Which cryptocurrency concept stocks are there? Analysis of market performance of core crypto asset companies in the US stock market in July 2026

On July 2, 2026, Eastern Time, the U.S. Bureau of Labor Statistics released the June nonfarm payrolls report — only 57k new jobs were added, far below the market expectation of 110k; the April and May data were revised down by a combined 74k. The unemployment rate unexpectedly dropped from 4.3% to 4.2%. The weak employment data quickly dampened market expectations of a Fed rate hike, risk assets broadly rose, and Bitcoin rebounded to above $61,500.

In the U.S. stock market, cryptocurrency concept stocks showed divergent trends — Strategy, a Bitcoin holding company, surged 7.90% to reclaim the $100 mark; stablecoin issuer Circle rose 4.31%; the mining sector broadly underperformed, with MARA Holdings falling over 7%.

Based on the latest closing data as of July 2, 2026, Eastern Time, this analysis focuses on the latest market conditions, business logic, and investment risks of key representative companies in the crypto concept stock space — Strategy, MARA Holdings, and Circle — along with an overview of the fundamentals of other major tickers.

Strategy: The Leverage Effect of the Bitcoin Holding Leader

Strategy (formerly MicroStrategy, ticker: MSTR) is the world’s most representative Bitcoin holding company and one of the crypto concept stocks most tightly correlated with Bitcoin’s price. Incorporated in Delaware in 1989, it is the world’s first and largest Bitcoin treasury company. Strategy strategically accumulates Bitcoin as its primary reserve asset by using proceeds from equity and debt financing, as well as operating cash flow.

On July 2, 2026, Eastern Time, Strategy closed at $100.77, up $7.38, or 7.90%, from the previous close of $93.39. It opened at $99.85 and traded in a range of $97.57 to $104.11 during the session. Trading volume reached $3.48 billion, ranking 33rd among U.S. stocks that day. The stock has risen 18.09% over the past five trading days and 15.92% in July, but is still down 33.68% year-to-date and 74.95% over the past 52 weeks.

From a valuation perspective, MSTR’s P/E ratio (TTM) is negative, and its price-to-book ratio is 0.77. The company’s Q1 report, released on May 6, 2026, showed revenue of $124 million for the period from January 1 to March 31, 2026, up 11.92% year-over-year, but a net loss of $57k, widening 197.41% year-over-year.

MSTR’s stock price elasticity far exceeds that of Bitcoin itself. After a 37.2% plunge over nine consecutive trading days, the company announced a $2 billion buyback and a $1.25 billion Bitcoin sale authorization plan on July 1, raising preferred stock dividends to 12%, attracting institutional capital seeking yield. Currently, MSTR’s stock price trades at a discount relative to the company’s Bitcoin holdings, allowing investors to gain Bitcoin exposure at below net asset value, but they must also bear additional risks from the company’s operations and debt leverage.

MARA Holdings: The Transformation Path of a Mining Giant

MARA Holdings (ticker: MARA) is one of the largest Bitcoin mining companies in the U.S., with operations spanning Bitcoin mining and AI data center operations. In recent years, the company’s strategic focus has been shifting from pure Bitcoin mining toward high-performance computing and AI computing capacity hosting.

On July 2, 2026, Eastern Time, MARA Holdings closed at $12.40, down $0.97, or 7.26%, from the previous close of $13.37. It opened at $13.63 and traded in a range of $11.98 to $14.09 during the session. Trading volume was approximately $651 million. Its market capitalization is about $110k.

Over a longer time frame, the stock’s 52-week range is $6.66 to $23.45. Its P/E ratio (TTM) is negative, with earnings per share of -$5.21. Bernstein lowered MARA’s price target on July 2.

The core contradiction facing mining companies is that while a rising Bitcoin price can boost mining revenue, factors such as increasing mining difficulty and high electricity costs continue to compress profit margins. Meanwhile, the transformation toward AI data centers opens new revenue streams but also exposes mining companies to direct competition from tech giants. MARA’s stock price volatility is far higher than Bitcoin’s — on July 2, its intraday amplitude reached 15.78%, reflecting market disagreement over the prospects of its business transformation.

Circle: Challenges After a Stablecoin Issuer’s Listing

Circle Internet Group (ticker: CRCL) is the issuer of USDC, the world’s second-largest stablecoin. It was officially listed on the New York Stock Exchange in May 2026. Circle’s business model revolves around stablecoin issuance and digital payment infrastructure, representing the classic “picks and shovels” role in the crypto economy.

On July 2, 2026, Eastern Time, Circle closed at $64.62, up $2.67, or 4.31%, from the previous close of $61.95. It opened at $63.81, with a session high of $69.23 and a low of $63.22. Trading volume reached $74k. Its market capitalization is approximately $12.54B.

However, Circle has faced significant selling pressure recently. On June 30, it plunged 17.55% to close at $62.63; on July 1, it fell another 1.09%. The stock price is now close to its initial public offering price. It has fallen 6.09% over the past five trading days, 18.51% year-to-date, and 63.69% over the past 52 weeks. Its P/E ratio (TTM) is negative.

Market concerns about Circle mainly focus on intensifying competition in the stablecoin space — emerging payment infrastructure and alternative stablecoin models could reshape the competitive landscape. Additionally, following the Russell index rebalancing, some growth indexes removed Circle, putting pressure on the stock in the short term.

