosystem—have cemented its position as a "crypto-related stock" without controversy.

Notably, Robinhood's Q2 earnings were strong, with net revenue of $1.308 billion, up 32% year-over-year, setting a new record; net income attributable to Robinhood common shareholders reached $561 million, up 45% year-over-year; diluted earnings per share (EPS) came in at $0.62, beating the market consensus of $0.42. Furthermore, the company's 13 business lines have each surpassed $100 million in annualized revenue, with the "super financial app" gradually moving from vision to reality. The earlier launch of the Meme coin CashCat is also seen as a key step in completing the "trading platform + public chain + Meme coin" strategy. Based on current operating data, Robinhood's future revenue performance may continue to set new records. Recommended reading: "13 Business Lines Exceed $100M Annualized Revenue, Robinhood Moves Toward a 'Super Financial 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 with the 52-week low of approximately $63.50, the overall rebound is approximately 63.2%.

HOOD share price trend

Bullish: BLSH Rebounds 45.8% from 52-Week Low

As a crypto exchange that listed on U.S. markets last August, Bullish's share price performance has been respectable. Thanks to its position as a U.S. compliant exchange, it has attracted favor and capital from crypto industry heavyweights such as Cathie Wood.

On August 13, Bullish reported Q2 financial results, with digital asset sales of $32.6 billion, down from $58.6 billion in the same period last year; net loss of $280 million, compared with 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 showed slight improvement: Q2 adjusted revenue (non-IFRS) reached $92.6 million, up 62% year-over-year from $57 million; 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 versus a loss of $6 million in the year-ago period.

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

BLSH share price trend

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

Among the crypto-related stocks with the strongest rebound momentum this cycle, Hyperliquid Strategies (PURR) stands out as a unique case. Thanks to Hyperliquid and HYPE token's strong performance during market declines, PURR has carved out its own independent trend.

According to the Q2 13F filings, numerous investment funds, family offices, and institutional investors have actively or passively bought PURR shares, positioning for the Hyperliquid ecosystem and the "compliant U.S. on-chain Perp DEX platform" narrative. Combined with recent bullish news such as heightened regulatory attention on Hyperliquid from U.S. regulators, PURR shares have continued to climb. For more details, recommended reading: "From Hedge Funds to Family Offices: Who's Quietly Building HYPE Exposure Through PURR?"

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

PURR share price trend

Summary: Buying 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 the timing of price lows and the strength of rebounds:

First, buying leading crypto-related stocks at the lows is always the best choice. Like many institutional investors, their selection criteria are typically limited to 3-5 leading stocks, including Strategy, Bitmine, and Circle.

Second, the 52-week price lows for crypto-related stocks such as Strategy, Bitmine, Sharplink, and Bullish nearly all occurred around June 25-26, marking a cyclical market bottom. Meanwhile, crypto-related stocks less affected by BTC and ETH price fluctuations, such as Coinbase, Circle, and Robinhood, saw their lows in February this year, when market panic reached a cyclical peak. There is also some cross-reference value among these stocks.

Third, despite the recent powerful market rally—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 many still down more than 50% or even over 100%, indicating that the market still has a way to go before returning to previous peaks.

Finally, in terms of outperforming the cycle or the profitability of the underlying business itself, PURR has shown the strongest rebound from its low, with the highest percentage gain; Robinhood's rebound has also been respectable and is worth long-term attention.

Additionally, from the perspective of BTC and ETH price recovery, many crypto-related stocks effectively function as "leveraged BTC/ETH plays." Through market selection, the crypto-related stocks still standing at the table are already among the best of the best.