Tom Lee Ranks 17 Crypto Stocks: Which Are the Best Bitcoin Bets?

TL;DR:

• Institutional correlation: Strategy registered a 78% correlation against Bitcoin’s price, leading the analyzed companies with market caps over $2 billion.
• Mining decoupling: Core Scientific posted a correlation with Bitcoin of just 16%, while Cipher Mining and TeraWulf stood at 17% and 18%, respectively.
• Revenue transformation: The artificial intelligence data center business contributed $136.7 million to Core Scientific in the quarter ending in June, representing 83% of its total revenue.

This Friday, analyst Tom Lee published a ranking of 17 large-cap crypto stocks based on their 90-day rolling correlation with Bitcoin and Ethereum. The assessment evaluated companies with valuations exceeding $2 billion against the performance of BlackRock’s exchange-traded funds.

Data presented by Fundstrat and FactSet showed a marked dispersion in the performance of public companies linked to the sector. While firms holding direct treasury reserves closely tracked the digital asset’s price, companies dedicated to mining infrastructure reflected an almost complete technical disconnection from Bitcoin’s valuation.

… Continue reading the full article at the original source below.