Canadian Crypto Stocks: Ranked on Bitcoin Per Share
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Bitcoin is trading near $77,239 USD, about 38% below the record $124,753 USD it set on October 6, 2025, and 32% above the $58,559 USD low it printed on June 30, 2026. That last date matters more than it looks. June 30 was a quarter end, so every company on this page marked its coins at almost the exact bottom of the cycle. The book values in the filings below understate what those coins are worth today by roughly a third.
Something larger has happened to this category while the price moved. The list of Canadian crypto stocks that a guide like this ranked two years ago has half dissolved. Bitfarms renamed itself Keel Infrastructure and stopped mining bitcoin in the United States. Digihost became Digi Power X and moved to Nasdaq. Banxa and WonderFi were taken private. Galaxy Digital left the Toronto Stock Exchange. Of the survivors, the two largest, Hut 8 and HIVE, now make most of their money and nearly all of their stock-market value from artificial intelligence data centres rather than from coins.
So the question worth answering is not which crypto stock is best. It is narrower and more useful: when you buy one of these shares, how much cryptocurrency do you actually own, and what are you paying for it? That is a number, it comes out of the filings, and almost nobody publishes it. This page ranks ten names on it.
What the numbers say:
- Hut 8’s headline bitcoin figure overstates what its shareholders own by 27%. The filing reports 17,316 BTC. Of that, 8,002 sits inside American Bitcoin, and 46.37% of American Bitcoin belongs to other people. The look-through claim is 13,605 BTC.
- Strategy looks cheap and is not. Its coins are worth $65.3B USD against a $50.3B USD market value, which reads as a 23% discount. Subtract the $6.75B of debt and $15.5B of preferred stock that rank ahead of the common and the real multiple is 1.17x, a 17% premium.
- Bitcoin Treasury Corporation is the one genuine discount we found, at 0.63x the value of its coins after debt, and the only name on this page whose share count shrank over the past year.
- HIVE issued 46.3% more shares in twelve months and holds under $11.2M USD of digital currencies against 1,004 bitcoin mined in the June quarter alone. It is an AI infrastructure company that mines, not a bitcoin holding.
- Bitcoin’s own 50-day average crossed above its 200-day on September 8, 2026. Across the nine completed regimes since 2016 the median peak gain was 51.8% and price reached a new high in six of nine. The dispersion is wide and the most recent one failed, so we publish the whole record below rather than the flattering half.
Half the Canadian crypto stock list no longer exists
Before ranking anything, it is worth being blunt about how much of this category has left the building. These are not small names. Between them they were most of what a Canadian crypto stock portfolio would have held in 2024.
| Company | What happened | When |
|---|---|---|
| Bitfarms Ltd. | Renamed Keel Infrastructure Corp. on US redomiciliation, left the TSX, and ceased US bitcoin mining | April 1 and June 29, 2026 |
| WonderFi Technologies | Acquired by Robinhood at C$0.36 a share, about C$250M, and delisted from the TSX | June 2, 2026 |
| Galaxy Digital | Voluntarily delisted from the TSX, now a Nasdaq listing only | March 19, 2026 |
| Banxa Holdings | Acquired by OSL Group at C$1.55 a share and delisted from the TSXV | January 5, 2026 |
| Digihost Technology | Renamed Digi Power X Inc., moved to Nasdaq, and redirected to AI and HPC data centres | March 2025 |
The Keel case is the clearest. Its own quarterly filing says it plainly: “Effective June 29, 2026, the Company ceased its Bitcoin Mining operations in the United States as part of its strategic transition to HPC and AI infrastructure development.” Revenue for the June quarter was $30.4M USD against $60.9M a year earlier, with a net loss of $65.0M. The company still holds 2,261 bitcoin, but it is not a bitcoin business and it is not a Canadian listing.
WonderFi is the one Canadians are most likely to miss, because it owned Bitbuy and Coinsquare and was the closest thing this country had to a listed crypto exchange. Robinhood bought it and it stopped trading on June 2, 2026. Any list still ranking it is ranking a company you cannot buy.
That leaves a thinner field than most guides admit, and it changes what the remaining names are for. Three of the survivors, plus Galaxy, are building AI data centres. If that is the business you want, our Canadian AI stocks page ranks the whole field on how much of the AI build-out actually reaches each company’s income statement, and it is the better page for that decision.
