Blockchain stocks let you invest in the infrastructure layer of the crypto economy through a regular brokerage account — no wallets, no keys, no cold storage. But individual stock-picking is not for everyone. Here is a ranked, scored analysis to help you decide.
Quick overview — all blockchain stocks scored
| Company | Ticker | Type | Our score | Risk | 12M return | Available on |
|---|---|---|---|---|---|---|
| Coinbase | COIN | Exchange | 9.1 / 10 | Medium-High | +95% | DEGIRO, Scalable |
| MicroStrategy | MSTR | Bitcoin treasury | 8.4 / 10 | Very High | +180% | DEGIRO, Scalable |
| Marathon Digital | MARA | Bitcoin miner | 7.8 / 10 | Very High | +220% | DEGIRO, Scalable |
| Galaxy Digital | GLXY | Crypto bank | 7.6 / 10 | High | +140% | Saxo, IBKR |
| Riot Platforms | RIOT | Bitcoin miner | 7.1 / 10 | Very High | +190% | DEGIRO, Scalable |
* Returns approximate 12-month figures to March 2026. Our scores are based on business model quality, management, regulatory risk and liquidity. Not financial advice.
① Coinbase (COIN) — Best overall blockchain stock
Why we rate Coinbase so highly
Coinbase is the only publicly listed, regulated cryptocurrency exchange in the United States. It holds licences in 40+ countries, operates in Europe under a MiCA-compliant structure, and generated over $7 billion in revenue in 2025 — its second consecutive profitable year.
Unlike Bitcoin miners, Coinbase's revenue is diversified: spot trading fees, staking rewards, custodial services (including for the BlackRock Bitcoin ETF), and subscription products. This makes it the most "stock-like" of the pure blockchain plays.
- Regulated + licensed globally
- Profitable, growing revenue
- Diversified revenue streams
- MiCA compliant in EU
- Revenue tied to crypto market cycles
- SEC regulatory pressure (ongoing)
- High valuation in bull markets
- Competition from DEX platforms
② MicroStrategy (MSTR) — Leveraged Bitcoin play
What is MicroStrategy?
MicroStrategy (rebranded "Strategy" in 2025) is effectively a leveraged Bitcoin holding company. The company raised billions in convertible bonds and equity offerings to purchase Bitcoin — making each MSTR share equivalent to a leveraged, amplified bet on the Bitcoin price.
This means MSTR goes up more than Bitcoin in bull markets (+180% vs BTC +95% last 12 months) but falls harder in bear markets. The company's underlying software business is largely incidental to its investment thesis.
MSTR regularly trades at a premium to its Bitcoin NAV (Net Asset Value) of 50–300%. If this premium compresses, the stock can fall even when Bitcoin stays flat. This is a significant, unique risk.
- Amplified Bitcoin upside
- No crypto custody needed
- NASDAQ listed, very liquid
- Michael Saylor's track record
- Leveraged = amplified losses
- NAV premium risk
- Dilution via equity raises
- Concentrated single-asset bet
③ Marathon Digital Holdings (MARA) — Bitcoin mining giant
Marathon Digital at a glance
Marathon is the largest publicly listed Bitcoin miner in the US. Revenue comes from mining newly minted Bitcoin and transaction fees. The company also holds a significant Bitcoin treasury, making it part-miner, part-Bitcoin-treasury company — similar to MSTR but with an operating business attached.
Bitcoin mining stocks are the most volatile blockchain equity category. Marathon can rise 10x in a bull run and fall 90%+ in a bear market. The 2024 halving compressed per-miner revenues, but MARA's scale and cheap energy contracts helped maintain profitability.
- Highest short-term upside
- Growing hashrate (scale advantage)
- Cheap green energy agreements
- Bitcoin treasury as safety net
- Extreme volatility (3–5× BTC)
- Halving impacts on revenue
- Energy cost exposure
- Equity dilution history
Other blockchain stocks worth watching
A full-service crypto financial firm: trading, asset management, banking, and venture. Listed in Canada, available via Saxo Bank and IBKR for EU investors. Think Goldman Sachs for crypto.
Marathon's main competitor in US Bitcoin mining. Texas-based, with a massive 700MW facility. Slightly smaller than Marathon but has a stronger history of controlling costs during downturns.
Jack Dorsey's payments and Bitcoin company. Cash App generates substantial Bitcoin revenue. More diversified than pure-play miners — lower upside, lower downside. Available on virtually every European broker.
Canadian Bitcoin miner with North American operations and growing AI computing services. Pivoting to diversified high-performance computing to reduce mining revenue cyclicality — an interesting mid-term play.
Key risks to understand before buying blockchain stocks
1. Crypto market cycles
All blockchain stocks are highly correlated to Bitcoin price. In the 2022 bear market, COIN fell 90%, MARA fell 95%, MSTR fell 75%. Past bull-market returns do not predict future performance.
2. Regulatory risk
Coinbase has been in active litigation with the SEC. Changes in US or EU regulation (MiCA implementation, staking rules) can dramatically affect business models and stock prices.
3. Currency risk for EU investors
Most blockchain stocks are USD-denominated. A strengthening euro reduces your returns. Consider EUR-hedged versions where available, or account for currency exposure in your position sizing.
4. Equity dilution
Many blockchain companies (especially miners) fund expansion by issuing new shares. This dilutes existing shareholders. Always check the share count trend and any at-the-market offering programs before investing.
How to buy US blockchain stocks from Europe
All the stocks listed above trade on US exchanges (NASDAQ or NYSE). European investors can access them through brokers with US market access.
| Broker | US stocks | Cost per trade | Fractional shares | W8-BEN handling | Best for |
|---|---|---|---|---|---|
| DEGIRO | ✔ NASDAQ + NYSE | €0.50 + $0.004/share | No | Automatic | Most EU countries |
| Scalable Capital | ✔ NASDAQ + NYSE | €0 (Prime) / €0.99 | Yes (€1) | Automatic | Germany, Austria, NL |
| IBKR | ✔ All US markets | $0 (IBKR Lite) | Yes | Automatic | Active traders |
| Saxo Bank | ✔ All US markets | 0.08% min $1 | No | Manual required | Large portfolios |
💡 Tax tip for Dutch investors
US stocks are subject to 15% US withholding tax on dividends under the NL-US tax treaty. You can reclaim this against your Dutch tax liability. Most blockchain stocks pay no dividends, so withholding is not an issue for MSTR, COIN or MARA. Always file a W-8BEN form with your broker to confirm non-US status.