Crypto Stocks

Crypto equities are listed companies whose business is deeply tied to digital assets: miners, exchanges, treasury-holding corporates and related infrastructure providers. They offer indirect crypto exposure through traditional brokerage accounts.

These equities typically show amplified beta to Bitcoin — miner share prices often move more than twice as much as the coin, because mining profit is levered to price against relatively fixed costs. The amplification cuts both ways and layers on equity-specific risks: share dilution, debt structure and power contracts. Treasury companies frequently trade at a premium to the net value of their holdings, and that premium swings violently with sentiment, forming a risk source independent of the coin price. Since spot ETFs listed, part of the proxy-exposure premium logic has weakened.

Macro correlation metrics gauge how tightly crypto tracks traditional markets. Correlation coefficients are notoriously unstable and flip with the liquidity regime, so read them on a rolling basis rather than as a single number.

Coverage spans four business models whose crypto sensitivity differs in kind, not just in degree. Miners are operationally levered to price through semi-fixed costs, and their fundamental unit is cost per coin produced, so hash price, energy contracts and fleet efficiency matter more than any chart pattern. Exchanges earn on volume rather than price level, making them a volatility play as much as a directional one. Treasury companies are closest to a leveraged coin position wrapped in equity, tracked through mNAV, market cap over the value of holdings, whose premium expands and collapses with sentiment and with each new share issuance. Infrastructure names in custody, staking and payments carry the loosest coupling. Reporting cadence creates systematic dislocations: quarterly results mark crypto positions at quarter-end prices that may be weeks stale by publication, producing earnings surprises that contain no news. Equity-market plumbing, from index inclusion to borrow availability to options listings, moves these names independently of anything happening on-chain.

The live chart for this metric is still being wired up. Gold/equity correlation plus M2 and rates pages already carry real data.