Bitcoin and Crypto Stocks in 2026: How to Invest in the Sector (Updated Weekly)
- The five segments of the crypto trade, sorted by where the revenue actually comes from
- Live prices on the thirteen names the category is searched on, refreshed weekly
- The one company here that actually earns money, and it is not the one you would guess
- Why most of these are no longer bitcoin businesses at all, and what they became instead
- The debt each one is carrying against the revenue it books, printed side by side
- Why crypto stocks fall further than bitcoin does, and what to do about it if you hold more than one
Something happened to this sector in 2026 that most lists have not caught up with. The bitcoin miners largely stopped being bitcoin miners. They still run machines, but the money and the debt now go into building data centers for AI companies, on twenty year leases, with hyperscalers as the counterparty.
That changes the trade completely. A miner is a bet on the bitcoin price and the cost of electricity. A data center landlord is a bet on construction schedules, power interconnects and one large customer paying rent for a decade. Those are not the same risk and they do not deserve the same multiple.
So this page sorts by one question: where does this company’s money actually come from, what is it promising to build, and what does it owe? Prices refresh weekly. Everything else comes from the filings and carries a date.
The Five Segments of the Crypto Trade
Exchanges and Brokers
Sells access and charges a fee. Revenue tracks trading volume rather than the coin price, and this is the only segment here with a genuinely profitable name in it.
COIN · HOOD
Treasury Companies
Holds coins on the balance sheet and issues stock to buy more. The operating business is small and largely beside the point. You are buying a leveraged claim on a coin.
MSTR · BMNR
Bitcoin Miners
Revenue is hashprice: the bitcoin price times your share of the network, minus power. Still the purest listed exposure to mining economics, and still loss making at the operating line.
MARA · RIOT · CLSK · HUT
Miners That Became AI Landlords
Same power, same land, different tenant. Signed multi year leases with AI companies and borrowed heavily to build. The bitcoin price barely matters to the thesis now.
CORZ · IREN · WULF · CIFR
Built For AI From The Start
Never really a bitcoin business. Sells compute capacity to AI customers and carries the same construction and financing risk as segment four without the mining legacy.
APLD
Crypto and Bitcoin Stocks: The Thirteen Tickers That Carry the Category
Prices refresh automatically every week. Everything else comes from company filings and is dated.
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COINCoinbase GlobalExchange$172.28▼ -1.40% todayMKT CAP $45.45BP/E N/A52W $139-402◎ BEST PLAY: Debit spread / covered call · 30-45 DTEThe name everyone associates with crypto equity, and it lost money at the operating line last quarter: $1.22B of revenue, a $29M operating loss and a $359M net loss. Trailing revenue is down about 17% year over year. Holds $8.79B of cash against $6.67B of debt, and the share count is about 6% lower than a year ago, which is a buyback rather than a raise. Deepest options chain in the sector.
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HOODRobinhood MarketsBroker$113.33▼ -1.69% todayMKT CAP $101.89BP/E 50.152W $64-154◎ BEST PLAY: Covered call / debit spread · 30-45 DTE
The one company on this board that actually earns: $1.31B of revenue and $574M of operating income last quarter, a 44% operating margin, with $561M of net income. Trailing revenue up about 32%, near 50 times earnings. Worth remembering it is a brokerage with a very good crypto business, not a crypto company, which is exactly why it earns.
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MSTRStrategyTreasury$128.56▼ -3.12% todayMKT CAP $51.07BP/E N/A52W $82-365◎ BEST PLAY: Defined risk, size for volatility · 21-30 DTE
The software business produced $122M of revenue last quarter against a $51B market value, roughly 102 times trailing sales, which tells you the operating business is not what is priced. The bitcoin on the balance sheet is. Carries $6.77B of debt with the share count up about 15% in a year, because issuing stock to buy coins is the stated strategy. The $8.22B net loss is a mark to market on bitcoin, not an operating collapse.
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BMNRBitMine ImmersionTreasury$24.20▼ -0.04% todayMKT CAP $14.60BP/E N/A52W $13-66◎ BEST PLAY: Defined risk only, small size · 21-30 DTE
The same idea pointed at ether, and the most extreme multiple on this page: about $61M of trailing revenue against a $14.6B market value, roughly 239 times sales. The diluted share count went from about 2.0 million to 551.8 million in fifteen months. That is the business model rather than a scandal, but it belongs in your math before you size anything.
