Why it matters
Listed crypto proxies — exchanges, miners and DATs. Values and style screens are a useful starting point for aligning a portfolio with a preference or macro view.
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Crypto-Adjacent Equities
Listed crypto proxies — exchanges, miners and DATs.
For equity investors seeking crypto exposure without holding tokens, a set of listed companies tracks the asset class — exchanges, bitcoin miners and digital-asset treasuries (DATs) such as Strategy (MSTR) and Bitmine that hold crypto on their balance sheet. This collection curates the main crypto-adjacent equities; expect high volatility.
What to check next
Confirm the company has genuine exposure to the stated style and review valuation, liquidity, governance and concentration risk.
Main risk
Proxy screens can be imperfect; always check the underlying business rather than relying on the theme label alone.
| Company | Market | Market Cap | Reward | Risk | Yield | |
|---|---|---|---|---|---|---|
| Robinhood Markets IncHOOD | $69.8B | — | ||||
| MicroStrategy IncorporatedMSTR | $45.3B | — | ||||
| Coinbase Global IncCOIN | $43.2B | — | ||||
| Circle Internet Group, Inc.CRCL | $23.3B | — | ||||
| IREN LtdIREN | $21.7B | — | ||||
| Bitmine Immersion Technologies, Inc.BMNR | $11.8B | 0.1% | ||||
| Galaxy Digital Holdings LtdGLXY | $8.9B | — | ||||
| Terawulf IncWULF | $6.8B | — | ||||
| Riot Blockchain IncRIOT | $6.1B | — | ||||
| Cipher Mining IncCIFR | $6.0B | — | ||||
| Hut 8 Corp. Common StockHUT | $6.0B | — | ||||
| BullishBLSH | $5.5B | — | ||||
| Core Scientific, Inc. Common StockCORZ | $5.2B | — | ||||
| Marathon Digital Holdings IncMARA | $3.2B | — | ||||
| Bitdeer Technologies Group Class A Ordinary SharesBTDR | $2.6B | — | ||||
| CleanSpark IncCLSK | $2.5B | — | ||||
| Twenty One Capital, Inc.XXI | $2.0B | — | ||||
| Sharplink Gaming LtdSBET | $1.3B | — | ||||
| Bitfarms LtdBITF | $1.2B | — | ||||
| Gemini Space Station, Inc. Class A Common StockGEMI | $728.3M | — | ||||
| HIVE Digital Technologies LtdHIVE | $580.0M | — | ||||
| Bit Digital IncBTBT | $473.5M | — | ||||
| Bakkt Holdings IncBKKT | $240.2M | — | ||||
| Upexi Inc.UPXI | $192.9M | — | ||||
| Kindly MD, Inc.NAKA | $173.0M | — | ||||
| DeFi Development Corp.DFDV | $108.5M | — |
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Related collections
Frequently asked questions
What is the Crypto-Adjacent Equities collection?
Listed crypto proxies — exchanges, miners and DATs. It currently holds 26 stocks, each rated by Openbook's Reward and Risk scores. For equity investors seeking crypto exposure without holding tokens, a set of listed companies tracks the asset class — exchanges, bitcoin miners and digital-asset treasuries (DATs) such as Strategy (MSTR) and Bitmine that hold crypto on their balance sheet.
How are Crypto-Adjacent Equities stocks selected?
Crypto-Adjacent Equities is a curated basket of companies with direct exposure to this theme, screened against live market data and ranked by market capitalisation.
How often is the Crypto-Adjacent Equities list updated?
It is rebuilt from live market data, so the constituents and their rankings update as prices and company fundamentals change — there is no fixed, hand-edited list.
How should I use the Reward and Risk ratings?
Openbook's Reward rating combines a stock's growth, momentum, profitability and valuation into a single 0–100 score, and the Risk rating scores financial strength, volatility and size. Use them to compare names within this theme — broadly, a higher Reward alongside a lower Risk is more attractive. They are quantitative research signals, not investment advice.
Openbook Reward and Risk ratings and factor scores are quantitative signals for research, not investment advice. Data may be delayed. Some US-listed names carry partial factor coverage.