Crypto Mania Returns: How MSTR, BMNR, and COIN Stocks Are Poised to Ride the Next Wave

Crypto sentiment took a sharp downturn toward the end of 2025, with Bitcoin sliding into a $70,000–$80,000 range as leverage unwound and enthusiasm faded. However, by early January, the tone began to shift. As of now, crypto is pushing to fresh highs once again: Bitcoin is trading above $96,600, and Ethereum has climbed past $3,350—despite major equity indices being broadly lower today.

The macro backdrop is amplifying the long-term crypto narrative. Iran’s rial collapsed overnight and is now barely usable abroad, serving as a real-time reminder of fiat fragility and reinforcing the case for BTC. Meanwhile, spot ETFs, always-on derivatives markets, and early tokenized products are pulling ETH deeper into mainstream finance and institutional asset-allocation workflows. If this marks the first chapter of a new up-cycle, Strategy (MSTR), BitMine (BMNR), and Coinbase (COIN) provide three distinct ways to position for the rebound.

Strategy (NASDAQ:MSTR)

Strategy has become a listed Bitcoin vacuum cleaner. Today, it controls roughly 687,410 BTC, after adding 13,627 coins in its largest weekly purchase, funded once again mainly with at-the-market equity and perpetual preferred issuance.

The key variable here is the stock’s premium relative to the value of the coins. For most of the second half of last year, the premium investors were willing to pay for MSTR compressed. Even so, the stock still trades above NAV at about 1.1x today, meaning Bitcoin accumulation remains accretive on a per-share basis even when funded through common stock issuance. As long as Bitcoin appreciates by more than roughly 10%-13% per year, which is the cost of capital for preferreds, BTC accumulation from this capital-raising avenue should be accretive and generate value.

While MSTR will continue to be incredibly volatile, if you want public-equity exposure to a team that has shown it will use capital markets relentlessly to keep adding BTC through thick and thin, the stock remains the loudest “applified BTC” pure-play.

Is MSTR Stock a Buy, Hold, or Sell?

Analyst sentiment remains quite positive on Strategy. The stock carries a Strong Buy consensus rating, based on 121 Buy and two Hold ratings on Wall Street. No analyst rates the stock a Sell. Also, MSTR’s average stock price target of $448.18 implies ~156% upside potential over the next twelve months.

That said, and coming from someone who remains bullish on the stock, this price target should be taken with a grain of salt, as it is of limited significance given the far more dynamic nature of the business.

BitMine (NYSE:BMNR)

BitMine Immersion Technologies has been steadily building a large ETH position rather than adopting the maximalist posture you see with MSTR. It now reports holding about 4.17 million ETH, or roughly 3.4 to 3.5 percent of total supply, plus a smaller BTC position and enough cash, for a total crypto and cash balance of around $14 billion. Mining, consulting, and power hosting increasingly exist to support that Ethereum-centric treasury rather than to define the business.

The twist is that BitMine is not content to let that ether sit idle. It has staked over a million ETH already and has recently made additional deposits, bringing total staked balances to the 1.25–1.5 million range as it builds out its “Made in America” MAVAN validator network. With staking yields in the low single digits, that kind of position could still generate something like high eight-figure or even low nine-figure annual rewards, assuming ETH prices and network conditions stay roughly where they are. And for a company this exposed to crypto, the balance sheet looks surprisingly clean.

Balance-sheet risk looks non-existent for a company this exposed to crypto. The company is essentially debt-free, so there is no liquidation risk even if Ethereum experiences significant drops. In the meantime, management claims that share issuances to continue stacking ETH occur above NAV. Thus, similar to MSTR, they are accretive to common shareholders. Therefore, if you are looking to buy into the “tokenize everything” idea and think Ethereum remains the core settlement layer, BMNR is a concentrated way to express that view.

Is BMNR Stock a Good Buy?

On Wall Street, BMNR stock features a Moderate Buy consensus rating, based on two Buy ratings. Not a single analyst rates the stock a Hold or a Sell, though coverage remains rather limited. Also, BitMine’s average stock price target of $43 implies ~35% upside potential over the next 12 months. However, for the same reasons discussed in the MSTR case, this price target should be treated with caution.

Coinbase (NASDAQ:COIN)

Where MSTR and BMNR are asset-level conviction bets, Coinbase is the infrastructure trade. Last year, it became the first crypto-native member of the S&P 500 (SPX), forcing index trackers to own at least a slice of the sector and giving the company a different kind of Wall Street credibility. In addition, it closed the acquisition of derivatives heavyweight Deribit and launched 24/7 CFTC-regulated futures in the U.S., bringing spot, futures, perpetuals, and a major options business under one listed roof.

Management’s ambition is to turn that roof into an “everything exchange” where users can trade crypto, tokenized stocks, ETFs, and regulated prediction markets inside a single app. In practical terms, this is already evident in zero-commission U.S. stock and ETF trading for eligible users and in an expanding lineup of perpetual contracts. It’s also showing in the agreement to acquire The Clearing Company to accelerate its push into prediction markets. All of this aligns with Coinbase’s broader institutional view that, by 2026, crypto will have faded into the background and become simple market infrastructure rather than a standalone product.

Surely, none of this makes COIN a low-drama hold. Even with the SEC case behind it, the company is not completely out of the woods on the regulatory front, and its earnings are still heavily tied to trading volumes and spreads. That means the stock can trade like a high-beta bet on risk appetite when markets turn ugly. But for investors who think more assets, more trading, and more institutional flows are heading onto on-chain rails and 24/7 markets, owning the biggest listed gateway to that system is a defensible, if jumpy, way to play it.

Is COIN Stock a Good Buy?

On Wall Street, Coinbase stock has a Moderate Buy consensus rating, based on 18 Buy, seven Hold, and one Sell ratings. Also, COIN’s average stock price target of $352.08 implies ~36% upside potential over the next 12 months.

Whether you prefer Bitcoin maximalism, an Ethereum yield-bearing treasury, or picks-and-shovels infrastructure, the common thread is that crypto is reasserting itself as a macro asset class. Volatility will remain high, but the direction of travel is clear: more institutional adoption, greater financialization, and more ways for public-market investors to participate.