The unfortunate reality of our industry is that crypto prices remain the key driver of value to most crypto public companies. Few have been able to escape the trap that is share price movement tied to Bitcoin price.
Bitcoin has been quite boring in 2026, hovering between $60 and 70K; crypto stocks have been punished for the lack of trading volumes and price stagnation. The median company across all of our crypto public company list is down 15% for the year.
This week was a glimmer of hope. With increased Bitcoin prices increasing 23%, the median company across our list was also up 11% this week.
The categories that increased the most this week were the same ones sitting closest to their 52 week lows. Treasury companies and the exchanges are still priced as leveraged Bitcoin proxies. The miners and the crypto influenced names lagged the rally and are holding up better on the year, which we would credit to revenue from AI hosting and payment volume. We’ll see how sustainable this is, but an optimistic week nonetheless.
