You do not need to buy Bitcoin directly to gain exposure to the Bitcoin market.
For traditional-market investors, a growing group of publicly traded companies and exchange-traded products provides different ways to participate in the Bitcoin economy. Some hold Bitcoin directly, some generate revenue from crypto trading, some operate mining infrastructure, and others provide the infrastructure behind stablecoins and digital assets.
That makes Bitcoin related stocks an interesting category for investors who want exposure to the crypto market through traditional securities.
But these stocks are not interchangeable with Bitcoin. A company can outperform Bitcoin, lag behind it, or move in the opposite direction over shorter periods depending on its business model, financing, valuation, and broader market conditions.
In this guide, we examine five Bitcoin-related investments worth understanding in 2026: Strategy (MSTR), Coinbase Global (COIN), Riot Platforms (RIOT), Circle (CRCL), and the iShares Bitcoin ETP. We will explain what drives each asset, how it differs from owning Bitcoin, and what crypto-native traders should watch before considering exposure.
What Are Bitcoin Related Stocks?
Bitcoin related stocks are publicly traded companies whose business models or balance sheets have meaningful exposure to Bitcoin or the broader cryptocurrency economy.
They generally fall into several categories:
This distinction is important because the performance of each category can depend on very different factors.
For example, a Bitcoin mining company may be affected by Bitcoin's price, mining difficulty, electricity costs, and capital expenditure. An exchange can benefit from higher trading activity even when Bitcoin itself is relatively flat. A Bitcoin ETP, meanwhile, is designed primarily to provide price exposure to Bitcoin rather than operate a cryptocurrency business.
1. Strategy (MSTR)
Strategy, formerly known as MicroStrategy, is a business intelligence software company that has also adopted Bitcoin as a major treasury asset.
The company has become one of the most closely watched publicly traded Bitcoin holders. Its Bitcoin strategy means that investors often view MSTR as a way to obtain leveraged or amplified exposure to Bitcoin, although its stock is not designed to track Bitcoin's price one-for-one.
Strategy's corporate strategy makes MSTR fundamentally different from a conventional technology stock.
Why Traders Watch MSTR
The central reason investors monitor MSTR is its substantial Bitcoin exposure.
When Bitcoin rises, the market value of the company's Bitcoin holdings can increase. However, MSTR's share price is also affected by factors including its capital structure, financing activities, operating business, investor sentiment, and the premium or discount investors assign to the company's Bitcoin exposure.
This means MSTR can experience larger moves than Bitcoin in either direction.
What to Watch
- Bitcoin price
- Strategy's Bitcoin holdings
- The company's financing activities
- Changes in shares outstanding
- MSTR's valuation relative to its Bitcoin holdings
- Broader technology and equity market sentiment
Key Risk
MSTR should not be treated as simply "Bitcoin in stock form." Corporate financing, dilution, valuation, and business operations can all affect the stock independently of Bitcoin.
2. Coinbase Global (COIN)
Coinbase Global operates a cryptocurrency platform providing trading and other digital asset services.
Its financial performance is closely connected to cryptocurrency market activity, including trading volumes and demand for digital asset services.
Why Traders Watch COIN
Coinbase can benefit from increased cryptocurrency trading activity and broader adoption of digital assets.
When crypto markets become more active, trading volumes and user activity can increase. However, the company's results can also be affected by factors unrelated to Bitcoin's price, including transaction revenue, subscription and services revenue, operating expenses, regulatory developments, and competition.
For this reason, COIN can be viewed as an equity-market expression of broader crypto-market activity rather than a simple Bitcoin proxy.
What to Watch
Crypto traders following COIN should monitor:
- Bitcoin and broader crypto market trends
- Trading volumes
- Retail and institutional activity
- Subscription and services revenue
- Regulatory developments
- Quarterly financial results
Key Risk
A rising Bitcoin price does not automatically guarantee higher COIN returns. Coinbase's financial performance depends on its overall business and the level of activity across the digital asset market.
3. Riot Platforms (RIOT)
What Is Riot Platforms?
Riot Platforms is a Bitcoin mining company that operates mining infrastructure and data centre facilities.
Bitcoin miners use specialised computing hardware to participate in the Bitcoin network. Successful miners receive Bitcoin rewards and transaction fees according to the Bitcoin protocol.
This creates a direct economic relationship between mining companies and Bitcoin.
Why Traders Watch RIOT
RIOT's performance is influenced by Bitcoin's price, but Bitcoin is only one part of the equation.
Mining economics also depend on:
- Network difficulty
- Mining efficiency
- Electricity costs
- Hardware costs
- Bitcoin network fees
- Mining capacity
- Capital expenditure
The Bitcoin network's 2024 halving also reduced the block subsidy paid to miners, increasing the importance of operational efficiency and cost management for mining companies.
Riot is also no longer a pure mining business. Part of its energy and data centre capacity now serves artificial intelligence and high performance computing hosting, which means results depend on contracted compute capacity as well as mining economics.
For investors, this means a Bitcoin miner can face significant pressure even when Bitcoin's price remains strong if mining economics deteriorate.
What to Watch
When analysing RIOT, look beyond its stock chart.
