Eastern Time, July 2, 2026: The U.S. Bureau of Labor Statistics released the June Nonfarm Payrolls report—only 57,000 new jobs were added, far below market expectations of 110,000. April and May figures were revised downward by a combined 74,000. The unemployment rate unexpectedly dropped from 4.3% to 4.2%. Weak employment data quickly dampened market expectations for Fed rate hikes, sending risk assets broadly higher and Bitcoin rebounding above $61,500.
In the U.S. stock market, crypto-related stocks diverged in performance. Bitcoin holding company Strategy surged 7.90%, reclaiming the $100 mark. Stablecoin issuer Circle rose 4.31%. Mining stocks came under pressure, with MARA Holdings falling over 7%.
Based on the latest closing data from Eastern Time, July 2, 2026, this article highlights core representative companies among crypto-related stocks—Strategy, MARA Holdings, and Circle—covering their latest market trends, business models, and investment risks, and provides an overview of other major players’ fundamentals.
Strategy: The Leverage Effect of the Leading Bitcoin Holder
Strategy (formerly MicroStrategy, ticker: MSTR) is the world’s most prominent Bitcoin holding company and one of the crypto stocks most closely correlated with Bitcoin price. Founded in Delaware in 1989, it is the first and largest Bitcoin treasury company globally. Strategy strategically accumulates Bitcoin as its primary reserve asset, using proceeds from equity and debt financing as well as operating cash flow.
On July 2, 2026 (ET), Strategy closed at $100.77, up $7.38 from the previous close of $93.39, a gain of 7.90%. The day opened at $99.85, traded between $97.57 and $104.11, with a trading volume of $3.48 billion, ranking 33rd among U.S. stocks that day. Over the past five trading days, the stock rose 18.09%; up 15.92% for July, but down 33.68% year-to-date and down 74.95% over the past 52 weeks.
In terms of valuation, MSTR’s price-to-earnings ratio (TTM) is negative, with a price-to-book ratio of 0.77. According to its Q1 report released May 6, 2026, revenue for January 1 to March 31 was $124 million, up 11.92% year-over-year, but net loss ballooned to $12.543 billion, a 197.41% increase year-over-year.
MSTR’s share price is far more elastic than Bitcoin itself. After plunging 37.2% over nine consecutive trading days, the company announced on July 1 a $2 billion buyback and a $1.25 billion Bitcoin sale authorization plan, raising preferred stock dividends to 12%, which attracted yield-seeking institutional capital. Currently, MSTR trades at a discount to the value of its Bitcoin holdings, allowing investors to gain Bitcoin exposure below net asset value—but they must also bear additional risks from the company’s operations and debt leverage.
MARA Holdings: The Leading Miner’s Transformation Path
MARA Holdings (ticker: MARA) is one of the largest Bitcoin mining companies in the U.S., with business spanning Bitcoin mining and AI data center operations. In recent years, its strategic focus has shifted from pure Bitcoin mining to high-performance computing and AI power hosting.
On July 2, 2026 (ET), MARA Holdings closed at $12.40, down $0.97 from the previous close of $13.37, a drop of 7.26%. The day opened at $13.63, traded between $11.98 and $14.09, with a trading volume of about $651 million. Its total market capitalization is approximately $4.728 billion.
Looking at a longer timeframe, the stock’s 52-week range is $6.66 to $23.45. Its price-to-earnings ratio (TTM) is negative, with earnings per share at -$5.21. Bernstein downgraded MARA’s target price on July 2.
The core dilemma for miners is clear: While rising Bitcoin prices boost mining revenue, increasing mining difficulty and high electricity costs continue to squeeze profit margins. Meanwhile, pivoting to AI data centers opens new revenue streams but exposes miners to direct competition from tech giants. MARA’s share price volatility far exceeds that of Bitcoin itself—on July 2, its intraday swing reached 15.78%, reflecting market uncertainty about its business transformation.
Circle: Challenges for the Stablecoin Issuer After Going Public
Circle Internet Group (ticker: CRCL) is the issuer of USDC, the world’s second-largest stablecoin, and officially listed on the New York Stock Exchange in May 2026. Circle’s business model centers on stablecoin issuance and digital payment infrastructure, making it a classic "pick-and-shovel" player in the crypto economy.
On July 2, 2026 (ET), Circle closed at $64.62, up $2.67 from the previous close of $61.95, a gain of 4.31%. The day opened at $63.81, with a high of $69.23 and a low of $63.22. Trading volume reached $1.168 billion, with a total market cap of about $16.063 billion.
However, Circle has faced significant selling pressure recently. On June 30, it plunged 17.55% in a single day, closing at $62.63; on July 1, it fell another 1.09%. The stock is now near its IPO price. Over the past five trading days, it fell 6.09%; down 18.51% year-to-date and down 63.69% over the past 52 weeks. Its price-to-earnings ratio (TTM) is negative.
Market concerns about Circle focus on intensifying competition in the stablecoin sector—emerging payment infrastructure and alternative stablecoin models may reshape the competitive landscape. Additionally, after the Russell index adjustment, Circle was removed from some growth indexes, putting short-term pressure on its share price.