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MARAMARA HoldingsMiner$11.43▼ -4.11% todayMKT CAP $4.42BP/E N/A52W $7-23◎ BEST PLAY: Defined-risk debit spread · 21-30 DTE
The largest pure miner and the biggest operating loss in the group: $175M of revenue against a $268M operating loss last quarter, with $2.47B of debt. The one bright spot is the share count, down about 13% year over year rather than up. Rich, liquid options chain that reflects how violently it moves on hashprice.
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RIOTRiot PlatformsMiner$20.95▼ -5.07% todayMKT CAP $7.86BP/E N/A52W $12-30◎ BEST PLAY: Defined-risk debit spread · 21-30 DTE
The least levered of the miners at $878M of debt against $174M of quarterly revenue, roughly five times, which is modest for this group. Still lost $128M at the operating line. Share count up about 6%. Has signed into the same wave of AI leases as its peers, so the pure mining framing is already dated.
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CLSKCleanSparkMiner$12.80▼ -3.61% todayMKT CAP $3.29BP/E N/A52W $8-24◎ BEST PLAY: Defined-risk debit spread · 21-30 DTE
$138M of revenue and a $113M operating loss last quarter, with $1.79B of debt and only $203M of cash, the thinnest cash position among the large miners. Trailing revenue is down about 30%. Share count down about 4%, so the dilution here has been through debt rather than equity.
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HUTHut 8Miner$90.60▼ -5.55% todayMKT CAP $11.17BP/E N/A52W $31-141◎ BEST PLAY: Defined risk, size for volatility · 21-30 DTE
Filed as a miner, financed like a data centre developer: $7.67B of debt against $75M of quarterly revenue, which is over a hundred times. Operating loss of $68M. Share count essentially flat. The debt line is the tell that the bitcoin price is no longer the main variable in this one.
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CORZCore ScientificAI landlord$17.37▼ -3.98% todayMKT CAP $5.58BP/E N/A52W $13-30◎ BEST PLAY: Defined-risk debit spread · 30-45 DTE
The closest to breakeven of the converted miners: $164M of revenue and only a $16M operating loss last quarter, with trailing revenue up about 109%. Reported more than $10B of contracted revenue with CoreWeave across roughly 590 MW at six sites. Carries $4.41B of debt. The $1.16B net loss is dominated by fair value revaluation rather than operations.
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IRENIRENAI landlord$43.64▼ -3.81% todayMKT CAP $17.20BP/E N/A52W $29-77◎ BEST PLAY: Defined-risk debit spread · 30-45 DTE
Reported a $9.7B agreement with Microsoft covering roughly 200 MW in Texas, and has been reported to hold no bitcoin on its balance sheet at all. Booked $137M last quarter against a $141M operating loss, with $7.84B of debt and $5.90B of cash. Share count up about 53% in a year, the heaviest issuance in this group.
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WULFTeraWulfAI landlord$16.14▼ -5.78% todayMKT CAP $8.05BP/E N/A52W $10-30◎ BEST PLAY: Defined risk, size for volatility · 21-30 DTE
The widest gap on the board between what is contracted and what is booked: roughly $12.8B of reported contracted AI revenue, including a twenty year lease of about 401 MW in Kentucky, against $45M of revenue actually booked last quarter. $5.24B of debt, $2.62B of cash, share count up about 27%. None of those numbers contradicts the others.
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CIFRCipher MiningAI landlord$15.94▼ -5.68% todayMKT CAP $6.62BP/E N/A52W $10-30◎ BEST PLAY: Defined risk only, small size · 21-30 DTE
The most extreme debt to revenue ratio here: $5.59B of debt against $25M of quarterly revenue, with a $73M operating loss and a negative gross margin. Share count up about 14%. Signed into the same hyperscaler leasing wave as its peers, so the case rests entirely on buildings that are not finished yet.
