Tom Lee’s bullish thesis on digital assets is sparking renewed interest in crypto-related stocks. From Tom Lee’s crypto stock picks 2026 to Bitcoin, Ethereum, and blockchain plays, there are multiple ways to profit from a rising market.
The five names include BitMine Immersion Technologies, Strategy, Coinbase, Galaxy Digital, and Riot Platforms.
Read more: Ethereum Bull Run Incoming? Tom Lee Sees ETH/BTC Breaking Higher
Contents
Tom Lee’s Crypto Stock Picks 2026: 5 Stocks to Watch
Tom Lee’s crypto stock picks span the spectrum from treasury companies, exchanges, institutional platforms, and miners, offering varied exposure to a potential crypto bull market.
What Is Tom Lee’s Current Crypto Outlook?
Lee’s thesis is predicated on improved liquidity, institutional adoption, and utilization of blockchain assets. While Bitcoin is viewed as a monetary asset, Ethereum is seen as a settlement layer for tokenization, stablecoins, and digital finance. Rising crypto prices would benefit companies’ balance sheets and trading volumes.
Why Crypto-Linked Stocks Could Benefit From a New Bull Market
Crypto stocks have double leverage to a bullish market. Treasury firms see gains from the prices of their Bitcoin and Ethereum holdings, exchanges benefit from increased trading volumes, and miners enjoy cost advantages if Bitcoin revenues appreciate faster than costs. The same goes for the downside.
Tom Lee’s 5 Crypto Stock Picks for 2026
BitMine Immersion Technologies (BMNR)
Tom Lee’s BitMine thesis focuses on Ethereum, as the stock offers public-market exposure to the investment thesis that Ethereum is the infrastructure for tokenized finance.
For investors seeking a BitMine Ethereum stock (BMNR), it could prove to be an extremely compelling Ethereum stock for Tom Lee. The risk is that BMNR valuation is too far ahead of its crypto treasury and potential dilution if the company needs to raise equity.
Strategy (MSTR)
Strategy is the most direct long Bitcoin treasury play on the public market, as the firm has the largest exposure to Bitcoin as an asset, as well as the most flexible capital structure to benefit from gains in the price of Bitcoin.
As a result, Strategy stock has more upside potential than a long Bitcoin future. However, MSTR faces risks of dilution, issuance of preferred stock, and unwind of its value premium over net asset value in case of a sell-off in Tom Lee’s Bitcoin prediction for 2026.
Coinbase (COIN)
Unlike a Bitcoin treasury or even an exchange, Coinbase has multiple growth avenues, including trading, custody, stablecoins, subscription services, and institutional trading. It can benefit from both a rise in the prices of cryptocurrencies as well as overall market cap.
Related: Galaxy Digital Buys 500-Acre Texas Site for Second Data Center
Thus, Coinbase is among Tom Lee’s crypto stocks to buy that have the most upside potential in case of a broad crypto bull run as a result of his bullish 2026 Bitcoin and Ethereum price targets.
Galaxy Digital (GLXY)
Galaxy Digital is focused on trading, asset management, and investment banking, and operates across multiple crypto asset classes, offering exposure to a broad range of digital assets beyond just Bitcoin or Ethereum.
The stock has the potential to benefit from both a broad bull run in digital assets, as well as rising institutional adoption of crypto custody, tokenization, and trading services. The risk is that it has a more complex business model compared to a pure-play Bitcoin miner or treasury operator.
Riot Platforms (RIOT)
Riot Platforms is a Bitcoin mining company, which is the most direct way to gain exposure to the rising price of Bitcoin, beyond direct purchase of Bitcoin. The stock’s performance is linked to the price of Bitcoin, as well as such factors as Bitcoin network difficulty, electricity prices, mining hardware costs, and capital investments in new equipment.
Thus, Riot Platforms has the potential to deliver maximum returns in case of a Bitcoin bull run, but is also much more cyclical and at greater risk of downside in case of price declines.
| Stock | Ticker | Main Crypto Exposure | Bullish Catalyst | Key Risk |
|---|---|---|---|---|
| BitMine Immersion Technologies | BMNR | Ethereum treasury | Higher Ethereum prices and tokenization growth | Dilution and valuation risk |
| Strategy | MSTR | Bitcoin treasury | Bitcoin rally and continued BTC▲$62,630.00 accumulation | Premium compression and financing risk |
| Coinbase | COIN | Trading, custody, stablecoins | Higher trading volumes and institutional adoption | Regulation and fee competition |
| Galaxy Digital | GLXY | Institutional crypto infrastructure | Growth in trading, asset management and tokenization | Complex business model and market volatility |
| Riot Platforms | RIOT | Bitcoin mining | Higher Bitcoin price and stronger mining margins | Energy costs and mining difficulty |
Why Tom Lee Is Bullish on Crypto in 2026
The reason why Tom Lee is bullish on crypto in 2026 includes integration of digital assets into traditional finance, cross-market impact, and multiple levers that could drive crypto prices higher.
