Tom Lee Ranks 17 Crypto Stocks: Is Your Bitcoin Stock Still a Worthy Bet?
Tom Lee ranked 17 large-cap crypto stocks by how closely they track Bitcoin and Ethereum. The oddest result sits at the bottom. Bitcoin miners barely move with BTC price at all.
Core Scientific tracked the asset at 16%. MicroStrategy tracked it at 78%. Yet MicroStrategy mines no Bitcoin, it only holds a pile of it.
What Tom Lee's Crypto Stock Rankings Show
The Fundstrat co-founder measured 90-day correlations against BlackRock's two crypto funds. He covered every crypto-linked stock worth more than $2 billion. Fundstrat and Factset supplied the numbers.
Correlation simply asks whether two prices move together. A score near 100% means they move in step. A score near zero means they ignore each other.
BitMine Immersion Technologies (BMNR) led on Ethereum (ETH) at 80%. Coinbase (COIN) came second at 74%.
Strategy (MSTR) led on Bitcoin (BTC) at 78%. Lee also expects ether to outrun bitcoin this cycle. He chairs BitMine, the stock at the top of his own Ethereum column.
Why Bitcoin Miners Stopped Tracking Bitcoin
Now look at the miners. Core Scientific (CORZ) scored 16%. Cipher Mining (CIFR) hit 17%, TeraWulf (WULF) 18%, and Hut 8 (HUT) 19%.
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