What are the Bitcoin concept stocks? 12 recommendations for US and Taiwan stocks in 2025: MicroStrategy Holdings dominates.

Bitcoin concept stocks refer to publicly listed companies whose business is related to Bitcoin, including Bitcoin mining, crypto assets trading platforms, digital payment services, and blockchain technology development. With the approval of the Bitcoin spot ETF by the U.S. SEC in early 2024, crypto assets officially enter the mainstream financial system, making Block, MicroStrategy, and other Bitcoin concept stocks highly followed. These types of stocks have high leverage characteristics, and when Bitcoin prices rise, the increase may surpass that of Bitcoin itself.

What are Bitcoin concept stocks? Why are they worth following?

The so-called Bitcoin concept stocks refer to listed companies whose businesses are closely related to Bitcoin, such as Bitcoin Mining, Crypto Assets trading platforms, digital payment services, and Blockchain technology development, among other fields. Even if Bitcoin continues to experience price fluctuations in 2025, these stocks are still widely followed by the market due to their strong connection with the digital asset ecosystem.

To quickly grasp the complete categories and industry chain, you can also check our organized Bitcoin Concept Stocks: Latest US Stock Blockchain Concept Stock News and In-Depth Analysis aggregation page.

With the approval of the Bitcoin Spot ETF by the U.S. SEC in early 2024, crypto assets are transitioning from fringe products into the mainstream financial system, becoming regulated institutional assets. This policy shift is attracting significant capital inflows into the related industry chain, making Bitcoin concept stocks such as trading platforms, payment service providers (like Block), and Bitcoin miners (like Marathon) the focus of market attention.

Bitcoin concept stocks typically exhibit high leverage characteristics. When Bitcoin prices rise, the stock prices of these companies (especially those holding coins and miners) tend to react more significantly, with increases that may surpass Bitcoin itself. For investors who cannot or do not wish to hold Crypto Assets directly, Bitcoin concept stocks provide a compliant and relatively convenient indirect investment channel. In contrast, some concept stocks have an annualized volatility lower than that of Bitcoin Spot, particularly mining stocks like Riot Platforms (RIOT), which possess stable hash rate expansion capabilities, making their stock price performance more predictable.

Comparison of Four Types of Bitcoin Concept Stocks

2025 US Stock Bitcoin Concept Stocks Recommendation

MicroStrategy (MSTR) is the company with the largest amount of Bitcoin holdings, with 649,870 coins as of November 2025. This strategy has made MSTR a popular target for indirect investment in Bitcoin. Since 2025, MSTR's stock price has dropped nearly 35% to date. Due to the large scale of its holdings, its stock price is highly dependent on the trends in the Bitcoin market, and the volatility is amplified accordingly.

Block Inc. (SQ), formerly known as Square, was founded by Twitter co-founder Jack Dorsey. Block's main business includes mobile payment Cash App, Bitcoin development kits, and DeFi development platforms. Cash App is the cash cow of the Block group, offering services such as P2P transfers, debit cards, deposits, and investments. The business model of Cash App relies on transaction fees for Cash Card payments (2.75%), instant transfer fees (1.5%), and the spread from Bitcoin investments. As long as the Crypto Assets market can stabilize under appropriate regulation, its future growth potential remains strong.

PayPal (PYPL) is one of the largest digital payment companies in the world, with a market value of $7.106 billion. In the U.S. market, PayPal allows users to buy and sell mainstream crypto assets like Bitcoin and Ethereum directly on the platform, and integrates these functionalities into its digital wallet. In 2023, PayPal launched its own stablecoin PYUSD, which is pegged to the U.S. dollar at a 1:1 ratio, positioning it as a cryptocurrency aimed at payment scenarios. Although the current contribution of the crypto business to overall revenue remains limited, its attempts to integrate encryption into traditional finance have made it an important member of Bitcoin concept stocks.

Taiwan Bitcoin Concept Stocks: Semiconductor Hardware Supply Chain

Taiwan's Bitcoin concept stocks focus more on the semiconductor and hardware sectors, with these companies providing key components for global mining equipment. TSMC (2330) is the world's largest semiconductor foundry, focusing on advanced process technology, providing high-performance chip solutions, including application-specific integrated circuits (ASIC) for cryptocurrency mining. With the growing demand for Bitcoin mining, the demand for high-performance, low-power ASIC chips continues to rise.

ASUS (2357) is a globally recognized computer hardware manufacturer, producing a variety of graphics cards, especially high-performance cards for gaming and Mining, and has launched a dedicated series of Mining graphics cards. Gigabyte (2376) not only produces standard graphics cards but also has a product line specifically for Crypto Assets mining. Nanya Technology (2408) focuses on products such as DRAM and NAND Flash, which are widely used in servers and other fields, benefiting from the increasing demand for memory performance in Bitcoin mining.

Taiwan Bitcoin Concept Stocks Overview

However, it is important to note that the difficulty of Mining is increasing more and more. Although the market is optimistic about Bitcoin, there are no signs of a resurgence in the Mining craze. Therefore, Bitcoin concept stocks in Taiwan may also find it difficult to directly benefit from the pump. These companies have a more indirect relation to Bitcoin, mainly providing hardware equipment rather than directly participating in Bitcoin business.

5 Key Indicators for Investing in Bitcoin Concept Stocks

When investing in Bitcoin concept stocks, it is essential to closely follow the development dynamics of Bitcoin itself. Key factors include: changes in regulatory policies, price volatility, actual application demand, advancements in Blockchain technology, etc. Moreover, the supply mechanism of Bitcoin is also an indispensable variable. Since the total issuance limit of Bitcoin is 21 million coins, and the mining reward is halved approximately every four years, this deflationary design has a long-term impact on price formation.

5 Core Indicators for Stock Selection

Actual correlation with Bitcoin: Is the main income derived from Bitcoin business, is it short-term speculation or has substantial layout?

Financial Condition and Cost Structure: Is the cash flow stable? The cash flow coverage ratio of mining stocks should be greater than 1.5 times, and the compliance reserve ratio of trading platforms should be greater than 105%.

Growth Potential and Scale: Does it have stable user growth or platform expansion capabilities, such as increased trading volume driven by the legalization of ETFs on the trading platform?

Regulatory Risks and Geopolitical Impacts: Whether there is multi-regional compliance operational capability, prioritize choosing US concept stocks, the policy environment is relatively transparent.

Team Execution and Business Transparency: Is there a clear Blockchain development strategy to avoid merely speculating on shell stocks?

For some investors, the attraction of Bitcoin concept stocks lies in the speculative opportunities created by the high volatility of Bitcoin prices. However, Bitcoin concept stocks are not completely equivalent to “companies holding large amounts of Bitcoin.” The former refers to companies participating in crypto infrastructure, trading, payments, or blockchain applications, while the latter includes companies like MicroStrategy or Tesla that hold coins as a form of asset allocation. Investors should distinguish between speculative positioning and trend investments based on their own strategies and risk preferences.