This article is the second in the series of "Crypto Stock Panorama", which will continue the subsequent review of BTC reserve companies and financial service platforms. The paper will focus on computing power mining companies and ETF trends to help readers build a more important crypto stock configuration map.
Marathon Digital Holdings, Inc. (current stock code: MARA), renamed MARA Holdings, Inc., was founded in 2010 and is headquartered in Fort Lauderdale, Florida, USA. The company vertically integrates the Bitcoin mining technology stack through its own mining pool (MaraPool), customized reinforcement and immersion cooling technology, and is one of the largest industrial-grade Bitcoin miners in North America. In 2024, the company significantly increased its computing power through mergers and acquisitions and equipment upgrades. MARA is one of the core holdings of the Valkyrie Bitcoin Miner ETF (WGMI).
Main business: Bitcoin mining (operating multiple data centers in North Dakota, Texas and Gradient, USA, with a computing power of 36.9 EH/s in June 2025, 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 sparseness and improve computing efficiency)
Bitcoin holdings: As of June 2025, there are 49,940 Bitcoins (market value of approximately US$5.4 billion), making it the second largest publicly traded Bitcoin holder in Southeast MicroStrategy. In 2024, 6,210 bitcoins were purchased through the issuance of $300 million convertible bonds, indicating a "hold-dominated" strategy, with an average mining cost of about $51,000 per bitcoin.
Performance: Revenue of $697 million in 2024, a year-on-year increase of 78%; Panshi $450 million, financial rebound in 2023; market value of $4.8 billion in June 2025, price-to-earnings ratio (P/E) of about 22.5, stock price of $12.53, Bernstein target price of $23 (estimated increase of 153.7%).
Risks: High-frequency expansion requires continuous financing, rewards will decrease after the Bitcoin halving in April 2024, and mining costs (about $51,000 per bitcoin) require Bitcoin prices to remain high to maintain profitability.
Founded in 2000, Riot Platforms, Inc. (stock code: RIOT) is headquartered in Colorado, USA, focusing on Bitcoin mining and energy management. The company has large facilities in Rockdale, Texas and Corsicana, with a total capacity of 1GW, and is one of the major Bitcoin miners in North America. Riot improves efficiency through its own mining pool and immersion cooling technology. The latitude of the mine reaches 95%, but the loss of $399 million in a single quarter has triggered a common problem in the industry - a fatal combination of high leverage expansion and halving of Bitcoin revenue.
RIOT is a core holding of WGMI, with strong energy cost control capabilities. It received $5.6 million in electricity rebates through the ERCOT grid demand response project, with more than 60% hydropower participation, and a significant ESG rating advantage; the stock price is boosted by expectations of AI/HPC transformation.
Main business: Bitcoin mining (operating Rockdale and Corsicana facilities, with a computing power of 31.5 EH/s in September 2025, and a monthly Bitcoin production increase of 28% year-on-year; 1,364 bitcoins were 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 and cost (relying on Texas incremental electricity (an average of 2.8 cents/kWh in 2023, far lower than 13.5 cents for residents), and making profits through the demand response program (Responsive Reserve Service), with electricity sales revenue of US$18 million in 2022.)
Bitcoin holdings: Holding 10,427 bitcoins, mainly adopting a "hold-dominated" strategy.
Performance: Revenue of $793 million in 2024, up 8% year-on-year; net income of $211 million, up significantly year-on-year; market value of $2.6 billion in 2025, price-to-earnings ratio (P/E) of about 12.3, share price of $7.78, Bernstein target price of $19 (potential dividend of 146.9%).
Development direction: In 2025, plans to turn 600 MW of Corsicana facilities to AI/HPC applications, explore confidence revenue, and seek cooperation with Amazon, Microsoft, etc.
Operational risks: Dependence on a single region (Texas), grid instability (such as the Uri storm in 2021) and electricity price fluctuations may increase costs; AI transformation requires key partners.