Overview of Other Crypto-Related Stocks
Beyond the three core companies above, the U.S. stock market features a group of publicly traded firms closely tied to the crypto industry:
Coinbase Global (COIN) is the largest regulated crypto exchange in the U.S. and a benchmark for crypto industry infrastructure. Its revenue is closely linked to crypto market trading volumes. In June 2026, spot Bitcoin ETFs saw net outflows of $4.06 billion, creating temporary pressure on Coinbase’s custody and trading business.
Robinhood (HOOD) is a retail-focused trading platform offering diversified asset trading, including cryptocurrencies. On July 2, Mizuho Bank raised its target price from $115 to $130.
Mining companies such as Riot Platforms (RIOT), CleanSpark (CLSK), Hut 8 (HUT), and Core Scientific (CORZ) are all exploring AI data center transformation beyond Bitcoin mining. Notably, Hut 8 is up over 111% year-to-date, reflecting the market’s recognition of its AI pivot.
Cipher Digital (CIFR, formerly Cipher Mining) began transitioning to high-performance computing and AI data center leasing in February 2026. Iris Energy (IREN) and TeraWulf (WULF) are also investing in AI infrastructure.
Additionally, Ondo Finance focuses on real-world asset (RWA) tokenization. Recently, it partnered with a major traditional securities infrastructure provider to inject traditional financial assets into the Ethereum blockchain with 1:1 backing, completing "custodial tokenized securities" operated by third parties within the current regulatory framework. This represents a cutting-edge convergence of crypto assets and traditional finance.
Macro Environment and Investment Risks
The Nonfarm Payrolls data released on July 2 (ET) was the primary driver of market action that day. Only 57,000 new jobs were added, far below the expected 110,000. After the release, markets quickly repriced Fed policy expectations—rate hike timing moved from October to December, and the probability of a July FOMC rate hike dropped from 33% to around 20%. The U.S. dollar index plunged, and Bitcoin rebounded above $61,500.
Nevertheless, liquidity headwinds remain. Spot Bitcoin ETFs saw net outflows of $4.06 billion in June, setting a monthly record. On July 1, Citi Bank cut its annual Bitcoin price target for the second time, now to $82,000. The FOMC meeting on July 28–29 will be the next key macro event.
Investing in crypto-related stocks requires close attention to the following risks:
First, high volatility. Crypto stocks often experience price swings far greater than Bitcoin itself. For example, MARA’s intraday swing on July 2 was 15.78%.
Second, uncertain profitability. Core players like Strategy, MARA Holdings, and Circle all have negative price-to-earnings ratios (TTM). Most mining companies have yet to establish stable profit models.
Third, regulatory risk. The U.S. crypto regulatory framework is still evolving. Compliance boundaries for stablecoin issuance and tokenized securities remain unclear.
Fourth, transformation risk. While miners’ shift to AI data centers opens new revenue streams, it also puts them in direct competition with tech giants. The effectiveness of these transitions is yet to be proven.
Conclusion
On July 2, 2026 (ET), disappointing jobs data suppressed rate hike expectations, leading to divergent performances in the crypto market and crypto-related U.S. stocks. Bitcoin climbed above $61,500, Strategy surged 7.90% back to $100, Circle rose 4.31%, while mining stocks broadly came under pressure, with MARA Holdings down over 7%.
From leveraged Bitcoin holdings (Strategy) and stablecoin issuance (Circle) to diversified miner transformation (MARA Holdings), the U.S. stock market offers investors multiple paths for crypto asset allocation. However, crypto stocks are not "safe substitutes" for Bitcoin—their volatility is often greater and they carry additional risks related to company operations, regulatory policy, and industry competition. With persistent ETF outflows and shifting rate cut expectations, the sustainability of short-term rallies remains uncertain. Investors are advised to assess their own risk tolerance and make independent judgments based on macro data and company fundamentals.
FAQ
Q1: What are crypto-related stocks?
Crypto-related stocks are publicly traded companies whose main business is closely tied to cryptocurrencies or blockchain technology. This includes Bitcoin holding companies (like Strategy), stablecoin issuers (like Circle), Bitcoin miners (such as MARA Holdings and Riot Platforms), and crypto exchanges (like Coinbase). Their share prices typically show varying degrees of correlation with crypto market trends.
Q2: What’s the difference between crypto stocks and directly buying Bitcoin?
Buying Bitcoin gives you pure exposure to digital asset prices; buying crypto stocks adds layers of company operations, management decisions, and regulatory compliance. The advantage is that you can invest through traditional brokerage accounts; the downside is greater volatility and more complex risk factors. For example, MSTR rose 7.90% on July 2, showing much higher elasticity than Bitcoin’s gain during the same period.
Q3: How did crypto stocks perform on July 2, 2026?
On July 2 (ET), Strategy rose 7.90% to $100.77, Circle gained 4.31% to $64.62. Mining stocks broadly declined, with MARA Holdings down 7.26% to $12.40.
Q4: What are the main risks of investing in crypto stocks?
Key risks include: ① high correlation with Bitcoin prices but even greater volatility; ② most companies are not yet profitable, with negative price-to-earnings ratios; ③ U.S. regulatory policy is still evolving; ④ miners’ shift to AI faces direct competition from tech giants. Investors should carefully assess their own risk tolerance before making decisions.
