The cryptocurrency market has evolved from a fringe investment to a mainstream financial asset class, creating opportunities beyond direct crypto holdings. For investors seeking exposure to digital asset growth with potentially less volatility, crypto-adjacent stocks offer an intriguing alternative.
While Bitcoin and Ethereum continue their rollercoaster rides, companies building infrastructure around blockchain technology provide a different entry point to this emerging sector. These businesses benefit from crypto adoption regardless of day-to-day price fluctuations, creating potentially more stable investment options.
After analyzing market trends and company fundamentals, I’ve identified seven stocks that stand out in this rapidly evolving landscape. Each offers unique positioning within the crypto ecosystem, from mining operations to financial services platforms.
The recent Bitcoin ETF approvals signaled a watershed moment for institutional acceptance, with asset management giants like BlackRock and Fidelity entering the space. According to CoinDesk research, institutional inflows to crypto products have surpassed $12 billion this year alone, demonstrating growing mainstream adoption.
“Crypto-related equities provide investors with exposure to blockchain innovation while maintaining the regulatory and reporting standards of public markets,” explains Meltem Demirors, Chief Strategy Officer at CoinShares. “This bridges traditional finance with digital asset growth potential.”
Coinbase (COIN)
As the largest U.S. cryptocurrency exchange, Coinbase remains the primary gateway for retail and institutional investors entering the crypto market. The company has successfully diversified revenue streams beyond trading fees, developing institutional services, staking products, and cloud infrastructure.
Coinbase’s Q2 earnings showed remarkable resilience, with subscription and services revenue reaching $585 million—up 58% year-over-year. This shift toward recurring revenue helps insulate the company from trading volume volatility that previously dominated its financial results.
CEO Brian Armstrong has positioned the company as “crypto’s tech platform,” expanding beyond simple exchange services. Recent partnerships with BlackRock and the introduction of international derivatives trading demonstrate Coinbase’s ambition to become a comprehensive financial infrastructure provider.
Block (SQ)
Under Jack Dorsey’s leadership, Block has transformed from a payment processor into a financial ecosystem with significant crypto integration. The company’s Cash App platform has become a major Bitcoin on-ramp for retail investors, generating substantial revenue through BTC transactions.
Block’s bitcoin gross profit reached $45 million in the second quarter, with the company maintaining a substantial Bitcoin treasury valued at approximately $370 million at current prices. Dorsey remains one of the most vocal Bitcoin advocates among Fortune 500 executives.
The company’s TBD subsidiary is developing decentralized finance applications on Bitcoin, including self-custody solutions and Lightning Network integration. This positions Block at the intersection of traditional payments and crypto innovation.
MicroStrategy (MSTR)
MicroStrategy has evolved into what many consider a de facto Bitcoin ETF through its aggressive Bitcoin acquisition strategy. Under former CEO Michael Saylor, the business intelligence company has accumulated over 158,400 bitcoins, worth approximately $9.4 billion at current prices.
“We’ve effectively created a regulated, audited, transparent vehicle that gives investors exposure to Bitcoin through a corporate structure,” Saylor noted during a recent Bloomberg interview. The stock has become a leveraged bet on Bitcoin’s price, often outperforming the cryptocurrency during bull markets.
New CEO Phong Le has continued Saylor’s Bitcoin strategy while working to revitalize the company’s software business. This dual approach offers investors Bitcoin exposure alongside a cash-generating enterprise.
Marathon Digital (MARA)
Among Bitcoin mining stocks, Marathon Digital stands out for its operational scale and growth trajectory. The company has expanded its hash rate to 24.4 exahash per second, making it one of North America’s largest mining operations.
Unlike competitors, Marathon employs an “asset-light” approach by partnering with hosting providers rather than owning physical infrastructure. This strategy provides flexibility and potentially lower capital requirements during market downturns.
The company has diversified its operations beyond the United States, with facilities in Paraguay and Abu Dhabi, reducing regulatory risk. Marathon also maintains a substantial Bitcoin treasury, holding approximately 15,000 BTC.
Robinhood Markets (HOOD)
Though primarily known for equities trading, Robinhood has aggressively expanded its cryptocurrency offerings. The platform now supports trading for over 15 cryptocurrencies and has introduced crypto transfers and self-custody wallets.
Crypto transaction revenue reached $113 million in Q2 2023, accounting for 37% of the company’s transaction-based revenue—a significant increase from previous quarters. This growth demonstrates Robinhood’s success in capturing the retail crypto market.
CEO Vlad Tenev has emphasized the company’s commitment to crypto, stating, “We believe crypto represents the future of financial services, and we’re investing accordingly.” Recent international expansion brings Robinhood’s crypto services to markets outside the U.S.
PayPal (PYPL)
The payment giant has steadily increased its cryptocurrency integration since first enabling crypto purchases in 2020. The launch of PayPal USD (PYUSD), a dollar-backed stablecoin, represents a major commitment to blockchain technology.
PYUSD allows PayPal’s 400 million users to transfer value across blockchain networks and within PayPal’s ecosystem. This strategic move positions the company to capture market share in digital asset transfers and potentially disrupts traditional remittance services.
“Stablecoins like PYUSD bridge the gap between traditional finance and crypto innovation,” notes Ryan Selkis, founder of Messari Research. “PayPal’s entry legitimizes this technology for mainstream users.”
NVIDIA (NVDA)
Though not exclusively a crypto company, NVIDIA provides the technological backbone for much of the cryptocurrency ecosystem. The company’s GPUs power cryptocurrency mining, AI applications in blockchain, and the infrastructure behind crypto exchanges.
NVIDIA’s H100 data center GPUs have seen unprecedented demand, with many units deployed in crypto-related applications. CEO Jensen Huang acknowledges this connection, noting, “Our technology underpins both the AI revolution and aspects of blockchain infrastructure.”
The company represents a “picks and shovels” approach to crypto investing—benefiting from industry growth regardless of which specific cryptocurrencies succeed long-term.
As with all investments, these crypto-adjacent stocks carry significant risks. Regulatory uncertainty, technological disruption, and crypto market volatility can impact performance. Investors should consider these options as part of a diversified portfolio rather than standalone investments.
The intersection of traditional finance and cryptocurrency continues to expand, creating opportunities for forward-thinking investors. These seven companies represent different approaches to capitalizing on blockchain’s growing importance in the global financial ecosystem.
