4E Labs|Crypto Stock Panorama: From Bitcoin Hoarders to Blockchain Infrastructure Capital Game (2)

Author: 0xYuri

In the context of the successful launch of Bitcoin ETFs, the successive release of Ethereum ETFs, and the countdown to stablecoin legislation, a number of listed companies highly related to the crypto industry are playing an increasingly important role in the capital market, and the institutionalization process is accelerating to promote the differentiation of related stocks. They cover multiple links such as trading platforms, mining, electricity, asset management, and stablecoin issuance, forming a bridge asset pool between traditional finance and Web3.

This article is the second part of the "Crypto Stock Panorama" series, which will focus on the trends of computing power mining companies and ETFs to help readers build a more complete allocation map of crypto stocks. 📎 If you haven't read the previous content, you can click to view: 4E Labs|Crypto Stock Panorama: The Capital Game from Bitcoin Hoarders to Blockchain Infrastructure (1)

3. Bitcoin hashrate-based: The relevant production capacity forms the basis of the BTC production chain

3.1 Marathon Digital (MARA): The largest independent hash rate miner in the United States

• Main business: Bitcoin mining (operating multiple data centers, distributed in North Dakota, Texas and the United Arab Emirates, with a computing power of 36.9 EH/s in June 2025 and a monthly output of 705 bitcoins, a year-on-year increase of 5%), technology optimization and infrastructure (investing in hardware (such as Auradine) and developing immersion cooling systems to reduce energy consumption and improve computing efficiency)
• Bitcoin holdings: As of June 2025, there are 49,940 bitcoins (market capitalization of about $5.4 billion), making it the second largest publicly traded bitcoin holder after MicroStrategy. In 2024, 6,210 bitcoins will be purchased through the issuance of $300 million convertible bonds, indicating a "hold-first" strategy, with an average mining cost of about $51,000 per bitcoin.
• Financial performance: 2024 revenue of $697 million, up 78% year-over-year; Net profit of $450 million, reversing 2023 losses, June 2025 market capitalization of $4.8 billion, price-to-earnings (P/E) of about 22.5, share price of $12.53, Bernstein target price of $23 (potential gain of 153.7%).
• Risk: High-frequency scaling requires continuous financing, and the rewards will be reduced after the Bitcoin halving in April 2024, and the mining cost (about $51,000/coin) will require the Bitcoin price to remain high to maintain profitability.

3.2 Riot Platforms (RIOT):

Founded in 2000 and headquartered in Colorado, Texas-based computing power and energy management experts, Riot Platforms, Inc. (stock code: RIOT) focuses on Bitcoin mining and energy management. With large facilities in Rockdale and Corsicana, Texas, with a total capacity of 1 GW, the company is one of the major Bitcoin miners in North America. Riot boosts efficiency with its own mining pools and immersion cooling technology. The mine utilization rate was 95%, but the loss of $399 million in a single quarter exposed a common problem in the industry - the deadly combination of highly leveraged expansion and the halving of Bitcoin production.

RIOT is a core position of WGMI, with strong energy cost control capabilities, and has received US$5.6 million in electricity rebates through the ERCOT grid demand response project, with hydropower accounting for more than 60%, and has significant ESG rating advantages. The stock price was buoyed by the expectation of AI/HPC transformation.

• Main business: Bitcoin mining (operating Rockdale and Corsicana facilities, with a hashrate of 31.5 EH/s in September 2025, and a year-on-year increase of 28% in monthly output of Bitcoin; 1,364 BTC will be produced in the first quarter of 2024, and the computing power is planned to reach 56.6 EH/s in the second quarter of 2025); Energy Management & Cost Control (Powered by Texas' low-cost electricity (2.8 cents/kWh average in 2023, well below residents' 13.5 cents) and profited through the Responsive Reserve Service, which generated $18 million in electricity sales in 2022.
• Bitcoin holdings: Hold 10,427 BTC, mainly with a "hold-based" strategy.
• Financial performance: 2024 revenue of $793 million, up 8% year-over-year; Net income of $211 million, a significant year-over-year increase, market capitalization of $2.6 billion in 2025, a price-to-earnings (P/E) ratio of about 12.3, a share price of $7.78, and a Bernstein price target of $19 (potential gain of 146.9%).
• Development direction: In 2025, it plans to convert 600 MW of Corsicana facilities to AI/HPC applications, explore diversified revenues, and seek cooperation with Amazon, Microsoft, etc.
• Operational risks: reliance on a single region (Texas), grid instability (e.g., Storm Uri in 2021) and fluctuating electricity prices may increase costs; AI transformation requires key partners.

