Bitcoin [BTC]Linked companies could emerge as one of the biggest beneficiaries if assets soar to a new local high, given the growing correlation between Bitcoin price action and the performance of these companies.
In the past month alone, BTC has attracted nearly $184 billion in inflows, reflecting continued bullish sentiment in the broader market.
The inflows appear to be in line with the return of a broader risk-on environment after the macroeconomic tensions that weighed on markets earlier this year, particularly concerns related to geopolitical conflict, have eased significantly.
Bitcoin-linked stocks are outperforming the broader market
Companies connected to BTC, including miners, custodians and publicly traded companies with direct exposure to BTC, have outperformed the broader market recently as capital inflows into Bitcoin accelerated.
According to Artemis, ten major Bitcoin-linked companies, including Hut 8 Mining (HUT), TeraWulf (WULF), Riot Platforms (RIOT), and MicroStrategy (MSTR), have averaged gains of around 42% over the past month. This performance sharply exceeded the S&P 500’s average gain of 8.7% over the same period.
Applied Digital (APLD) had the strongest performance of the group, rising 69.8% over the past month, while Cipher Mining (CIFR) followed with a 22.7% gain.
The trend further highlighted the close relationship between Bitcoin market performance and companies with significant exposure to BTC, most notably Michael Saylor’s strategy.
A recent AMBCrypto report found that while Bitcoin gained about 20% in the second quarter, the MSTR rose almost 2.5x, underscoring the strong correlation between capital inflows and stock market performance.
Retail demand remains a key driver
While the correlation between Bitcoin and Bitcoin-linked stocks continues to strengthen, the relationship could reverse if spot market demand weakens. As a result, spot market activity remains a crucial metric for traders and investors.
Current market data indicates continued buyer dominance in the spot market. Bitcoin’s cumulative volume delta continues to reflect a Taker-Buy Dominant trend, with buying pressure remaining consistent since April 29, 2026, extending the streak to two weeks.
Momentum in the spot market has largely remained in buyers’ favor. According to data from CoinGlass Spot Exchange Netflow, buying activity has steadily increased over the past month, reflecting Bitcoin’s broader market strength. CoinGlass data showed that Spot Exchange Netflow reached $1.15 billion.
An inflow of that magnitude suggests that investors continue to maintain a bullish view on Bitcoin, while additional capital entering the market could further boost the performance of BTC-linked stocks.
Retail and institutional investors have also contributed significantly to the rally. Data from SosoValue showed that investors recorded $1.97 billion in BTC purchases in April alone, followed by another $1.28 billion in May via US spot Bitcoin ETF netflows.
Business accumulation is growing
Private and public companies have continued to expand their Bitcoin reserves, underscoring the increasing institutional confidence in the asset.
The accumulation became more apparent at the beginning of the second quarter. From April 1 to the current reporting period, Bitcoin ownership among public and private companies increased from 1.449 million BTC to 1.505 million BTC. At the time of writing, these entities had collectively added 56,338 BTC worth approximately $4.54 billion.
This steady pace of accumulation underlines growing confidence in Bitcoin’s long-term prospects and could further support BTC-linked companies if momentum continues.
Final summary
- The top 10 Bitcoin-related companies have posted an average stock gain of 42% over the past month, with Bitcoin trading around $80,000.
- Public and private companies that own Bitcoin have collectively added approximately $4.54 billion worth of BTC to their balance sheets since the start of the second quarter.