Key Takeaways
- • Fidelity analysts project a potential crypto market bottom around November 2026, consistent with bitcoin's historical 4-year cycles, approximately 4 years after the previous bear market bottom in November 2022.
- • Crypto-related stocks—including mining companies, exchanges, blockchain infrastructure developers, and trading platforms—offer institutional investors an alternative exposure vehicle to direct cryptocurrency and crypto ETPs during potential bull market cycles.
- • Bitcoin mining company stocks demonstrated outperformance relative to bitcoin itself during certain periods in 2025, suggesting crypto-related equities can capture secular growth opportunities in the crypto asset class.
- • Tokenization of assets on blockchain networks represents an emerging theme among crypto-related stocks warranting investor attention.
- • Institutional investors positioned for potential crypto market growth should consider crypto-related stocks alongside traditional spot crypto exposure for portfolio diversification.
Summary
Fidelity Investments has outlined investment themes for crypto-related stocks in the second half of 2026, grounded in the thesis that bitcoin's historical 4-year market cycles may continue to drive the crypto asset class. According to Fidelity's analysis, if these cycles persist, the crypto market could reach a bottom around November 2026—approximately 4 years following the previous bear market low in November 2022. While acknowledging that cyclical patterns offer no guarantees, the firm positions this timeline as a potential inflection point for crypto-focused investors planning portfolio allocation decisions.
Beyond direct cryptocurrency purchases and crypto exchange-traded products, Fidelity highlights crypto-related stocks as an underutilized vehicle for capturing secular growth in the broader crypto ecosystem. These securities encompass companies engaged in bitcoin mining, cryptocurrency exchanges, blockchain infrastructure development, and ancillary crypto-related activities. According to Coby Powers, a crypto analyst at Fidelity, "Crypto-related stocks can be an effective vehicle to participate in secular growth opportunities of the crypto asset class." The firm notes that during portions of 2025, select bitcoin mining company stocks outperformed bitcoin's own price performance, demonstrating potential alpha generation through equity selection within the crypto-exposed public markets.
Tokenization emerges as a critical thematic focus for investors evaluating crypto-related stocks. This process—whereby real-world and digital assets are represented and traded on blockchain networks—represents what Fidelity characterizes as the next major technology adoption curve within the crypto ecosystem. This theme suggests institutional investors should monitor companies positioned to benefit from widespread asset tokenization adoption across financial markets.
The analysis reflects institutional demand for diversified crypto exposure beyond spot holdings, particularly as traditional market participants evaluate positioning ahead of potential market inflection points. Crypto-related equities offer tax efficiency, regulatory clarity through public market listing status, and operational leverage to underlying crypto market movements that direct cryptocurrency holdings may not provide.
Beyond direct cryptocurrency purchases and crypto exchange-traded products, Fidelity highlights crypto-related stocks as an underutilized vehicle for capturing secular growth in the broader crypto ecosystem. These securities encompass companies engaged in bitcoin mining, cryptocurrency exchanges, blockchain infrastructure development, and ancillary crypto-related activities. According to Coby Powers, a crypto analyst at Fidelity, "Crypto-related stocks can be an effective vehicle to participate in secular growth opportunities of the crypto asset class." The firm notes that during portions of 2025, select bitcoin mining company stocks outperformed bitcoin's own price performance, demonstrating potential alpha generation through equity selection within the crypto-exposed public markets.
Tokenization emerges as a critical thematic focus for investors evaluating crypto-related stocks. This process—whereby real-world and digital assets are represented and traded on blockchain networks—represents what Fidelity characterizes as the next major technology adoption curve within the crypto ecosystem. This theme suggests institutional investors should monitor companies positioned to benefit from widespread asset tokenization adoption across financial markets.
The analysis reflects institutional demand for diversified crypto exposure beyond spot holdings, particularly as traditional market participants evaluate positioning ahead of potential market inflection points. Crypto-related equities offer tax efficiency, regulatory clarity through public market listing status, and operational leverage to underlying crypto market movements that direct cryptocurrency holdings may not provide.
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