Although the US stock market is still hovering below historical highs, the cryptocurrency market has re-entered a bull market cycle. Bitcoin hit a new all-time high last week, attracting increasing investor interest in publicly traded companies holding large amounts of digital assets as an indirect way to invest in cryptocurrencies.
For retail investors, investing in crypto-related stocks has a lower entry barrier. The cryptocurrency market is highly volatile, often driven by market sentiment and speculative psychology. With frequent regulatory policies and technological changes, the entire ecosystem resembles the Wild West. Stocks highly correlated with cryptocurrencies may face unexpectedly dramatic fluctuations. However, amid these risks, opportunities also emerge. With the current Bitcoin bull market trend, Benzinga believes that four stocks have strong technical indicators, impressive financial performance, and substantial digital assets, offering high returns. Pure market analysis, not investment advice.
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ToggleCoinbase Global Inc. (Nasdaq Ticker COIN)
Coinbase went public in April 2021 as the first US cryptocurrency exchange open to retail investors, with its stock price once breaking $300 and reaching $353 during Bitcoin's peak in late 2021. Subsequently, as the market entered a bear market, Coinbase's stock price plummeted below $50 in 2022. In 2023, despite the market's rebound, COIN did not benefit simultaneously, only showing strength in 2024. In the second half of 2024, Coinbase's stock rebounded on expectations of relaxed crypto regulation with Trump's potential victory, but then dropped over 50% after his inauguration. Recently, with Bitcoin hitting new highs, Coinbase's stock has launched a new round of rebound.
On May 13th, Coinbase rose 16% in a single day during heavy trading, breaking its long-term downward trend. Coinbase reported 2024 trading volume of $1.2 trillion and holds 6,885 Bitcoins (valued at approximately $750 million). Goldman Sachs, Benchmark, Oppenheimer, and Rosenblatt have all recently raised Coinbase's target price.
Robinhood Markets Inc. (Nasdaq Ticker HOOD)
Robinhood, the pioneering zero-commission US retail trading platform, briefly exceeded $50 upon its 2021 listing but experienced prolonged stock performance stagnation until September 2024, when HOOD firmly established itself above $20. Recent stock price momentum is strong, and HOOD is poised to benefit if the crypto market continues to heat up.
The company has actively diversified in recent years, including retirement accounts, banking services, premium subscription features, and the newly launched active trading platform Legends. However, cryptocurrency and options trading remain its primary revenue sources. In the first quarter of 2025, the company's total trading revenue was $583 million, with cryptocurrencies contributing $252 million, a 100% year-on-year increase. The company expects total revenue to grow by 30% in 2025.
Currently, the technical outlook is positive, with stock price stabilizing above 50-day and 200-day moving averages. Robinhood's recent financial report has set a new historical high. Goldman Sachs, Deutsche Bank, and Needham have all raised their target prices, with an average estimated target of $69, suggesting nearly 10% upside potential from current prices.
Strategy Inc. (Nasdaq Ticker MSTR)
Strategy is the world's largest publicly traded company holding Bitcoin. According to the latest financial report, the company holds over 576,000 Bitcoins, representing 2.7% of global circulation, far surpassing other enterprises. CEO Michael Saylor has almost completely transformed Strategy into a crypto asset management company.
Despite purchasing costs exceeding $40 billion, the current portfolio value is around $63 billion, with relatively low investment returns. However, the stock price remains highly synchronized with Bitcoin. The stock price broke through the 50-day moving average in mid-April and continued rising, with a pullback after RSI overheating. The current moment might still be a good entry point. The market expects Strategy to further increase its position following Bitcoin's trend.
Tesla Inc. (Nasdaq Ticker: TSLA)
Since Tesla's CEO Musk became involved in politics, Tesla's stock price has been highly volatile. After Trump's election in 2024, TSLA's stock price soared from $242 to $488 but then sharply dropped to $225 after his inauguration, primarily due to global sales decline and Musk's reputation drop.
Recently, Musk stated he would step back from politics and focus on corporate management, receiving a positive market response. Despite slowing sales, Tesla remains one of the best-performing Bitcoin investment companies, holding 11,500 Bitcoins with an initial cost of $330 million, currently valued at over $1.2 billion, with returns approaching 300%, far outperforming Strategy. Technically, the stock has also strengthened, showing a "Double Bottom Pattern" and confirmed MACD breakthrough.
Risk Warning
Cryptocurrency investments carry high risks, with potentially significant price volatility. You may lose your entire principal. Please carefully assess the risks.
After reaching a historical high of $112,000, Bitcoin's price has recently entered a consolidation phase with mixed market sentiment. On-chain analyst Murphy noted that Bitcoin appears to be entering an energy depletion stage, with potential for further rebounds but also warnings of deep correction risks.
ToggleAnalyst: Market Momentum Begins to Weaken
After BTC reached a high of $112,000 last week, recent price pullback and multiple profit-taking events indicate that bullish market momentum may be diminishing.
(BTC Drops Below $104K as China-US Conflict Intensifies, CryptoQuant Analysis: Upward Trend Not Over)
Analyst Murphy pointed out this morning that the second wave of Realized Profit on May 29 was slightly lower than the first wave on May 23 ($2.1 billion), but brought a significant price downward pressure, suggesting that market absorption capacity, or demand, is somewhat weakening.
On-chain data shows that the supply of short-term holders (STH, red line) is also continuing to decline, and compared with the divergence in late November last year, it reflects the current weakening investor confidence:
This highlights that the May rally was mainly driven by low liquidity and reluctance to sell, rather than strong demand, which limits the upward price potential.
Despite short-term market pressure, Murphy still believes BTC may rebound and even challenge its all-time high:
Based on past experience, the market may still create new highs after the first momentum decline. If this rebound occurs and is accompanied by larger profit-taking, the price could break through $110,000.
Where is the Correction Warning Line? Three Major Support Zones Revealed
With momentum retreating, BTC's support levels have become a market focus. Based on Murphy's observation of on-chain chip structure (URPD, UTXO Realized Price Distribution), the following three areas may become key correction supports:
$100,000 to $105,000: Chips are significantly accumulated in this range, reflecting the market's high recognition of this price level; $100,000 is not only a technical support but also a psychological threshold for an important round number.
$93,000 to $98,000: Chips in this range are mostly held by "new buyers" with longer-term entry motivations, not short-term speculation, potentially forming a strong support.
$81,000 to $87,000: The most extreme potential support zone, but the chip structure is not as stable as zones B and D.
He emphasized that $96,000, which is the RPC (average cost) of STH, can be viewed as the "bull-bear dividing line" for short to medium-term trends. Once broken, it may indicate that the previous rally has ended:
The future focus should be on whether sufficient profit realization accompanies price highs. If the trend diverges and profit-taking decreases, it could be a warning sign of price topping.
PlanB: Bull Market Continues, But Momentum May Weaken?
Bitcoin analyst and Stock-to-Flow (S2F) model creator PlanB also posted, using a Bitcoin Market Cycles logarithmic chart visualizing BTC market cycles from 2010 to 2025, subtly suggesting BTC is still in a bull market phase.
However, the consecutive red dots and flattening slope have also made the community worried about whether the upward momentum is weakening, asking "When will the yellow dot (chip distribution) appear?" He replied: "On-chain transaction data has not yet shown a distribution signal." He also indicated that the bull market might continue for some time.
In this uncertain phase of momentum decline, investors need to adopt strategies according to their own positioning to avoid being driven out of the market during volatile times.
Risk Warning
Cryptocurrency investment carries high risks, and prices may fluctuate dramatically. You may lose all your principal. Please carefully assess the risks.