3.3 Core Scientific (CORZ): Key Takeaways from AI Infrastructure Transformation

Pioneers Founded in 2017 and headquartered in Delaware, USA, Core Scientific, Inc. (ticker: CORZ) is one of the largest industrial Bitcoin-grade miners in North America. In 2022, it filed for Chapter 11 bankruptcy protection due to the falling price of Bitcoin and rising energy costs, and completed the restructuring in January 2024 and relisted on the NASDAQ. The company operates 8 data centers.

Main Business

1. Mining & Custody
   - The self-owned mining business uses ASIC mining machines to produce 1,115 bitcoins in the first quarter of 2024, a year-on-year decrease of 62% (due to halving and increased network difficulty).
   - Provide escrow services to manage mining rigs for third-party customers (e.g., CoreWeave), with a higher share of escrow revenue in 2025.
2. AI/HPC Infrastructure
   - A 12-year, $6.7 billion agreement with Nvidia-backed CoreWeave in 2025 to provide 900 MW of computing power to support AI and high-performance computing.
   - 70 MW of new capacity (Denton and Muskogee) by 2025 for a total data center capacity of 1.3 GW.
   - 45% of CoreWeave's contract computing power is provided by CORK, demonstrating its importance in AI infrastructure.
3. Bitcoin Holding & Asset Management
   - Sold $167 million in Bitcoin (nearly 75% holding) in June 2024 for debt repayment and operations, with current holdings being low.
   - Restructuring and reduction of $400 million in debt in 2024 and improving financial position.

Financial performance: 2024 revenue of $502 million, up 49% year-over-year; Net loss of $120 million due to halving and impairment, market capitalization of about $2.5 billion in 2025, P/E below profitability, stock price correction of 40% rebound, Bernstein price target price of $17.

Future development: In the future, the transformation to AI/HPC will continue, and the original mining energy of many large mining sites and data centers is being shifted to service AI computing power and expanding hosting services, which is proposed by AI infrastructure company CoreWeave to purchase all at a premium of 66%; However, the uncertainty of acquisitions is high, AI transformation requires continuous investment, mining revenue is under pressure due to halving, and there is no clear trend in industrial planning.

3.4 CleanSpark (CLSK):

Founded in 1987 and headquartered in Nevada, CleanSpark, Inc. (ticker: CLSK), a leader in green energy mining, is a green energy-powered Bitcoin miner. The company operates six data centers (Georgia and New York) that use primarily low-carbon electricity (e.g., wind, hydro). In June 2025, the company's computing power will reach 50 EH/s, becoming one of the world's largest bitcoin mining operators.

Main business

1. Green energy mining
   - In June 2025, the hashrate reached 50 EH/s, a year-on-year increase of 50%, with a monthly output of 685 bitcoins (worth $74.2 million).
   - Operates more than 196,000 mining rigs, with a target hashrate of 60 EH/s by 2025, and increases capacity through the acquisition of GRIID Infrastructure.
   - 90% of the electricity comes from renewable energy, reducing the cost of mining (about $25,000 per coin).
2. AI Optimization & Intelligent Scheduling
   - Use AI control systems to optimize time-of-use electricity prices and reduce operating costs.
   - Deploy immersion cooling technology to improve the efficiency and longevity of mining rigs.
3. Bitcoin Holding & Financial Strategy
   - Holds 8,701 BTC (as of October 2024) with a preference to retain most of the mining rewards and reduce shareholder dilution.
   - Q3 2023 has $29.2 million in cash, $110 million worth of Bitcoin holdings, and only $15.9 million in debt, making it financially sound.

Financial performance: 2024 revenue of $738 million, up 165% year-over-year; Net profit of $242 million, reversing 2023 losses, market capitalization of $2.24 billion in 2025, price-to-earnings (P/E) of about 9.2, share price of $8.01, and Bernstein price target of $20 (potential 170%).

Future development: Target 60 EH/s computing power by 2025, continue to invest in green energy and AI optimization, and explore AI/HPC managed services. High industry computing power (693 EH/s) squeezes market share, and it is necessary to maintain cost advantages; Natural disasters can disrupt operations.

3.5 Valkyrie Bitcoin Miners ETF (WGMI): An intensive tool for miners to β returns

Listed on NASDAQ in February 2022 and managed by Valkyrie Funds, the Valkyrie Bitcoin Miners ETF (ticker: WGMI) is an actively managed ETF focused on investing in publicly traded companies in the Bitcoin mining industry. At least 80% of the fund's assets are invested in companies engaged in Bitcoin mining or providing related hardware/services, with an emphasis on miners using renewable energy.