Bitcoin’s Potential to Reach New Highs
Tom Lee’s Bitcoin price target is predicated on greater institutional demand, increased liquidity, tighter banking supply of monetary assets, and Bitcoin adoption as an asset by institutional investors.
Crucially, greater demand at current levels would have a disproportionate impact on price due to limited supply. A Bitcoin bull run would directly benefit Strategy, which holds large Bitcoin positions, as well as Riot Platforms, which is a Bitcoin miner. Bitcoin price target would also benefit Coinbase and Galaxy Digital.
Ethereum’s Role in Tokenization and Digital Finance
Ethereum’s value is intrinsically linked to smart contracts, stablecoins, tokenization, and decentralized finance. These factors contribute to Tom Lee’s positive Ethereum prediction for 2026.
Tom Lee’s higher Ethereum price target reflects greater value of the blockchain for institutional investors, including custodians, asset managers, banks, and others. In turn, this drives demand for on-chain settlement and custody, which benefits BMNR in particular, but also Coinbase and Galaxy.
Institutional Adoption and Crypto Market Infrastructure
Greater institutional involvement in crypto goes beyond demand for Bitcoin and Ethereum, as it creates a need for custody, trading, settlement, tokenization, and other services. This benefits Coinbase, Galaxy, and others.
Tom Lee’s bullishness on institutional adoption of crypto is one of the reasons why his stock picks for 2026 feature more than just Bitcoin and Ethereum treasury companies.
How Tom Lee’s Crypto Stock Picks Could Benefit From a Bull Market
The way in which Tom Lee’s crypto stock picks benefit from a bull market varies depending on what drives the price increase.
Bitcoin and Ethereum Exposure
Both Strategy and BitMine offer leverage to rises in the price of Bitcoin and Ethereum, respectively, as the companies purchase Bitcoin and Ethereum and hold them on their balance sheets.
In that respect, Bitcoin’s impact on Strategy is more profound than Ethereum’s impact on BitMine, but both would see gains from increases in the value of crypto assets. Similarly, Riot Platforms would benefit from a rising price of Bitcoin.
Related: Bitcoin Price Surges Past $79,000: Can BTC Still Hit $100K by Year-End?
Crypto Trading and Transaction Revenue
Trading volumes and transaction fees are a significant source of revenue for Coinbase and Galaxy Digital, which are direct crypto exchanges.
Thus, a bull market in crypto benefits Coinbase and Galaxy Digital in two ways: increased transaction revenue due to higher trading volumes, and greater value of trading inventory due to higher prices.
This dynamic is particularly important for Coinbase due to its emphasis on custody and other services in addition to trading.
Tokenization, Stablecoins, and Blockchain Infrastructure
Beyond simple exchange trading of crypto assets, increased adoption of tokenization and blockchain-based financial services has the potential to drive demand for crypto exchange platforms.
The reason why Coinbase and Galaxy Digital appear in Tom Lee’s crypto stock pick 2026 list is due to their potential to benefit from tokenization, stablecoins, blockchain settlement, and other services.
Those benefits accrue to Coinbase and, to a lesser extent, to BitMine as a result of increased utilization of Ethereum infrastructure.
Tom Lee’s Crypto Stock Picks vs. His Broader 2026 Stock List
The 2026 crypto stock picks represent the highest beta or most leveraged long positions within Tom Lee’s broader stock recommendations for the year, which also include positions in traditional finance, AI, consumer sector, and other areas.
Why Lee Favors JPMorgan and Arista Networks
JPMorgan is a diversified bank with broad exposure to multiple asset classes, as well as significant lending and investment banking franchises. It has a large balance sheet that can benefit from rising interest rates and higher lending margins.
Arista Networks is a networking hardware company that provides infrastructure for cloud computing and AI. Those are two areas of growth that are favored by Lee in 2026, and the reason why Arista appears in Tom Lee’s 2026 stock picks list.
Thus, Tom Lee’s stocks to watch are not necessarily focused on crypto only.
Why Robinhood Is the Contrarian Pick
Robinhood is an online brokerage that facilitates trading of stocks and cryptocurrencies. The company benefits from an overall increase in transaction volume across asset classes, not necessarily from rises in the price of any particular security.
In that respect, Robinhood appears to be the opposite of a long-only Bitcoin position, but it still benefits from the overall bull market in crypto that drives trading volumes higher.
Moreover, Robinhood capitalizes on a bull market in cryptocurrencies by allowing users to take long positions in crypto assets.
As a result, Robinhood appears in Tom Lee’s crypto stock picks list as a contrarian stock within a crypto-savvy universe.
Galaxy Digital and Riot Platforms as Higher-Risk Crypto Plays
Galaxy Digital and Riot Platforms are among Tom Lee’s highest beta or leveraged positions due to the risk-reward profile of their business model or investment thesis.
Galaxy’s exposure to institutional custody, tokenization, and trading has a significant element of uncertainty in its potential rewards, while Riot’s mining operations are directly dependent on the price of Bitcoin.
Thus, both are higher-risk, higher-reward positions, which is why they appear in Tom Lee’s crypto stock picks list.