Pay attention to:
- Bitcoin production
- Hash rate
- Mining efficiency
- Energy costs
- Bitcoin network difficulty
- Capital expenditure
- Balance sheet strength
Key Risk
Bitcoin mining is a capital-intensive business. Changes in Bitcoin's price, network difficulty, energy costs, and hardware economics can materially affect profitability, and its expansion beyond mining adds execution risk on large capital projects.
4. Circle (CRCL)
What Is Circle?
Circle is a financial technology company best known for issuing USDC, a dollar-denominated stablecoin.
Unlike Strategy or Riot Platforms, Circle is not primarily a Bitcoin investment vehicle. Its connection to Bitcoin comes through the broader digital asset ecosystem and the infrastructure supporting blockchain-based payments and financial applications.
If you are looking for a stock that closely tracks Bitcoin, Circle is not the same type of investment as a Bitcoin treasury company or Bitcoin ETP.
Why Traders Watch CRCL
Stablecoins have become an important part of cryptocurrency market infrastructure. They are used for trading, payments, transfers, and settlement across blockchain networks.
Circle's business therefore provides investors with exposure to the broader adoption of digital assets rather than Bitcoin alone.
For crypto traders, CRCL can be particularly relevant when assessing the growth of stablecoins and blockchain-based financial infrastructure.
What to Watch
- USDC circulation
- Stablecoin adoption
- Interest rates
- Reserve income
- Blockchain activity
- Regulatory developments
- Institutional adoption of digital assets
Key Risk
Circle's financial performance is influenced by interest rates and stablecoin economics, meaning CRCL can behave differently from Bitcoin during both bull and bear markets.
5. iShares Bitcoin ETP
Bitcoin exchange-traded products provide investors with exposure to Bitcoin through a traditional securities market structure.
The iShares Bitcoin Trust ETF (IBIT) is BlackRock's U.S. spot Bitcoin exchange-traded fund. Depending on the jurisdiction, the broader iShares product range also includes Bitcoin-related exchange-traded products.
Unlike a company such as Strategy or Riot Platforms, a spot Bitcoin ETP is designed to provide direct exposure to the price of Bitcoin by holding Bitcoin or using a structure designed to track its price.
Why Traders Watch Bitcoin ETPs
Bitcoin ETPs provide a bridge between traditional financial markets and Bitcoin.
For investors who already use brokerage accounts, an exchange-traded product can provide Bitcoin price exposure without requiring them to manage private keys or interact directly with a crypto wallet.
For crypto-native traders, however, the trade-off is important: holding an ETP is different from holding Bitcoin directly.
What to Watch
- Bitcoin's spot price
- ETP fees
- Trading volume and liquidity
- Tracking performance
- Premiums or discounts where applicable
- Regulatory developments
Key Risk
A Bitcoin ETP provides market exposure, but it does not give the holder the same control over Bitcoin as self-custody.
A user holding Bitcoin directly can control their private keys and transfer the asset on-chain. An ETP holder instead owns a security representing an interest in the investment vehicle.
Bitcoin vs Bitcoin Related Stocks
One of the most important questions is whether Bitcoin-related stocks are better than Bitcoin itself.
For someone who wants straightforward Bitcoin exposure, directly holding Bitcoin or using an appropriate Bitcoin ETP may be more closely aligned with that objective.
For someone who wants exposure to businesses benefiting from broader crypto adoption, individual crypto-related stocks may provide a different opportunity.
Trading Bitcoin and Bitcoin Related Stocks in One Account
Most investors split this exposure across two platforms: a crypto exchange for Bitcoin and a separate brokerage for equities. That means two funding cycles, two balances, and a transfer step every time you want to rotate between them.
Backpack removes that split. Bitcoin is available as spot and perpetual futures, while US stocks and ETFs are offered through Backpack Securities. Every name covered in this guide is available: Strategy (MSTR), Coinbase Global (COIN), Riot Platforms (RIOT), Circle (CRCL), and the iShares Bitcoin Trust ETF (IBIT).
These are real security entitlements governed by New York law, not synthetic products or CFDs. Trading is quote based rather than order book based: Backpack shows a live price, you confirm, and your balance updates. Accounts can be funded with fiat or stablecoins.
Backpack Securities is not offered in the United States, the United Kingdom, the United Arab Emirates, or Japan, and is not available on Backpack EU.
Which Should You Trade, Bitcoin Related Stocks or Crypto?
Bitcoin-related stocks give investors more ways to gain exposure to the digital asset economy without buying Bitcoin directly.
Strategy (MSTR) provides exposure through a Bitcoin-heavy corporate treasury strategy. Coinbase Global (COIN) offers exposure to cryptocurrency trading and digital asset services. Riot Platforms (RIOT) is tied to the economics of Bitcoin mining. Circle (CRCL) provides exposure to the growth of stablecoin infrastructure. Meanwhile, the iShares Bitcoin Trust ETF offers a traditional securities-market route to spot Bitcoin exposure.
For Backpack users and crypto traders, the key is to look beyond the Bitcoin narrative. Understand what actually drives each asset, from mining economics and corporate financing to trading activity, stablecoin adoption, and Bitcoin price movements.
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