Key Holdings and Investment Strategies

1. Core Holdings
   : As of July 2025, the main holdings include: Argo Blockchain (13.32%), CleanSpark (11.37%), Stronghold, Marathon, Riot, etc., Covers 18 crypto-native companies.
   - MARA, RIOT, CLSK, CORZ are the main weights, accounting for 30%-40% of the fund's assets.
2. Investment Model
   - Reduce the risk of a single company through diversified investment, and give preference to companies with high computing power, low debt, and green energy orientation.
   - Actively managed strategies adjust positions based on market conditions, such as increasing the weights of MARA and RIOT in 2025 (1.61% and 0.96%, respectively).
3. Fees and scale: The expense ratio is 0.75%, which is higher than that of general ETFs, reflecting the cost of active management; Assets under management (AUM) will be approximately US$150 million in 2025, an increase of 20% from 2024.

Financial performance: Annual return of about 30% in 2024, benefiting from the Bitcoin price exceeding $100,000; 2025: ETF fell 42.5% due to industry computing power competition and Bitcoin price correction, but is bullish on AI/HPC transformation and Bitcoin rally in the long term.

Risks: High sector volatility, miner debt and energy costs that could weigh on performance; Higher expense ratios affect long-term returns.

• Challenge: Bitcoin price volatility and industry competition may affect the profitability of holding companies, and high fees need to be balanced with investment returns.

Adaptation: Suitable for contractive investors who want to invest in mining but avoid the risk of computing power of a single stock

Mining companies form the basis of the BTC production chain, focusing on performance competition for capacity, assetization and energy. 🔹 MARA and RIOT are mining core stocks, CLSK is focused on green processes, CORZ is at the crossroads of transformation, and WGMI provides ETF allocation.

3. Market Trends: ETF Fund Flow is the Weather Vane for Institutions to Continue to Enter the Market

Data as of July 9:

• Bitcoin spot ETF: $75.3 million net in a single day, with a total of $49.91 billion and a holding of 1.25 million BTC;
• Ethereum spot ETF: A single-day net income of $46.7 million, a cumulative total of $4.52 billion, holding 4.21 million ETH.

ETF products continue to receive net inflows of mainstream funds, indicating that institutional investors' long-term allocation demand for BTC/ETH has grown steadily. This trend also provides a long-term revaluation basis for crypto stocks, especially for miners, stablecoin issuers, and compliant exchanges.

According to Santiment's report, since June 6, there has been only 1 day of fund outflows, and BTC ETF funds have shown a continuous net flow, forming a 17-day net flow cycle, indicating that institutional sentiment is stable.

At the same time, several research institutions predict that BTC gains will fluctuate in the 20–45% range over the next 6–12 months as ETFs become more popular (e.g., Global X predicts BTC to rise to $200K), and at least $120 billion is expected to flow into the BTC asset class.

4. For investment advice, please refer to

Key variables for the next 180 days

1. ETF inflow rhythm: If the inflow of funds continues to be high (e.g., maintaining an average of $50–70M per day), mining and MSTR will continue to benefit; If volatility pulls back, the underlying stock may experience a correction.
2. Bitcoin price action: ETFs form demand support, but if BTC falls below key technical levels (such as $90K support), highly leveraged targets are at greater risk of a pullback.
3. Regulatory developments: The introduction of the GENIUS Act or new regulatory regulations will directly affect the valuation of trading platforms and the topic of stablecoin issuers (COIN/CRCL).
4. Macroeconomic policy: Fed policy easing, dollar trends, and inflation data will all affect the attractiveness and volatility of BTC assets.
5. Mining supply and demand side variables: electricity price trends, mining machine supply chain bottlenecks, and computing power change cycles are all key to the operating barriers and profitability of mining enterprises.

5. Conclusion: Crypto stocks in 2025 are already one of the representatives of the "new economy"

2025 is a year for crypto stocks to move from marginal concepts to institutional boundaries. They are not only price mapping tools for Bitcoin or Ethereum, but also key anchors connecting on-chain finance and traditional asset allocation. Whether it's Strategy, which has huge BTC reserves, Coinbase and Circle, which are building compliance service stacks, or Galaxy, which is building computing power and AI infrastructure, these companies are representing the prototype of the next generation of financial architecture.

In the future, with the clarity of the Federal Reserve's monetary policy, the further strengthening of the ETF mechanism, and the deep integration of the crypto industry and the financial system, crypto stocks will become a structural force that cannot be ignored in the allocation portfolio. In the future, digital asset investment will no longer be limited to on-chain tokens, but will form a complete ecosystem of "on-chain assets + listed companies + ETF products". For professional investors, establishing a structured crypto stock allocation framework has become a core task to grasp the next stage of cyclical opportunities.