Which Crypto Equities Are Worth Owning — and Which Are Traps
Before the Consensus Catches Up
Conference Tickets Available! We have two tickets available for the Bitcoin 2026 conference in Las Vegas (April 27–29) and two for Consensus Miami (May 5–7). Unfortunately, we’re unable to attend this year, so if you’re interested in taking them off our hands, please hit reply and let us know! info@10xresearch.com
WHY THIS REPORT MATTERS
April 9 was a pivotal day for Bitcoin mining companies; some have since risen 50%. Most investors missed it. Our pattern analysis caught several of those moves (see Signals table). Crypto equities have been a rich source of alpha for both equity and crypto traders. Our CIO Strategy publication includes a weekly chart book on crypto equities and why stocks moved that week. Here is our current view across the three categories: diversified crypto equities, crypto treasury companies, and Bitcoin miners, and where we still see opportunities for the weeks ahead.
In our February 20 report, we flagged Circle as a short-squeeze candidate: with 18% of Circle shares being sold short, most of those shorts were underwater, and the earnings catalyst was imminent. Our valuation model puts Circle’s fair value in the $80–$120/130 range. Below $80 is cheap; above $120/130 is expensive. At current levels, the shares are mid-range, neither a compelling buy nor a reason to sell. By March 10, we rotated out of Circle and into direct Bitcoin beta via MicroStrategy, selling a covered call at the $160 June strike for $15 to manage downside.
Below, we break down the current opportunities in crypto equities.
Crypto equity performance since April 9, 2026