Risks to Consider Before Buying Tom Lee’s Crypto Stock Picks
In the context of buying Tom Lee’s crypto stock picks, it is important to consider elevated risks that come with investing in public companies that are leveraged to crypto markets.
Crypto Market Volatility
A sharp drop in the price of Bitcoin or Ethereum will cause losses for treasury companies purchasing those assets, and/or increase downside risks for miners who have to sell Bitcoin to cover operating expenses.
The same goes for drops in the price of individual company shares, such as those of BitMine, Strategy, Coinbase, Galaxy, and Riot. The risk is particularly acute for BMNR, Strategy, and Riot.
Valuation and Dilution Risks
Crypto treasury companies face dilution risks in the event of issuance of new shares or other securities by the companies in order to buy additional Bitcoin and Ethereum.
The same goes for valuation risks for such companies. If a company’s stock trades at a large discount to the value of its cryptocurrency treasuries, it could see share price drops despite gains in value of its crypto assets.
Regulatory and Competitive Risks
Crypto exchanges, miners, and institutional custodians face risks of regulatory crackdowns and competitive pressures in the markets for institutional custody, stablecoins, tokenized assets, trading, and mining.
These risks apply to Coinbase, Galaxy, BitMine, and Riot, which operate in multiple crypto-related markets that could be impacted by regulatory changes.
Which of Tom Lee’s Crypto Stock Picks Has the Biggest Potential in 2026?
Depending on individual preferences, each of Tom Lee’s crypto stock picks has different potential.
Best Crypto Treasury Stock
In the context of Tom Lee’s crypto stock picks in 2026, the choice of the best crypto treasury stock depends on individual preferences. Strategy has the most exposure to Bitcoin as an asset and could see large gains in the event of a bull run in the price of Bitcoin.
The risk is that Strategy will perform much worse than Bitcoin in the event of a bear market due to leverage and financing risks.
Best Crypto Exchange Stock
In turn, Coinbase offers the most exposure to the crypto bull market in general, encompassing not only price appreciation of Bitcoin and Ethereum, but also wider adoption and increased trading volumes and transaction fees.
As a result, Coinbase is potentially the best crypto exchange stock within Tom Lee’s stock picks for 2026.
Best High-Risk Crypto Stock
When it comes to high-risk long positions, BMNR appears to be the highest risk/reward stock on Tom Lee’s list. It has significant exposure to Ethereum price appreciation and could see large gains in the event of a bull run in the price of Ethereum.
It is similar to Riot in that regard, except that Riot is even more leveraged to Bitcoin price changes due to being a miner. Thus, the best high-risk crypto stock depends on individual views on Bitcoin versus Ethereum.
Tom Lee’s Crypto Stock Picks 2026: Final Ranking
Taking into account the risk/reward analysis, here is a potential ranking of Tom Lee’s crypto stock picks for 2026:
1. Coinbase (COIN) – Overall best crypto stock for 2026 based on exposure to a broad-based bull market
2. Strategy (MSTR) – Best pure-play long Bitcoin position
3. Galaxy Digital (GLXY) – Highest potential reward in the institutional custodian space
4. BitMine Immersion Technologies (BMNR) – Highest potential Ethereum play
5. Riot Platforms (RIOT) – Greatest leverage to Bitcoin price increases
The ranking reflects the potential for rewards given the level of risk for each stock. As a result, COIN appears at the top of Tom Lee’s crypto stock picks 2026 list, followed by MSTR and others.
This ranking would change depending on individual circumstances. For example, if Tom Lee’s Bitcoin prediction 2026 proves to be more accurate than Ethereum outlook, then Riot would have greater potential than BMNR, and vice versa.
The stock picks for Tom Lee in 2026 also differ based on whether an investor seeks exposure to a broad crypto bull market or wants to take a more leveraged position. In the latter case, it is necessary to consider potential risks in addition to potential rewards.
FAQ
What Are Tom Lee’s Main Crypto Stock Picks for 2026?
The five names are BitMine Immersion Technologies, Strategy, Coinbase, Galaxy Digital and Riot Platforms. They represent Ethereum, Bitcoin, trading, institutional services and mining.
Which Tom Lee’s Crypto Stock Pick Is Most Directly Linked to Bitcoin?
Strategy has the most direct exposure to Bitcoin treasury, while Riot Platforms has operational Bitcoin exposure as a miner.
Which Stock Has the Strongest Ethereum Exposure?
BitMine is the most direct Ethereum play and is critical to the thesis on why Ethereum is foundational to tokenization and digital finance
Are Crypto Stocks Safer Than Buying Bitcoin or Ether Directly?
Not necessarily. Exposure to a public company adds business, financing, dilution, and valuation risks on top of crypto-market risks. They can often have more extreme moves than the underlying asset class during different market cycles.
Tom Lee’s crypto stock picks in 2026 represent five different ways to express one broadly similar thesis – that a crypto market renaissance will provide upside to companies that own, mine, trade, or build infrastructure for the space.