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APLDApplied DigitalAI compute$25.78▼ -5.01% todayMKT CAP $7.33BP/E N/A52W $17-51◎ BEST PLAY: Defined-risk debit spread · 30-45 DTE
Built for AI customers rather than converted from mining, and it shows in the growth: trailing revenue up about 407% with $259M booked in the most recent quarter. Still a $125M operating loss, $5.10B of debt and a share count up about 27%. Carries the same construction and financing risk as the converted miners without the mining legacy.
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The Exchanges: Only One of These Earns Money
This is the surprise for most people. Coinbase (COIN) is the name everyone associates with crypto equity exposure, and it lost money at the operating line last quarter: $1.22 billion of revenue, an operating loss of $29 million and a net loss of $359 million. Trailing revenue is down about 17% year over year. It holds $8.79 billion in cash against $6.67 billion of debt, and its share count is actually about 6% lower than a year ago, which is a buyback, not a raise.
Robinhood (HOOD) is the one that earns. Last quarter it booked $1.31 billion of revenue and $574 million of operating income, a 44% operating margin, with $561 million of net income. Trailing revenue is up about 32%. It trades near 50 times earnings, which is expensive, but it is a real earnings multiple rather than a hope.
Treasury Companies: What You Are Actually Buying
Strategy (MSTR), formerly MicroStrategy, runs a software business that produced $122 million of revenue last quarter against a $51 billion market value. That is roughly 102 times trailing sales on the operating business, which tells you the operating business is not what is being priced. What is being priced is the bitcoin on the balance sheet and the leverage used to buy it: $6.77 billion of debt, and a share count up about 15% in a year because issuing stock to buy more coins is the strategy, stated plainly and in the name.
BitMine Immersion (BMNR) is the same idea pointed at ether, and it is the most extreme number on this page. Trailing revenue of about $61 million against a $14.6 billion market value is roughly 239 times sales. Its diluted share count went from about 2.0 million to 551.8 million in fifteen months. That is not a typo and it is not a scandal: issuing stock to buy coins is the entire business model.
The Miners: Revenue Is Hashprice, Not Bitcoin
A miner’s revenue is not the bitcoin price. It is hashprice: the bitcoin price multiplied by your share of total network hashrate, minus what the power costs. Network hashrate rises whether or not the coin does, so a miner can watch bitcoin go up and still book less revenue. That is the mechanic behind most of the disappointment in this group.
| Ticker | Q2 2026 revenue | Q2 operating income | Debt | Share count vs a year ago |
|---|---|---|---|---|
| MARA | $175M | -$268M | $2.47B | Down about 13% |
| RIOT | $174M | -$128M | $878M | Up about 6% |
| CLSK | $138M | -$113M | $1.79B | Down about 4% |
| HUT | $75M | -$68M | $7.67B | Roughly flat |
Two things stand out. Every one of them lost money at the operating line last quarter, in a year when bitcoin was not weak. And Hut 8 carries $7.67 billion of debt against $75 million of quarterly revenue, which is the tell that it is no longer really in this segment at all. It is in the next one.
The Pivot: When a Miner Becomes an AI Landlord
This is the story the category has not been re-sorted around yet. Through 2026 the large miners signed multi year leases with AI companies and hyperscalers for the power and the buildings they already had. The announced numbers are enormous, and they are announcements rather than filed revenue, which is the whole point of the table below.
| Ticker | Announced AI commitments | Revenue booked last quarter | Debt |
|---|---|---|---|
| WULF | Reported near $12.8B of contracted AI revenue, including a twenty year lease of roughly 401 MW in Kentucky | $45M | $5.24B |
| CORZ | Reported $10B or more with CoreWeave, near 590 MW across six sites | $164M | $4.41B |
| IREN | Reported a $9.7B agreement with Microsoft covering 200 MW in Texas | $137M | $7.84B |
| CIFR | Signed into the same wave of hyperscaler leases | $25M | $5.59B |
| APLD | Built for AI customers from the start rather than converted | $259M | $5.10B |
Read the second and third columns together. TeraWulf has reported roughly $12.8 billion of contracted AI revenue and booked $45 million last quarter, against $5.24 billion of debt. None of those three numbers is wrong or dishonest. They describe a company that has sold a decade of future capacity, borrowed to build it, and has not delivered most of it yet.
