10x Research Market Updates

10x Research Market Updates

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10x Research Market Updates
Why Crypto Stocks Are Outperforming Bitcoin Again
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Why Crypto Stocks Are Outperforming Bitcoin Again

Actionable Market Insights

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10x Research
Jun 07, 2025
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Why Crypto Stocks Are Outperforming Bitcoin Again
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Why This Report Matters

Crypto equities are breaking away from Bitcoin’s flat performance, and the market is starting to notice. With $300 billion now parked in listed crypto stocks, institutional capital is clearly making a directional bet. Circle’s explosive IPO, Robinhood’s crypto revenue surge, and Coinbase’s underappreciated stake in USDC all point to a structural shift. Retail investors, priced out of Bitcoin, are chasing exposure through cheaper proxy stocks. Regulatory clarity in both the U.S. and Hong Kong adds momentum to the trend.

One week return (%)

Main Argument

The combined market value of publicly listed crypto companies has now surpassed $300 billion, signaling renewed investor interest, even as Bitcoin’s performance remained flat over the past week. Crypto equities have notably outperformed, with demand rising despite miners lagging due to increased network hashrate and difficulty, which signal intensified competition. Investors may now look to identify undervalued plays in the space; while Circle appears richly valued, its IPO success reflects strong appetite fueled by growing regulatory clarity.

Bitcoin has outperformed our mining index

With Bitcoin’s correlation to the S&P 500 near the lower band and volatility relatively muted, there's a compelling case for equity investors to gain crypto exposure through stocks. A simple regression suggests Coinbase shares are currently trading 18% below fair value, potentially justified by its strategic equity stake in Circle. Robinhood remains in a strong uptrend, and Galaxy Digital may also be undervalued; in both cases, diversified crypto firms appear more attractive than pure-play miners.

Bitcoin’s 30-day volatility and correlation with S&P500 is relatively low

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