Founded in 2017 and headquartered in Delaware, USA, Core Scientific, Inc. (stock code: CORZ) is one of the largest industrial-grade Bitcoin miners in North America. In 2022, it filed for Chapter 11 protection due to falling Bitcoin prices and rising energy costs. In January 2024, it completed its reorganization and relisted on the Nasdaq. The company operates 8 data centers.
Main Business
Bitcoin and Custody
- The self-owned mining business uses ASIC mining machines, and produced 1,115 Bitcoins in the first quarter of 2024, a year-on-year decrease of 62% (due to halving and increased network increments).
- Providing custody services to manage mining equipment for third-party customers (such as CoreWeave), and custody revenue increased significantly in 2025.
AI/HPC Infrastructure
- In 2025, Nvidia-backed CoreWeave reached a 12-year, $6.7 billion agreement to provide 900 MW of computing power to support AI and performance computing.
- In 2025, 70 MW of new capacity (Denton and Muskogee) was added, bringing the total data center capacity to 1.3 GW.
- 45% of CoreWeave's contracted computing power is provided by CORZ, showing its importance in AI infrastructure.
Bitcoin Holding and Asset Management
- In June 2024, $167 million of Bitcoin (nearly 75% of holdings) was sold for debt repayment and operations, and the current holdings are low.
- In 2024, the restructuring reduced $400 million in debt and improved financial conditions.
Performance: Revenue of $502 million in 2024, a year-on-year increase of 49%; net loss of $120 million (due to halving of financials and impairment); market value of approximately $2.5 billion in 2025, price-earnings ratio not reaching profitability, stock price rebounded after 40% correction, Bernstein target price of $17.
Future development: In the future, it will continue to transform to AI/HPC, and the original mining capacity of multiple large mining sites and data centers is turning to serve AI computing power and expand hosting services. AI infrastructure company CoreWeave proposed a full purchase plan at a 66% premium; however, procurement uncertainty is high, AI transformation requires continuous investment, mining revenue is under pressure, and there is no obvious trend in industrial planning.
CleanSpark, Inc. (stock code: CLSK) was founded in 1987 and is headquartered in Nevada, USA. It is a green energy-driven Bitcoin miner. The company operates 6 data centers (in Georgia and New York), mainly using low-carbon electricity (such as wind power and hydropower). In June 2025, the company's computing power reached 50 EH/s, becoming one of the world's largest Bitcoin mining operators.
Main business
Green energy mining
-Hash power reached 50 EH/s in June 2025, a year-on-year increase of 50%, and a monthly output of 685 bitcoins (worth $74.2 million).
- Operate more than 196,000 mining machines, with a target computing power of 60 EH/s in 2025, and increase funds through the acquisition of GRIID infrastructure.
- 90% of electricity comes from renewable energy, reducing mining costs (about $25,000 per coin).
AI optimization and intelligent scheduling
-Use AI control systems to optimize time-of-use electricity prices and reduce operating costs.
- Adopt immersion cooling technology to improve mining machine efficiency and energy consumption.
Bitcoin holdings and financial strategy
- Holding 8,701 bitcoins (as of October 2024), tending to receive most of the bonus rewards and reduce shareholder limits.
- Cash of $29.2 million in the third quarter of 2023, Bitcoin holdings worth $110 million, debt of only $15.9 million, financial statements.
Performance: Revenue of $738 million in 2024, a year-on-year increase of 165%; recent $242 million, shrinking financial losses in 2023; market value of $2.24 billion in 2025, price-earnings ratio (P/E) of about 9.2, stock price of $8.01, Bernstein target price of $20 (estimated increase of 170%).
Future development: Target computing power of 60 EH/s in 2025, continue green energy and AI optimization, and explore AI/HPC hosting services. High industry computing power (693 EH/s) squeezes market investment, and cost advantages need to be maintained; natural disasters may interrupt operations.
The Valkyrie Bitcoin Miner ETF (stock code: WGMI) was listed on the Nasdaq in February 2022 and is managed by Valkyrie Funds. It is an actively managed ETF focus on listed companies investing 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, emphasizing miners using renewable energy.
Major holdings and investment strategies
Core holdings
- As of July 2025, major holdings include: Argo Blockchain (13.32%), CleanSpark (11.37%), Stronghold, Marathon, Riot, etc., covering 18 crypto startups.
