Key Insights

Top crypto stocks will benefit from a potential crypto bull run.

The Crypto Fear and Greed Index suggests that the bull run may continue.

Some of the top crypto stocks to buy are Coinbase, Robinhood, and Galaxy.

Crypto stocks have rebounded alongside Bitcoin and major altcoins during the second half of August. Coinbase, Robinhood, and Galaxy Digital all recovered from recent lows as trading conditions improved. This link is structural: all three companies derive a meaningful share of their business from trading activity, custody, or asset values that rise and fall with crypto prices, which is why their equities often trade as high-beta proxies for the crypto market itself.

However, a high Crypto Fear and Greed Index does not establish that a bull market will continue. Elevated sentiment can also indicate crowded positioning and increased pullback risk.

The stronger investment case therefore depends on whether Bitcoin and altcoin prices remain firm enough to lift trading activity, assets under management, transaction revenue, and other crypto-linked business lines.

Coinbase Stock Offers Direct Crypto Market Exposure

Coinbase stock bounced back during the recent Bitcoin and altcoin rebound. It jumped from the year-to-date low of $137.87 to the current $178. The company stands to benefit from a crypto market bull run because of its role in the industry.

It is the biggest crypto exchange in the United States and a top holder of key coins. Coinbase is the 9th biggest Bitcoin holder in the world with 17,311 coins valued at over $1.3 billion. It also holds over 150k ETH coins currently worth over $365 million. As such, the company will benefit directly from the ongoing crypto rally.

The company may also benefit from rising transaction volume, which has been under pressure in the past few quarters. This matters because transaction fees are among Coinbase's most cyclical revenue lines, moving with both prices and retail engagement. Its recent results showed that its transaction volume dropped by 15% QoQ in the last quarter. Transaction volume fell by 21% QoQ, and the crypto rebound may help to offset that.

A crypto rally may also drive more people to stablecoins, which are an important part of its business. Indeed, the market capitalization of USD Coin (USDC) jumped to over $73 billion from this month's low of $71 billion. Coinbase made over $292 million in stablecoin revenue. Unlike trading fees, stablecoin-related revenue tends to scale with the size of holdings rather than day-to-day volatility, which is why Coinbase has emphasized it as a steadier business line.

Coinbase is also working to change its business model. In addition to crypto trading, the company has launched stocks and ETF trading, predictions, and derivatives.

Robinhood Stock Could Benefit From Higher Crypto Volumes

While Robinhood stock has rebounded recently, it remains much lower than where it peaked last year. One reason for this is that its crypto revenue has been under pressure in the past few quarters.

Its most recent results showed that its notional crypto volume dropped to $40.4 billion in the second quarter from $82.4 billion in Q4'25. Bitstamp's volume was $22.1 billion, while Robinhood App had $23.6 billion. This volume has coincided with the crypto winter. Therefore, a new crypto bull run would be bullish for the HOOD stock price.

Robinhood stock has more catalysts ahead. For one, the number of funded customers rose to 28.4 million in the second quarter from 26.5 million in the same period last year.

Also, the amount of retirement accounts has jumped to over 2.15 million, up by 47% from the second quarter of last year. The total assets under custody jumped to $34.5 billion. In addition, the amount of assets in Robinhood Chain has jumped to a record high. These metrics matter because they show growth in less crypto-dependent parts of the business, where recurring custody and interest-earning relationships can cushion the volatility of trading revenue.

Galaxy Digital Combines Crypto and AI Exposure

Galaxy Digital, which was started by Michael Novogratz, has also come under pressure during the crypto winter. Its stock dropped from a record high of $46.15 to its current level of $23.21.

The stock dropped as investors reacted to the crypto winter and falling volume, which have led to substantial losses. Its revenue also dropped to $8.7 billion from $10.2 billion in the first quarter.

The company may benefit from a crypto bull run, as it would boost its performance. It also hopes that its recently launched line of credit may help to improve its performance.

Galaxy Digital may also benefit from its investments in the data center industry. As part of this, it has a partnership with CoreWeave and is already providing its data center space. This growth may continue in the near term as demand continues rising. The data center angle gives Galaxy exposure to two distinct demand drivers at once: crypto market activity and the infrastructure buildout behind AI computing, which has kept demand for data center capacity high across the industry.

This article is for informational purposes only and does not constitute financial advice. Equity and cryptocurrency markets can experience sharp price movements.

Source: The Market Periodical