3 Ways to Test the Crypto Market Without Owning Bitcoin

Cryptocurrency has gone mainstream. Once dismissed as an investment reserved for the lunatic fringe, it’s now an asset class stoking FOMO (fear of missing out) in many conservative and very sane investors.

There’s a reason for that. As of this writing, Bitcoin trades for over $111,000 per “coin.” It’s not a physical currency, of course, but that’s how investors keep score with an asset that’s more than doubled in price since its highs in 2021.

That said, owning Bitcoin or other cryptocurrencies such as Ethereum or Cardano carries some risks, such as outsized volatility, custody requirements, and technical barriers to direct ownership. But many of the same risks exist with precious metals, another hot asset class.

The good news is that there are many crypto-related equities that offer market-tested and regulated exposure to cryptocurrency. That means, like a gold ETF or a mining stock, you can profit from the growth in cryptocurrency without taking on direct exposure.

A Pure Play on Crypto Adoption

Coinbase Global Inc. (NASDAQ: COIN) is recognized as the largest regulated U.S. cryptocurrency exchange. COIN stock is up 26% in 2025 and is up 88% in the last 12 months, riding the coattails of the strong performance in Bitcoin and, more recently, Ethereum. It is a pure play on future crypto adoption.

However, much of the company’s growth has come from its specific focus on the “altcoin” market. This is a long list of cryptocurrencies that excludes Bitcoin, Ethereum, Ripple, and Solana. In fact, these altcoins account for about 41% of the company’s revenue because of the large trading spreads they command.

The short-term concern is that demand for these altcoins could dry up as investors stick to the safer names or move into stocks. There are also concerns about competition from other platforms such as Robinhood, Kraken, and Gemini.

Analysts have a consensus Hold rating on COIN stock, which is trading about 13% below its consensus price target.

Mining, Staking, and AI Data Centers

Bit Digital Inc. (NASDAQ: BTBT) is a digital asset mining company. Like a mining company that exposes bullish trends in the underlying commodity, Bit Digital provides indirect cryptocurrency exposure without the need to own and/or custody coins.

As its name suggests, Bit Digital has been known for specializing in Bitcoin mining. However, the company is pivoting to Ethereum staking. This shift is due to Ethereum’s versatility over Bitcoin, as well as its programmability and long-term value.

The company is also using its existing Bitcoin mining infrastructure to service the high-performance computing (HPC) data center market. Specifically, it provides colocation and hosting services as well as cloud-based GPU solutions. This is positioning the company in the tech sector, more than a finance play. 

However, to help fund those operations, Bit Digital is asking shareholders to approve a proposal to increase the company’s authorized share capital. If approved, this could subject shareholders to dilution in the short term.

Although not widely covered, analysts are bullish on the company’s pivot and give the stock a consensus Buy rating with a $6.33 price target. That's more than 100% higher than its price as of this writing.

Investors should be aware that this is a long-term play for a company that is not yet profitable. However, BTBT stock is up about 27% in the last three months, which coincides with a surge in the price of Ethereum.

Zero-Carbon Mining Meets AI Infrastructure

TeraWulf Inc. (NASDAQ: WULF) is another name in the crypto mining space. Like Bit Digital, the company is moving into the AI infrastructure space. However, TeraWulf will continue to have Bitcoin mining operations. The company stands out for providing zero-carbon facilities for sustainable power generation.

As of September 2025, TeraWulf is generating about twice the annual revenue of Bit Digital, but it remains unprofitable. That speaks to the challenges in this sector. However, profitability is expected in 2026, primarily due to increased demand for data center infrastructure.

WULF stock is up about 98% in 2025 and is trading near analysts’ consensus price target and near the top of its 52-week range. The stock also carries 39% short interest, which is up 17% in the last 30 days. Some of that may be due to the company’s own plans to increase the number of shares available.

Those short-term headwinds may make the stock one for the watch list right now. But analysts remain bullish on the stock, with a consensus Buy rating from 12 analysts.

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