TLDR
- Bitcoin has reached new all-time highs above $111,000, with odds of hitting $150,000 rising to 47%
- Coinbase leads crypto exchanges with $1.2 trillion in trading volume for 2024 and owns 6,885 Bitcoins worth $750 million
- Robinhood reported 100% year-over-year growth in crypto trading revenue to $252 million in Q1 2025
- MicroStrategy holds over 576,000 Bitcoins (2.7% of total supply) worth $63 billion after spending $40 billion
- Tesla owns 11,500 Bitcoins with unrealized gains of nearly 300%, outperforming other major corporate holders
Cryptocurrency markets have entered a new bull phase with Bitcoin reaching record highs above $111,000. This surge has lifted crypto-related stocks as investors seek exposure to digital assets through traditional equity markets.
Four companies stand out as leading beneficiaries of the current Bitcoin rally. These firms have direct exposure to cryptocurrency through various business models including exchanges, mining operations, and treasury holdings.
Coinbase Global (COIN) remains the dominant cryptocurrency exchange in the United States. The company reported over $1.2 trillion in trading volume during 2024, establishing itself as the primary gateway for retail crypto investment.
The exchange owns 6,885 Bitcoins in its corporate treasury, currently worth approximately $750 million. Recent analyst upgrades from Goldman Sachs, Benchmark, Oppenheimer, and Rosenblatt reflect growing confidence in the platform’s prospects.
Exchange Platforms Drive Revenue Growth
Coinbase has diversified its revenue streams beyond basic trading fees. The company generates income from staking services, stablecoin operations, and custody services for Bitcoin and Ethereum ETFs.
The firm recently announced its acquisition of Deribit, a derivatives platform. Coinbase is also in discussions to acquire Circle, the creator of USD Coin stablecoin.
Robinhood Markets (HOOD) has emerged as another major player in crypto trading. The platform reported $252 million in cryptocurrency trading revenue for Q1 2025, representing 100% year-over-year growth.
Total annual transaction-based revenue reached $583 million, with crypto representing a substantial portion. The company expects 30% total revenue growth in 2025 driven partly by crypto activity.
Robinhood’s user base continues expanding with 25.8 million funded customers in the latest quarter. The platform’s Robinhood Gold subscription service now serves 3.19 million users.
Corporate Bitcoin Holdings Create Direct Exposure
MicroStrategy, now renamed Strategy Inc. (MSTR) holds the largest corporate Bitcoin position globally. The company owns over 576,000 Bitcoins, representing 2.7% of the total Bitcoin supply.
Strategy has spent over $40 billion acquiring these holdings, currently valued at just under $63 billion. This represents one of the largest corporate cryptocurrency investments in history.
CEO Michael Saylor has transformed the former software company into primarily a Bitcoin investment vehicle. The stock price moves closely with Bitcoin’s price fluctuations.
Tesla (TSLA) maintains the fifth-largest public Bitcoin position with 11,500 coins. The electric vehicle company’s Bitcoin investment shows unrealized gains of nearly 300% from its original $330 million purchase.
Current value of Tesla’s Bitcoin holdings exceeds $1.2 billion. This investment performance surpasses most other corporate Bitcoin holders including Strategy Inc.
CleanSpark (CLSK) operates as a Bitcoin mining company with low production costs due to clean energy usage. The firm mined 1,957 coins in the recent quarter with average revenue per coin exceeding $90,000.
The company holds 12,101 Bitcoins on its balance sheet worth over $1.36 billion at current prices. This represents substantial value for a company with a market capitalization near $3 billion.
Bitcoin’s rally has pushed the probability of reaching $150,000 to 47% from just 11% in April. This momentum continues driving interest in crypto-exposed stocks across multiple sectors.
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