- MARA, RIOT, CLSK, and CORZ are the main weights, accounting for 30%-40% of the fund's assets.
Investment Model
- Reduce corporate risk through diversified investment, giving priority to companies with high computing power, low debt, and green energy orientation.
- Adjust the active management strategy of single holdings according to market conditions, such as increasing the weights of MARA and RIOT in 2025 (1.61% and 0.96% respectively).
Expenses and scale: The expense ratio is 0.75%, which is a general ETF, reflecting the cost of active management; the asset management scale (AUM) in 2025 is approximately US$150 million, an increase of 20% from 2024.
Performance: The return rate in 2024 is about 30%, benefiting from the Bitcoin price exceeding $100,000; 2025 Financial: Affected by the industry's computing power competition, the price correction of bits and coins, the ETF fell 42.5%, but the long-term outlook is optimistic about AI/HPC transformation and Bitcoin's rise.
Risk: The industry is highly volatile, and miners' debt and energy costs may drag down performance; the expense rate affects long-term returns.
Challenges: Bitcoin price changes and industry competition may affect the profitability of holding companies, and it is necessary to balance high fees with investment returns.
Reserves: Suitable for financial investors who want to invest in mining but avoid the computing power risk of a single stock
Mining companies form the basis of the BTC production chain, focusing on performance competition in capacity, assetization and energy. MARA and RIOT are core mining stocks, CLSK focuses on green technology, CORZ is at the crossroads of transformation, and WGMI provides ETFs and balanced configuration paths.
Data as of July 9:
Bitcoin spot ETF: net inflow of US$75.3 million in a single day, total of US$49.91 billion, holdings of 1.25 million BTC;
Ethereum spot ETF: net inflow of US$46.7 million in a single day, cumulative US$4.52 billion, holdings of 4.21 million ETH.
ETF products continue to receive net inflows from mainstream funds, indicating that institutional investors' long-term allocation demand for BTC/ETH is growing steadily; this trend also provides a long-term value revaluation basis for crypto stocks, especially for mining companies, stablecoin issuers and compliant trading platforms.
According to the Santiment report, since June 6, there has been only one day of capital outflow, and BTC ETF funds have continued to have net inflows, forming a 17-day net inflow cycle, indicating that institutional sentiment is stable.
At the same time, several research institutions predict that in the next 6-12 months, as ETFs become more popular, BTC's increase will fluctuate in the range of 20-45% (such as Global X predicting that BTC will rise to $200K), and it is expected that at least $120 billion will flow into the BTC asset class.
Key variables for the next 180 days
ETF inflow rhythm: If funds continue to flow in at a high level (such as maintaining a daily average of $50–70M), mining and MSTR will continue to benefit; if volatility falls, related stocks may experience a correction.
Bitcoin price trend: ETFs form demand support, but if BTC falls below key technical levels (such as $90K support), high-leverage targets face a greater risk of correction.
Regulatory dynamics: The introduction of the GENIUS Act or new regulations will directly affect the valuation of trading platforms and the popularity of stablecoin issuers (COIN/CRCL).
Macroeconomic policies: The Fed's loose policy, the trend of the US dollar, and inflation data will all affect the attractiveness and volatility of BTC assets.
Mining supply and demand variables: Electricity price trends, mining machine supply chain bottlenecks, and computing power change cycles are all key to mining companies' operating barriers and profitability.
2025 is the year when crypto stocks move from marginal concepts to institutional boundaries. They are no longer just price mapping tools for Bitcoin or Ethereum, but also key anchors connecting on-chain finance and traditional asset allocation. Whether it is Strategy with a large BTC reserve, Coinbase and Circle building a compliance service stack, or Galaxy 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 an important structural force that cannot be ignored in the configuration investment portfolio. Future digital asset investment will no longer be limited to on-chain tokens, but will be composed of a complete ecosystem of "on-chain assets + listed companies + ETF products". For professional investors, establishing a structured crypto stock configuration framework has become a core task to seize the next stage of cyclical opportunities.
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