Crypto Stocks: Time to Buy or Time to Bail? MSTR, COIN, MARA Under the Microscope

Crypto-linked equities are flashing mixed signals—bullish momentum or overhyped dead cat bounce? We dissect the trio moving markets.

MicroStrategy’s Bitcoin bet: genius or gambler’s fallacy? The corporate hodl strategy keeps Wall Street divided—balance sheet alchemy or ticking time bomb?

Coinbase’s institutional pivot: regulatory moat or desperate scramble for revenue streams as retail trading stagnates? The ’too big to fail’ narrative gets stress-tested.

Marathon’s mining math: hash rate promises meet energy cost realities. Can they outpace the inevitable post-halving squeeze?

One hedge fund manager’s take: ’These stocks trade like crypto derivatives—twice the volatility, half the fundamentals.’ Place your bets before the next Fed meeting sends everyone scrambling.

Top Crypto Stocks in 2025

Strategy (MSTR)

MicroStrategy Incorporated, now known as Strategy, started out as a firm that provides business intelligence software. It has now transformed into a multi-billion-dollar company that manages a corporate Bitcoin treasury. MicroStrategy has pioneered the corporate Bitcoin adoption movement with its bold treasury strategy. 

Along with handling its legacy in analytics software, the company has made bitcoin its main treasury reserve asset since August 2020. It has gathered a large amount of funds by using convertible notes, selling shares, and cash from operations.

MicroStrategy has become the biggest Bitcoin holding company in the world. As per May 2025 figures, MicroStrategy has 576,230 Bitcoin, worth about $33.139 billion at current prices. The firm recently announced that it bought another $1.34 billion worth of Bitcoin in May 2025.

Under Michael Saylor’s direction, MicroStrategy has set up advanced ways to manage Bitcoin in its treasury. The company has set up safe, professional-level cold storage and has created a guide for businesses to start using Bitcoin, which others are now following. Because of its first-mover advantage, MicroStrategy is recognized as a leader and can advise other companies interested in the same Bitcoin strategy.

In Q1 2025, MicroStrategy started its Bitcoin Yield Enhancement Program, which allowed it to earn income from its large Bitcoin holdings without needing to sell any of them. Thanks to this move, the company can stick to its Bitcoin plan and also earn extra income, which could benefit its shareholders.

While Bitcoin takes up most of the spotlight, MicroStrategy’s software business still brings in steady cash. The business brought in $111.1 million in software revenue for the first quarter of 2025. However, this represents a 3.6% decrease compared to the same period last year. 

Moreover, its cloud subscription services revenue grew significantly, increasing by 62% year-over-year and now comprising 33% of total revenue. The base business supplies steady operations, whereas the Bitcoin strategy has the potential for giant growth.

Coinbase (COIN)

Coinbase Global Inc. (NASDAQ: COIN) is America’s leading cryptocurrency exchange and digital asset platform. It was launched by Brian Armstrong and Fred Ehrsam in 2012 and now operates remotely, providing services for both small and large clients.

Users can trade digital assets easily, and the company offers additional services like Coinbase One, Coinbase Advanced, Coinbase Prime, self-custody wallets, and the Coinbase Card for direct spending.

Coinbase’s Q1 2025 revenue was $2.03 billion, which is a 24% rise compared to the same period last year. Most of the growth came from a 39% increase in consumer trading volume, which raised consumer transaction revenue by $366.5 million. In addition, subscription and services revenue increased thanks to higher USDC balances in Coinbase products ($105.1 million) and on external platforms ($67.9 million).

Leading the market, Coinbase is the top U.S.-based crypto exchange and is considered one of the biggest cryptocurrency platforms, with more than 108 million users in 100 countries. This scale helps the company gain network benefits and compete better.

The $2.9 billion purchase of Deribit by Coinbase is a strategic way for the company to enter the rapidly growing market for crypto derivatives. With this acquisition, Coinbase now offers options and futures trading to big clients, making its product range stronger and helping it expand in Europe and Asia, where derivatives rules are better developed.

The company is able to meet its short-term and long-term requirements because it maintains a strong liquidity position by holding cash and USD Coin (USDC). The company’s management believes the business is financially stable because of increased market adoption, more users, loyal customers, and successful new product releases.

Marathon Digital (MARA)

Marathon Digital Holdings (NASDAQ: MARA) is now a leading global player in digital asset computing. The firm is committed to using new technologies to help create a financial system that is both sustainable and welcoming to all. MARA helps protect blockchain networks and also supports the shift to clean energy by using stranded or unused energy sources.

Marathon makes most of its revenue by mining Bitcoin, providing hosting services, and harvesting energy. MARA’s main business is Bitcoin mining, which brings in about 92.4% of the company’s revenue and involves running specialized computers to confirm Bitcoin transactions and receive mining rewards.

The company earns about 7.6% of its revenue from hosting services since it offers infrastructure and power to other miners. Marathon has also introduced projects for energy harvesting, with the goal of changing unused or wasteful energy into something useful for the economy, which helps achieve broader energy transformation objectives.

With the purchase of a wind farm in Hansford County, Texas, Marathon is taking steps toward making mining more sustainable. In addition to lowering their environmental impact, this step in the process can help the company save funds because energy is the highest expense in Bitcoin mining. As time goes on, the zero-marginal-cost energy from renewables could greatly improve profits.

Marathon acquired two working Bitcoin mining sites in Granbury, Texas, and Kearney, Nebraska, from GC Data Centre Equity Holdings in January 2024. This $189.6 million deal added 390 megawatts of working capacity to Marathon’s existing facilities. The company can better connect its technology and is expected to lower the cost of mining Bitcoin by about 30%, making it more profitable.

According to Marathon’s report from March 31, 2025, the company held around 48,237 Bitcoins worth more than $5.02 billion. This is a big jump from the 44,893 Bitcoins the company had at the end of 2024, which shows the company is following a HODL strategy to benefit from Bitcoin’s expected rise over time. They give the company financial stability and a way to benefit from Bitcoin price swings.

Final Thoughts

As the crypto market is booming, investors can profit from crypto-related companies such as MicroStrategy, Coinbase, and Marathon Digital Holdings. These companies make it possible for investors to own digital assets without fully leaving traditional investments. 

MicroStrategy’s Bitcoin holdings, Coinbase’s growing exchange, and Marathon’s mining give investors various ways to gain from cryptocurrency without compromising traditional trading rules. 

As digital assets continue to evolve, these stocks could give investors a way to invest in crypto with less risk of big swings. Yet, as with other investments in emerging technology, investors should think about their risk level and research well before adding crypto stocks to their portfolios.

Also read: Coinbase Finds More Trouble as It’s Hit with Another Lawsuit