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Bitcoin Mining Stocks Outperform Bitcoin and Corporate Treasuries in Latest Market Rally

Bitcoin’s corporate treasuries and bitcoin mining sector have become two of the defining narratives of this cycle. From (Micro)Strategy’s MSTR billion-dollar balance sheet buys to the rise of MetaPlanet and the explosive growth of bitcoin mining companies, institutional and industrial adoption have emerged as powerful structural supports for the network. But now, after years of near-constant accumulation and market outperformance, the data suggests we’re entering a critical inflection point — one that could determine whether Bitcoin’s corporate treasuries and mining equities continue to lead or begin to lag as the next phase of the cycle unfolds.

Bitcoin Treasury Accumulation

Our new Bitcoin Treasury Tracker provides day-by-day insight into how much Bitcoin these major public and private treasury companies hold, when they’ve accumulated, and how their positions have evolved. These treasuries now collectively hold over 1 million BTC, a staggering sum representing over 5% of the total circulating supply. 

Figure 1: The Bitcoin Treasury Tracker illustrating cumulative company holdings. View Live Chart

The scale of this accumulation has been a cornerstone of Bitcoin’s current cycle strength. However, some of these companies are facing increasing pressure as their equity valuations struggle to keep pace with the Bitcoin price itself.

Valuation Compression Across Bitcoin Treasuries

(Micro)Strategy / MSTR, the pioneer of corporate Bitcoin adoption, remains the most significant publicly traded Bitcoin holder. Yet, recent months have seen its stock underperform relative to Bitcoin’s own price action. While Bitcoin has consolidated in a broad range, MSTR’s equity has fallen more sharply, pushing its Net Asset Value (NAV) Premium, the ratio between its market valuation and the underlying Bitcoin it holds, closer to parity at 1.0x.

Figure 2: MSTR NAV premium trending toward 1.0, signaling reduced equity leverage relative to Bitcoin. View Live Chart

This compression signals that investors are valuing the company increasingly in line with its pure Bitcoin exposure, with little added premium for management execution, future leverage, or strategic innovation. Last cycle and earlier this cycle, MSTR traded with a significant premium as markets rewarded its leveraged exposure. The trend toward parity suggests waning speculative appetite and highlights just how closely this cycle’s market psychology mirrors prior late-stage expansions.

A Cycle-Defining Inflection for Bitcoin and Bitcoin Mining Stocks

The most revealing view comes from the BTCUSD to MSTR ratio, essentially measuring how many MSTR shares can be purchased with one Bitcoin. At present, the ratio sits around 350 shares per BTC, placing it squarely at a major historical level of support turned resistance that has defined price action turning points.

Figure 3: The BTC/MSTR ratio is at a critical cycle support zone.

Right now, this chart is sitting at a make-or-break region. A sustained move above the 380–400 zone would imply renewed Bitcoin dominance and potential underperformance in MSTR. Conversely, a reversal lower, especially below 330, would suggest that MSTR could reassert itself as a leveraged leader heading into the next leg of the bull market.

Bitcoin Mining Stocks Take the Lead

In contrast to the underperformance of treasury companies, Bitcoin miners have been surging. Over the past six months, Bitcoin itself has gained roughly 38%, while Listed Miner equities have exploded higher: Marathon Digital (MARA) is up 61%, Riot Platforms (RIOT) has surged 231%, and Hive Digital (HIVE) has soared a staggering 369%. The WGMI Bitcoin Mining ETF, a composite of major listed miners, has outperformed Bitcoin by approximately 75% since September, underscoring the sector’s newfound momentum. 

Figure 4: Bitcoin miners outperforming Bitcoin itself. View Live Chart

Zooming in on Marathon Digital, the world’s largest publicly traded Bitcoin miner, provides additional insight. Historically, the MARA chart has been a reliable leading indicator of market inflection. At the tail end of the 2022 bear market, for example, MARA surged over 50% just before Bitcoin entered a new multi-month rally. This pattern has occurred multiple times this cycle.

Figure 5: BTC/MARA ratio historically leading Bitcoin’s next major directional moves.

Bitcoin Mining Stocks and Corporate Treasuries: Diverging Paths in Bitcoin Market Leadership

With over 1 million BTC now held on corporate balance sheets, the influence of these entities on Bitcoin’s supply-demand equilibrium remains profound. But the balance of leadership appears to be shifting. Treasuries like Strategy and MetaPlanet, while structurally bullish over the long term, are now sitting at major ratio inflection points, struggling to outperform spot BTC. Meanwhile, miners are experiencing one of their strongest periods of relative performance in years, often a signal that broader market momentum may soon follow.

As always, our goal at Bitcoin Magazine Pro is to cut through market noise and present data-backed insights across every facet of the Bitcoin ecosystem, from corporate holdings to miner behavior, on-chain supply, and macroeconomic liquidity. Thank you all very much for reading, and I’ll see you in the next one!

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Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.

This post Bitcoin Mining Stocks Outperform Bitcoin and Corporate Treasuries in Latest Market Rally first appeared on Bitcoin Magazine and is written by Matt Crosby.