Overview of Other Crypto Concept Stocks

Beyond the three core tickers above, the U.S. stock market also includes a number of publicly traded companies highly correlated with the crypto industry:

Coinbase Global (COIN) is the largest compliant cryptocurrency exchange in the U.S. and a benchmark for crypto industry infrastructure. Its revenue is highly tied to crypto market trading volume. In June 2026, spot Bitcoin ETFs saw net outflows of $4.06 billion for the month, creating periodic pressure on Coinbase’s custody and trading operations.

Robinhood (HOOD) is a trading platform for retail investors, offering diversified asset trading services including cryptocurrencies. Mizuho raised its price target from $115 to $130 on July 2.

Mining companies such as Riot Platforms (RIOT), CleanSpark (CLSK), Hut 8 (HUT), and Core Scientific (CORZ) are all exploring AI data center transformations on top of Bitcoin mining. Among them, Hut 8 is still up over 111% year-to-date, reflecting the market’s phased recognition of the AI transformation logic.

Cipher Digital (CIFR, formerly Cipher Mining) has been transitioning toward high-performance computing and AI data center leasing since February 2026. Iris Energy (IREN) and TeraWulf (WULF) are also positioning themselves in the AI infrastructure space.

Additionally, Ondo Finance focuses on tokenization of real-world assets (RWA). It recently partnered with traditional securities infrastructure giants to inject traditional financial assets into the Ethereum blockchain with 1:1 backing, creating "custodial tokenized securities" operated by third parties within the current regulatory framework. This represents the frontier of convergence between crypto assets and traditional finance.

Macro Environment and Investment Risks

The nonfarm payrolls data released on July 2, Eastern Time, was the core driver of market action that day. Only 57k new jobs were added, well below the expected 110k. After the data release, the market quickly repriced the Fed’s policy path — expectations for the timing of a rate hike were pushed from October to December, and the probability of a rate hike at the July FOMC meeting fell from 33% to about 20%. The U.S. dollar index plunged, and Bitcoin rebounded to above $61,500.

However, headwinds from the funding side remain. Spot Bitcoin ETFs saw net outflows of $4.06 billion in June, setting a monthly record. Citigroup lowered its year-end Bitcoin price target to $82k on July 1 for the second time. The FOMC meeting on July 28–29 is the most critical macro variable going forward.

Investing in crypto concept stocks requires a focus on the following risks:

First, high volatility. The price swings of crypto concept stocks often far exceed those of Bitcoin itself. For example, MARA had an intraday amplitude of 15.78% on July 2.

Second, earnings uncertainty. Core tickers like Strategy, MARA Holdings, and Circle all have negative P/E ratios (TTM). Most mining companies have not yet established stable profit models.

Third, regulatory risk. The U.S. crypto regulatory framework is still evolving, and the compliance boundaries for stablecoin issuance, tokenized securities, and other businesses are not yet fully clear.

Fourth, transformation risk. While the mining companies’ shift toward AI data centers opens new revenue streams, it also exposes them to direct competition from tech giants. The effectiveness of these transformations remains to be seen.

Conclusion

On July 2, 2026, Eastern Time, the weak nonfarm payrolls data dampened rate hike expectations, leading to divergent trends in the crypto market and U.S. crypto concept stocks. Bitcoin stood above $61,500, Strategy rose 7.90% to reclaim $100, Circle gained 4.31%, while mining stocks broadly underperformed, with MARA Holdings falling over 7%.

From Bitcoin holding leverage (Strategy) to stablecoin issuance (Circle) and diversified mining transformations (MARA Holdings), the U.S. stock market offers investors diversified paths to crypto asset allocation. However, crypto concept stocks are not a "safe substitute" for Bitcoin — their volatility is often greater, and they layer on additional risks from corporate operations, regulatory policies, industry competition, and more. Against the backdrop of persistent ETF outflows and fluctuating rate cut expectations, the sustainability of short-term market moves remains uncertain. Investors are advised to make independent judgments based on their own risk tolerance, macroeconomic data, and company fundamentals.

FAQ

Q1: What are crypto concept stocks?

Crypto concept stocks refer to publicly traded companies whose core businesses are highly related to cryptocurrencies or blockchain technology. These include Bitcoin holding companies (e.g., Strategy), stablecoin issuers (e.g., Circle), Bitcoin mining companies (e.g., MARA Holdings, Riot Platforms), and crypto exchanges (e.g., Coinbase). Their stock prices typically exhibit varying degrees of correlation with crypto market conditions.

Q2: What is the difference between crypto concept stocks and buying Bitcoin directly?

Buying Bitcoin directly gives you pure exposure to the digital asset’s price. Investing in crypto concept stocks adds additional variables such as company operations, management decisions, and regulatory compliance. The advantage is the ability to allocate through traditional securities accounts; the disadvantage is higher volatility and more complex risk factors. For example, MSTR rose 7.90% on July 2, with elasticity far exceeding Bitcoin’s gain during the same period.

Q3: How did crypto concept stocks perform on July 2, 2026?

On July 2, Eastern Time, Strategy rose 7.90% to $100.77, Circle rose 4.31% to $64.62. Mining stocks broadly declined, with MARA Holdings falling 7.26% to $12.40.

Q4: What are the main risks of investing in crypto concept stocks?

Key risks include: ① High correlation with Bitcoin price but greater volatility; ② Most companies are not yet profitable, with negative P/E ratios; ③ The U.S. regulatory framework is still evolving; ④ Mining companies’ transformations into AI face direct competition from tech giants. Investors should make prudent decisions based on their own risk tolerance.