Robinhood has emerged as the most valuable crypto-related stock, with a market capitalization of $131 billion, surpassing MicroStrategy, which is now valued at $98 billion. Bitcoin mining equities advanced +17% over the past week and are up an impressive +285% over the last 18 months.

Broader crypto-linked stocks gained +18.7% for the week and have delivered +159% year-to-date. MicroStrategy’s NAV multiple remains around 1.25×, while its shares trade at a 21% discount to Bitcoin based on our regression model—near the lower boundary of the band. The stock appears to be increasingly decoupling from Bitcoin’s beta, reflecting a waning sensitivity to BTC price swings.

10x Research Crypto Stocks Index vs. Bitcoin (last 18 months returns)

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