One detail worth carrying into any of these: IREN has been reported to hold no bitcoin on its balance sheet at all, by choice. A company in the bitcoin mining sector with no bitcoin is a reasonable summary of where this segment has ended up.
Read the Debt Before You Read the Bitcoin Price
Bitcoin exposure is the reason most people arrive at these tickers. Debt is the reason a lot of them will behave differently from bitcoin. Every figure below is from the most recent filings.
| Ticker | Debt | Quarterly revenue | Debt to one quarter of revenue | Operating income |
|---|---|---|---|---|
| HUT | $7.67B | $75M | Over 100x | -$68M |
| WULF | $5.24B | $45M | Over 100x | -$140M |
| IREN | $7.84B | $137M | About 57x | -$141M |
| CIFR | $5.59B | $25M | Over 200x | -$73M |
| CORZ | $4.41B | $164M | About 27x | -$16M |
| APLD | $5.10B | $259M | About 20x | -$125M |
| MSTR | $6.77B | $122M | About 56x | -$16M |
| MARA | $2.47B | $175M | About 14x | -$268M |
| CLSK | $1.79B | $138M | About 13x | -$113M |
| RIOT | $878M | $174M | About 5x | -$128M |
| COIN | $6.67B | $1,220M | About 5x, against $8.79B of cash | -$29M |
| HOOD | $22.9B | $1,308M | Brokerage balance sheet, not comparable | +$574M |
Robinhood’s debt line is in a different category and should not be read like the others: a broker’s balance sheet carries customer related funding that has nothing to do with solvency risk in the way a construction loan does. Everywhere else on that table, the ratio is the number that decides how the stock behaves when financing gets expensive.
Why Crypto Stocks Fall Harder Than Bitcoin Does
Anyone who has held these through a drawdown knows the pattern: bitcoin drops 10% and the miners drop 20%. There are three reasons, and they compound.
1. Operating leverage. A miner’s costs are mostly fixed. Power contracts, machines and staff do not shrink when hashprice falls, so a modest revenue decline turns into a large loss. That works in both directions, which is the attraction.
2. Financing dependence. Almost every company on this page funds itself by issuing stock or debt. When the market for that funding narrows, the whole group reprices at once regardless of what bitcoin did that day, and the most levered names move the most.
3. They are now an AI trade too. Since the pivot, this group also falls on AI capex headlines and on rate expectations, because a twenty year lease is a long duration asset. That means a crypto stock can now have a bad day for reasons that have nothing to do with crypto.
Practical consequence: four crypto positions are not four positions. They are close to one large position with different tickers on it, and they will not diversify each other on the day it matters.
If You Just Want the Coin, Buy the Coin
Worth saying plainly, because a lot of people buy these tickers wanting bitcoin exposure and get something else. Spot bitcoin ETFs have been listed in the United States since January 2024, they hold the asset directly, and they track it far more closely than any equity on this page. If your thesis is simply that bitcoin goes up, the equities add operating leverage, dilution risk, financing risk and now construction risk on top of the thing you actually wanted.
The equities are the right instrument when you want that leverage deliberately, or when you have a view on a specific company: a miner with unusually cheap power, an exchange gaining share, a landlord whose buildings will finish early. Those are company theses. They deserve company sized positions and company sized homework.
What the Options Market Will Actually Let You Do Here
Liquidity here is better than most of the sectors we cover, and implied volatility is higher, which changes which structures make sense.
| Tier | Names | What is realistic |
|---|---|---|
| Deep | COIN, MSTR, MARA, RIOT, HOOD | Weeklies with tight spreads. Rich premium, so credit structures and defined risk debit spreads both work. Long single options are expensive here for a reason |
| Workable | CLSK, CORZ, IREN, WULF, HUT, APLD | Monthly expiries, usable but wider. Limit orders, avoid the far strikes |
| Thin | CIFR, BMNR | Chains exist and the spread will be a real cost. Size accordingly |
The sector specific hazard is that implied volatility here is persistently high, which makes long calls feel cheap in dollar terms and expensive in probability terms. A move you correctly predict can still lose money if you paid enough volatility premium for it. That is why spreads dominate in this sector rather than outright long options.
