▌Top Stocks · CRYPTO TREASURY·Updated September 22, 2026
Crypto Treasury Stocks That Navigate September 2026: 7 Picks
A countdown of crypto infrastructure, bitcoin mining, digital-asset platforms and one non-crypto operator, with BTCS and American Bitcoin among the direct exposures.
Top Stocks · CRYPTO TREASURYUpdated September 22, 2026
Crypto treasury stocks have entered a more demanding phase. The original trade offered a straightforward formula: issue equity, convertible debt or preferred securities, buy digital assets and let a rising token price amplify the equity story. That mechanism still matters, but weaker crypto prices, compressed market-value-to-net-asset-value premiums and dilution risk have made the structure less forgiving. Investors now need to distinguish between genuine balance-sheet exposure, operating businesses with a crypto overlay and companies whose shares are simply moving with the theme.
The market is separating bitcoin treasury leaders from smaller copycats with less financing access, while newer ether and broader digital-asset vehicles emphasize staking yield, blockchain infrastructure or diversification. Mining companies add another layer: their results depend not only on bitcoin but also on power costs, network economics and capital intensity. The backdrop has become more cautious after July 2026 reporting that Strategy authorized bitcoin sales, a development that highlighted liquidity pressure across the digital-asset treasury cohort and raised questions about whether issuance can continue compounding per-share crypto exposure in a softer tape.
This countdown covers seven US-listed names spanning pure-play treasury vehicles, bitcoin miners, Ethereum infrastructure and conventional operating companies. The rankings run in countdown order from #7 to #1, so the strongest combination of theme exposure and business quality appears at the end. That ordering is important: some lower-ranked names offer intriguing crypto sensitivity but weak fundamentals, while others have stronger operating businesses yet limited or no direct treasury connection.
Our filter focuses on US-listed companies with market capitalizations above $500 million and a meaningful connection to crypto treasury, digital-asset infrastructure or a closely related operating model. We then rank the candidates first by the depth and directness of their exposure to the theme, followed by business fundamentals, including profitability, revenue trends, valuation signals, earnings execution and the composite quality grade. This is a countdown from #7 to #1; the best pick is intentionally reserved for the final section.
What they do. The company provides digital-asset financial infrastructure through Bakkt Market, a plug-and-play platform for institutional brokerage, trading and payment capabilities. Bakkt Agent coordinates onboarding, account creation, funding and global money movement, while Bakkt Global extends the platform internationally; the business sells these services to financial institutions, hedge funds, merchants, retailers and other partners rather than relying on a proprietary crypto treasury.
Why it fits. Bakkt gives investors exposure to the institutional plumbing around digital assets, including brokerage, payments and trading access. That makes it relevant to the crypto treasury theme, but only indirectly: unlike a treasury vehicle, its upside depends on customer adoption and transaction activity across the digital-asset economy rather than a disclosed reserve of bitcoin or ether.
Numbers that matter. Revenue was $1.115 billion, but year-over-year revenue growth was negative 70.1%, underscoring the pressure on the platform model. Gross margin was negative 9.9%, operating margin was negative 10.8% and net margin was negative 2.78%, while EBITDA was negative $117.949 million. The company also reported negative EPS of $3.99 on a trailing basis, so conventional earnings valuation provides little support; the composite metrics assigned a B- grade despite a broader Sell recommendation.
Recent momentum. Bakkt's latest reported quarter produced EPS of negative $0.34 versus an estimate of $0.07, a negative 585.7% surprise. Its earnings beat rate was 2/7, and the two most recent completed quarters were both misses, including EPS of negative $0.58 versus negative $0.10 in May 2026. There is no published consensus rating breakdown in the supplied data, although the average analyst target is $12.
What they do. The company is a rare-disease biotechnology business built around commercial medicines and development programs, including Galafold, Pombiliti plus Opfolda and the Phase 3 candidate DMX-200. Its revenue model is based on selling specialty treatments and licensing or collaboration arrangements, including agreements involving Galafold and DMX-200; as of April 27, 2026, it operated as a subsidiary of BioMarin Pharmaceutical.
Why it fits.FOLD is the outlier in this list because the supplied company description identifies no bitcoin, ether, staking, mining or digital-asset treasury activity. Its inclusion illustrates the importance of separating theme depth from business fundamentals: the company has a substantial operating business, but it does not provide direct crypto exposure and therefore ranks near the bottom on thematic relevance.
Numbers that matter. Revenue increased 23.7% year over year to $634.210 million, and gross margin was a strong 88.5%. Operating margin was 8.61%, EBITDA was positive $41.951 million and return on assets was positive 2.49%, but net margin remained negative 4.28% and trailing EPS was negative $0.09. The forward P/E was 30.4878, while earnings growth was negative 95.5%, leaving a mixed fundamental profile despite the revenue expansion.
Recent momentum. Amicus reported EPS of $0.00 for the May 2026 quarter versus an estimate of negative $0.08, a 100.0% positive surprise. The company has beaten estimates in 5/8 reported quarters, including the latest three completed quarters, although the two quarters before that were misses. Analysts show a 4.4167/5 consensus, based on one Buy and three Holds, with an average target of $14.50.
