Markets are once again hopeful as tensions in the Middle East ease, and stocks have staged a furious rally to new all-time highs over the last few weeks. But despite the renewed risk-on sentiment, cryptocurrencies have been oddly quiet, and most remain well below the August 2025 peak. However, Bitcoin recently reclaimed the key $75,000 price level, which is significant for investors. And if you’re looking to add crypto exposure to your portfolio, there’s a pair of small-cap Digital Asset Treasury (DAT) stocks that could pique your interest.
Why $75,000 Was a Key Level for Bitcoin Investors
A move above $75,000 for Bitcoin has been long-awaited by the market, and for several reasons. First, this has been a resistance level since the price collapsed in early February, and when key resistance levels are breached, they often turn into new areas of support. The crucial 100-day moving average is right around this price, and setting a new BTC floor at $75,000 would restore some confidence in the market.
Not only is $75,000 a psychological sticking point, but it's also a crucial level for Bitcoin market makers. According to options data, market makers have negative gamma around $75,000, which indicates how quickly the price of derivatives responds to changes in the underlying asset's price. A negative gamma situation means market makers act in reverse of their typical behavior, which is buying dips and selling rallies to hedge and provide liquidity. When market makers have negative gamma, they often must sell dips and buy rallies to hedge, which is like putting price movement on steroids.
Now that Bitcoin has broken through $75,000 and risk-on behavior has returned to most market sectors, crypto stocks are becoming attractive once again, and many of these companies are still trading well below their previous all-time highs.
If you’re looking to add crypto exposure through a typical brokerage account, the following two stocks both have unique business models and technical tailwinds suggesting upward momentum is beginning to build.
Twenty One Capital: High Risk, High Reward Bitcoin Treasury
The typical DAT model uses a metric called multiple on Net Asset Value (mNAV) to decide when to buy and sell its assets. A stock with an mNAV of 1.0 trades at neither a discount nor a premium to its Bitcoin holdings, but an mNAV above 1.0 means investors are paying more than $1 for every $1 of Bitcoin exposure. On the other hand, an mNAV below 1.0 means the stock trades at a discount to its holdings, which is usually a bad sign for the company. A treasury company that the market trusts, like Strategy Inc. (NASDAQ: MSTR), typically trades with an mNAV of 2.5-3.0 because investors are willing to pay a premium for exposure to Michael Saylor’s management. And when Strategy raises capital to buy more Bitcoin, this increases the Bitcoin-per-share value for existing shareholders.
Twenty One Capital Inc. (NYSE: XXI) currently trades at a diluted mNAV of 0.79, meaning investors are paying only 79 cents for every $1 of Bitcoin exposure. The downside to an mNAV under 1.0 is that the company can’t issue new shares to fund Bitcoin purchases without excessively diluting existing shareholders. However, Twenty One Capital is now the third-largest public Bitcoin holder, and this discount could narrow if cryptocurrencies continue to rally.
XXI shares are finally starting to get some technical tailwinds, too. A bullish crossover on the Moving Average Convergence Divergence (MACD) helped propel the stock back over its 50-day moving average, and the crucial 100-day moving average is now in sight. XXI shares have been below their 100-day moving average since last August, so a move above that level could bring renewed pressure to accumulate before the mNAV discount closes.
Strive Inc: A New Strategy on the Digital Asset Treasury Model
Strive Inc. (NASDAQ: ASST) is taking a different approach to the traditional DAT model. Instead of issuing new common shares to buy digital assets, Strive uses a preferred stock vehicle to fund its purchases. SATA is the company’s Variable Rate Series A Perpetual Preferred Stock, and using preferred stock to fund Bitcoin accumulation means Strive can keep buying BTC without diluting common stockholders, even when ASST trades at an mNAV of 1.0 or below.
SATA shares pay a 13% annual dividend, so if Bitcoin compounds at more than 13% annually, Strive can arbitrage the spread between its Bitcoin holdings and dividend obligations. The preferred stock has no maturity date, meaning there’s no principal to return, and the proceeds can be used directly for new BTC purchases.
Investors should be aware that using preferred stock to fund digital asset purchases for the benefit of common shareholders is an unprecedented maneuver, and ASST shares carry unique risks (i.e., if Bitcoin gains fail to match the dividend yield). But if this model holds, ASST shares could look like a tremendous bargain, and there’s evidence of an uptrend beginning. The stock posted a six-day winning streak in mid-April, and the share price is now back above the 50-day and 100-day moving averages. The Relative Strength Index (RSI) has confirmed the upward momentum, which should continue growing as long as Bitcoin keeps rallying.
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The article "2 Crypto Stocks Flashing Bullish Signals as Bitcoin Tops $75,000" first appeared on MarketBeat.