Three Questions Before Any Crypto Position
1. Which segment am I actually buying? An exchange earns fees on volume. A treasury company is the coin plus a share count. A miner is hashprice. An AI landlord is a construction project with a tenant. Only one of those four moves primarily with the bitcoin price, and it is not the one most people think.
2. What does it owe against what it books? The debt table above is the fastest read in this sector. A company owing more than a hundred times its quarterly revenue is not necessarily in trouble, but it is entirely dependent on the financing window staying open, and that is the risk you are actually taking.
3. Would a spot ETF give me what I want? If the honest answer is yes, the equity is adding risks you did not ask for. If the answer is no, because you want the leverage or you have a company specific view, then size the position for the fact that it can fall twice as far as the coin.
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Frequently Asked Questions
What are the best crypto stocks to buy right now?
We do not publish buy calls. The more useful filter is which segment a company is actually in. Only one name on this page earned money at the operating line last quarter, and it is Robinhood, a brokerage, at 574 million dollars of operating income on 1.31 billion of revenue. Coinbase lost 29 million at that line, and every miner on the board lost money. That does not make any of them a bad trade, but it does mean none of these is a compounding business the way people assume.
Why are bitcoin mining stocks down today?
Often for reasons that have nothing to do with the bitcoin price. Miners have high fixed costs, so a small fall in hashprice becomes a large loss. They fund themselves by issuing stock and debt, so the whole group reprices when that funding window narrows. And since most of them signed AI data centre leases in 2026, they now also fall on AI capex headlines and on rate expectations, because a twenty year lease is a long duration asset.
Are bitcoin miners becoming AI companies?
Largely, yes, and it is the biggest change in this sector that most stock lists have not caught up with. Through 2026 the large miners signed multi year leases with AI companies and hyperscalers for power and buildings they already owned. TeraWulf has reported roughly 12.8 billion dollars of contracted AI revenue, Core Scientific more than 10 billion with CoreWeave, and IREN a 9.7 billion dollar agreement with Microsoft. What decides those trades now is construction schedules and power interconnects, not the coin price.
Is MicroStrategy stock just a bitcoin ETF?
No, and the difference matters in both directions. Strategy holds bitcoin and funds more purchases by issuing stock and convertible debt, so you get leverage a spot ETF does not give you, along with 6.77 billion dollars of debt and a share count up about 15 percent in a year. The software business produced 122 million dollars of revenue last quarter against a 51 billion dollar market value, so it is not what is being priced. When the stock trades above the value of the coins per share, you are paying a premium for the manager's ability to keep issuing above book.
What is the difference between Coinbase and Robinhood as a crypto trade?
Coinbase is closer to a pure crypto business, which is why its trailing revenue fell about 17 percent and it posted an operating loss last quarter. Robinhood earns a 44 percent operating margin because crypto sits alongside options, equities, retirement accounts and a cash sweep. You are choosing between concentrated exposure that moves violently and a diversified business that earns but will not give you the same move in a rally.
Should I buy a bitcoin ETF instead of mining stocks?
If your thesis is simply that bitcoin goes up, then very likely yes. Spot bitcoin ETFs have been listed in the United States since January 2024, hold the asset directly and track it far more closely than any equity here. The equities add operating leverage, dilution, financing risk and now construction risk on top. They make sense when you want that leverage deliberately or you have a view on a specific company rather than on the coin.
Which crypto stocks have the most debt?
Hut 8 at 7.67 billion dollars and IREN at 7.84 billion are the largest absolute figures, but the ratio matters more than the number. Cipher Mining owes 5.59 billion against 25 million dollars of quarterly revenue, over two hundred times, and TeraWulf owes 5.24 billion against 45 million. Those are construction balance sheets. Riot is the least levered of the miners at roughly five times quarterly revenue.
What does hashprice mean and why does it matter?
Hashprice is what a miner earns per unit of computing power: the bitcoin price multiplied by your share of total network hashrate, minus power costs. It matters because network hashrate keeps rising whether or not the coin does, so a miner can watch bitcoin rally and still book lower revenue. That mechanic is behind most of the disappointment people feel holding miners during a good year for bitcoin.
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