Most crypto-linked equities performed strongly in September as Bitcoin and a broad range of altcoins rebounded. Bitcoin climbed to $87,000 during the month, while leading altcoins such as Zcash, Near Protocol, Quant, Midnight, and Arbitrum logged triple-digit gains. Because these companies earn revenue and hold assets tied directly to token prices and on-chain activity, their shares tend to trade in step with the crypto market itself. This article reviews the three crypto stocks positioned to draw the most attention in October: Circle Internet Group, BitMine, and Coinbase.

Circle in Focus as US Treasury Yields Jump and Arc Gains Momentum

Circle Internet Group shares advanced in September before giving back part of those gains, despite several major catalysts. The most significant the launch of Arc, the company's layer-1 network, which has been well received. Arc now holds a total value locked (TVL) of more than $500 million and a stablecoin supply exceeding $550 million.

Investors will monitor Arc closely in October. Signs that the network is growing would be read as positive for the shares, since Arc would establish a new revenue stream for the company. It would also support a higher valuation for a potential ARC token in the future.

Circle will also be in focus amid the ongoing surge in US bond yields. The ten-year yield has jumped to 5.2%, while the closely watched three-month yield is above 4.2%. The development matters for Circle because the company invests its cash holdings in short-term bonds and swaps. Reserve interest is a core revenue source for stablecoin issuers, so movements in yields flow directly into the income Circle collects on the assets backing USDC.

Stablecoin market flows are another variable. The USDC market capitalization has climbed above $75 billion, helped by the crypto market rally and a recent partnership with Binance. In September, Binance took a $100 million stake in Circle and entered a partnership to promote USDC globally. As part of the deal, Circle will pay Binance a monthly fee. For readers tracking the stock, USDC's circulation is the key metric here, since a larger supply expands the reserve base on which that interest income is earned.

BitMine to Conclude Its Ethereum Buying

BitMine stock performed well in September, reaching a high of $28.8, its highest level since January. The rally occurred alongside Ethereum's price advance, which saw the asset hit resistance at $2,800 during the month.

The company's Ethereum accumulation will now draw attention as it nears completion. BitMine holds more than 6 million ETH, equivalent to 4.9% of the tokens in circulation, and needs to buy only a few more tokens to reach its "Alchemy of 5%" threshold.

Reaching that milestone would be significant for two reasons: it would allow the company to stop diluting its shareholders, and it would enable staking of the full holding to generate a monthly return. Staking is the practice of locking ETH to help operate the network in exchange for rewards, which is what makes the full holding income-producing once the threshold is reached. BitMine has already achieved annualized revenue of more than $300 million.

On the technical side, the BMNR stock price has already formed a golden cross — a chart pattern that appears when a short-term moving average crosses above a long-term one and is often read by traders as a bullish signal — pointing to more gains.

Coinbase in Focus Ahead of Earnings

Coinbase rounds out the list because it is scheduled to publish its earnings report on the 29th. The results are expected to show some improvement, reflecting the recent crypto rally that lifted Bitcoin and most altcoins.

Coinbase benefits from a crypto rally in several ways. Higher investor activity lifts transaction volume as market participants begin buying, while the same conditions drive higher ETF buying. Spot Bitcoin ETFs added more than $2.6 billion in September after adding $3.5 billion in October, and Coinbase is the biggest company in the ETF custody business, the service of safeguarding the assets that back those funds.

The company also holds substantial crypto assets on its balance sheet. It owns more than 150,000 ETH, making it the fifth-biggest holder, along with more than 17,000 Bitcoin, making it the eighth-biggest holder. For that reason, its realized earnings will likely come in higher than expected.

Yahoo Finance data show that the average estimate calls for revenue to drop 37% in the third quarter to $1.17 billion. Alongside the top line, trading volumes and ETF flow trends will be the main indicators of how much of the rally reached the results.

This article is for informational purposes only and does not constitute financial or investment advice. Wallet transfers do not by themselves confirm buying or selling.

This article originally appeared on The Market Periodical.