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

Bitcoin concept stocks refer to publicly listed companies whose businesses are related to Bitcoin, including Bitcoin mining, cryptocurrency 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, attracting attention to Bitcoin concept stocks such as Block and MicroStrategy. These stocks have high leverage characteristics, and when Bitcoin prices rise, the increases may exceed those of Bitcoin itself.

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

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

With the official approval of the Bitcoin Spot ETF by the US SEC in early 2024, Crypto Assets have transitioned from being niche products to mainstream financial systems, becoming regulated institutional-level assets. This policy shift has attracted significant capital inflow into the related industry chain, drawing market attention to Bitcoin concept stocks, including trading platforms, payment service providers (such as Block), and Bitcoin miners (such as Marathon).

Bitcoin concept stocks usually have high leverage characteristics. When the price of Bitcoin rises, the stock prices of these companies (especially those holding coins and miners) tend to react more dramatically, with gains potentially exceeding that of 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, the annualized volatility of some concept stocks is lower than that of Bitcoin spot, particularly for mining stocks like Riot Platforms (RIOT), which have stable hash power expansion capabilities, making their stock price performance more predictable.

Comparison of Four Types of Bitcoin Concept Stocks

2025 US Stock Bitcoin Concept Stock Recommendations

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

Block Inc. (SQ), formerly known as Square, was founded by Twitter co-founder Jack Dorsey. Block's main businesses include the mobile payment service Cash App, a Bitcoin development kit, and a DeFi development platform. 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 from Cash Card payments (2.75%), fast transfer fees (1.5%), and the spreads from Bitcoin investments. As long as the cryptocurrency market can stabilize under appropriate regulations, its future growth potential remains strong.

PayPal (PYPL) is one of the largest digital payment companies in the world, with a market capitalization of $7.106 billion. In the U.S. market, PayPal allows users to buy and sell mainstream crypto assets such as Bitcoin and Ethereum directly on the platform, and integrates them into its digital wallet functionality. In 2023, PayPal also launched its own stablecoin PYUSD, which is pegged to the U.S. dollar at a 1:1 ratio and is positioned as a crypto asset for payment scenarios. Although the current contribution of its crypto business to overall revenue is still limited, its attempts to integrate encryption into traditional finance make 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, specializing in advanced process technologies, and offers high-performance chip solutions, including Application-Specific Integrated Circuits (ASIC) used for cryptocurrency mining. With the increasing demand for Bitcoin mining, the demand for high-performance, low-power ASIC chips continues to grow.

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

Taiwan Bitcoin Concept Stocks Overview

However, it is important to note that the difficulty of Mining is increasing, and although the market is optimistic about Bitcoin, there has been no resurgence of the Mining craze. Therefore, Taiwan's Bitcoin concept stocks may also find it difficult to benefit directly from the rise. These companies have a more indirect connection 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 fluctuations, actual application demands, and advancements in blockchain technology. In addition, the supply mechanism of Bitcoin is also a variable that cannot be ignored. 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.

Top 5 Core Indicators for Stock Selection

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

Financial Condition and Cost Structure: Cash flow should be stable, with a cash flow coverage ratio for mining stocks greater than 1.5 times, and the compliance reserve ratio for trading platforms should be greater than 105%.

Growth Potential and Scale: Whether there is stable user growth or platform expansion capability, such as the trading platform expanding transaction volume with the legalization of ETFs.

Regulatory Risks and Geopolitical Impact: Whether it has the capability for multi-regional compliant operations, prioritize American 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 appeal of Bitcoin concept stocks lies in the speculative opportunities arising from the high volatility of Bitcoin prices. However, Bitcoin concept stocks are not completely equivalent to “companies that hold large amounts of Bitcoin.” The former refers to companies involved in crypto infrastructure, trading, payments, or Blockchain applications, while the latter refers to companies like MicroStrategy or Tesla that hold coins as part of their asset allocation strategy. Investors should distinguish between speculative positioning and trend investing based on their own strategies and risk preferences.