What they do. The company operates blockchain infrastructure through a network of cloud-based validator nodes, which perform validation and consensus activities. It also runs Builder+, an Ethereum block-building operation, and Imperium, which deploys digital assets including ETH and stablecoins into contract-based protocols; that mix gives BTCS several potential revenue channels tied to validation, transaction execution and digital-asset deployment.
Why it fits.BTCS is one of the list's more direct non-bitcoin exposures because ETH and stablecoins are embedded in its Imperium strategy, while validator nodes and Builder+ connect the company to Ethereum's operating economy. It therefore represents the ether and infrastructure branch of the treasury theme, with a smaller capital base and a business model that depends on network economics rather than simply holding a token.
Numbers that matter. Revenue was $16.621 million, down 11.9% year over year, while EBITDA was negative $6.839 million. Gross margin was 26.9%, but operating margin was negative 71.52%; return on equity was negative 354.79% and return on assets was negative 6.58%. Trailing EPS was negative $2.47, earnings growth was negative 69.6% and forward P/E was 49.505, a demanding multiple for a company still reporting operating losses.
Recent momentum.BTCS reported EPS of negative $0.07 in August 2026 against an estimate of $0.00, followed by negative $0.08 against $0.00 in May. Its earnings beat rate was only 2/6, with the latest two completed quarters both misses and a particularly weak negative $1.826 EPS result in March. The analyst consensus is 4/5, supported by one Buy, with an average target of $5, but the composite metrics carry a Strong Sell recommendation.
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What they do. The company operates application-specific integrated circuit miners and describes itself as a Bitcoin accumulation platform focused on building Bitcoin infrastructure. Its operating model combines mining revenue with the strategic accumulation of a Bitcoin reserve, while its affiliation with Hut 8 provides a larger corporate relationship than the company's two-person standalone employee count might suggest.
Why it fits.ABTC is a direct expression of the bitcoin treasury idea: mining operations produce the asset while the stated strategy emphasizes accumulating a reserve. That gives shareholders exposure to both bitcoin prices and mining economics, but it also brings the usual risks of a young, highly volatile vehicle, including financing needs, operating losses and the possibility that the stock's valuation moves independently of the underlying reserve.
Numbers that matter. Revenue grew 121.3% year over year to $271.674 million, but EBITDA was negative $187.384 million and net margin was negative 71.75%. Gross margin was 52.7%, yet operating margin was negative 110.54%, return on equity was negative 38.53% and trailing EPS was negative $2.68. The forward P/E of 71.4286 implies a high bar even though next-year EPS is estimated at $0.14, and the composite metrics assign a C grade with a Sell recommendation.
Recent momentum. The latest completed quarter reported EPS of negative $0.80 without a supplied estimate. Before that, the May 2026 quarter produced EPS of negative $1.76 versus an estimate of $0.08, a negative 2300.0% surprise; the earnings beat rate was 1/3. There is no published consensus rating breakdown in the supplied data, although the average analyst target is $15.
What they do. The company operates as an energy and digital infrastructure business centered on Bitcoin mining and artificial-intelligence compute. It seeks to monetize excess energy and underused power, manages power across its operations and supports AI inference applications, giving it a broader infrastructure model than a simple token-holding company.
Why it fits.MARA is a major bitcoin-linked equity because mining creates operating sensitivity to the asset's price while the infrastructure platform provides a route to expand beyond mining. Its exposure is not as mechanically direct as a pure treasury vehicle, since power markets, mining efficiency and AI-compute execution all influence results, but the Bitcoin Mining segment remains central to the investment case.
Numbers that matter. Revenue was $804.219 million, down 26.7% year over year, while EBITDA was negative $1.878 billion. Gross margin was 40.1%, but operating margin was negative 265.21%, return on equity was negative 105.57% and return on assets was negative 26.3%. Trailing EPS was negative $9.39, next-year EPS is estimated at negative $0.21 and forward P/E was 39.5257; the positive 86.7% earnings-growth figure therefore sits alongside a deeply loss-making operating profile.
Recent momentum.MARA's August 2026 quarter missed with EPS of negative $0.70 versus an estimate of negative $0.56, a negative 25.0% surprise. The prior quarter was a 25.9% beat, but the company has beaten only 4/7 reported quarters and the latest miss reintroduced execution concerns. Analysts show a 3.5333/5 consensus, with two Buys and eight Holds, and an average target of $18.41.
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This monthly screen combines primary-source company descriptions, market capitalization, valuation measures, profitability, growth data, earnings history and analyst consensus. The universe is limited to US-listed companies with market capitalizations above $500 million, then ordered first by the depth of crypto treasury or digital-asset exposure and second by business fundamentals. Direct treasury strategies rank ahead of mining and infrastructure models, while companies with only an indirect connection rank lower. The composite quality grade is used as a supporting signal rather than a substitute for the thematic assessment. The list is refreshed monthly so earnings, estimates and operating trends can change the countdown.
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