The ten, in order
1. Bitcoin Treasury Corporation (TSXV: BTCT), the only real discount 2. Strategy (Nasdaq: MSTR), the benchmark, priced more richly than it looks 3. Neptune Digital Assets (TSXV: NDA), a diversified coin treasury 4. Coinbase Global (Nasdaq: COIN), the fee, not the coin 5. Hut 8 Corp (TSX: HUT), an AI landlord that owns bitcoin 6. Galaxy Digital (Nasdaq: GLXY), crypto finance plus a data centre 7. HIVE Digital Technologies (TSX: HIVE), growth bought with shares 8. DMG Blockchain Solutions (TSXV: DMGI), rising claim, pledged coins 9. DeFi Technologies (Cboe CA: DEFI), a fee on a shrinking pool 10. Bitcoin Well (TSXV: BTCW), real users, falling revenue
How to buy crypto stocks in Canada
Every name on this page trades on the Toronto Stock Exchange, the TSX Venture Exchange, Cboe Canada or Nasdaq, which means an ordinary Canadian brokerage account holds all of them. There is no special account, no crypto exchange and no wallet involved. That is most of the appeal: you get exposure inside a registered account, with a T5008 at tax time instead of a spreadsheet of wallet transactions.
Three practical things decide how well this goes.
The account type changes the outcome more than the stock choice. Gains inside a TFSA are not taxed at all, which matters for assets this volatile, but losses inside a TFSA are gone permanently and cannot offset anything. Our TFSA rules guide covers the contribution and withdrawal mechanics, and the TFSA contribution room calculator will tell you what you have available before you commit. An RRSP shelters the gain but converts it to fully taxed income on withdrawal.
Four of these are US listings. Strategy, Coinbase, Galaxy and Keel trade in US dollars, so you need a brokerage account enabled for US markets and you will pay a currency conversion on the way in and out unless you hold US dollars. That conversion cost is the single most overlooked expense for Canadians buying US-listed names, and it recurs every time you trade.
Four of these are TSX Venture micro-caps. Bitcoin Treasury, DMG, Neptune and Bitcoin Well have market values between $13M and $115M. Spreads are wide, a market order can move the price against you, and a limit order is not optional. If that is unfamiliar territory, our Canadian penny stocks page explains how to size and trade names this small.
If you do not have an account yet, opening one is the step that takes the longest, and our guide to opening a brokerage account walks through the identity and funding steps.
Where we invest: we use Questrade for Canadian and US-listed stocks, and you can open a Questrade account here. For a first account with a simpler interface, Wealthsimple is where we point beginners, and our Wealthsimple review covers what it does and does not do well. The full field is compared on our investing apps page, and Questrade against Wealthsimple is the head-to-head most Canadians are actually choosing between.
How we ranked these, and why the usual method fails
The standard crypto stock ranking sorts on bitcoin held, or on hashrate, or on how much the share price moved. All three mislead, for the same reason: they describe the company, not your claim on it.
These businesses are funded by issuing shares. A miner can announce that its treasury grew 40% in a year and, over the same year, issue enough stock that each share owns less bitcoin than it did before. The headline is true and your position is worse. So we rank on what survives that.
Test one: look-through coins per share. Coins the company reports, minus the portion owned by outside shareholders of a subsidiary, divided by shares outstanding. Hut 8 is the case that makes the point and we treat it below.
Test two: what you pay for that claim. Market value divided by the coins, after subtracting debt and preferred stock that rank ahead of the common. Skipping that subtraction is how a leveraged company gets mistaken for a bargain.
Test three: is the per-share claim rising or falling? Bitcoin Treasury Corporation makes the cleanest illustration. Its coin count fell 2.0% between March 31 and June 30, 2026, from 759.31 BTC to 743.84 BTC. Over the same quarter its bitcoin per share rose 0.57%, because it retired more stock than it spent coins. The company’s own metric went up while its treasury went down, which is the whole argument for measuring per share.
Test four, applied last: is it still a crypto business? Several of these are now data centre developers. That is not a criticism, and in Hut 8’s case it is why the stock tripled. But it means the coins are not the investment case, and a reader buying bitcoin exposure should know that before, not after.
Where the tests disagree, we say so in the entry rather than hiding it in an average. DMG passes test three and fails test two. Coinbase has no coin claim to speak of and ranks fourth anyway, because a fee business that does not need the price to rise is a legitimate answer to the same question.
The market has already repriced this category
We can test the whole argument above against what actually happened, because bitcoin handed us a clean natural experiment. It peaked on October 6, 2025, bottomed on June 30, 2026, and fell 53.1% in between. Here is what each of these equities did over exactly those dates.
Two findings come out of it, and both cut against how this category is usually sold.
The pure bitcoin vehicles fell harder than bitcoin. Strategy dropped 75.8% while bitcoin dropped 53.1%. DeFi Technologies fell 75.6%, Bitcoin Well 74.1%, Bitcoin Treasury 67.3%, Coinbase 62.1%. Five of the eleven fell further than the asset itself. That is what debt, preferred dividends and operating costs do to a coin position in a falling market, and it is the empirical answer to anyone describing these shares as a safer way to own bitcoin. They are a geared way to own bitcoin.
The three that rose are the three that stopped being crypto companies. Hut 8 gained 178.7%, Keel, then still called Bitfarms, gained 65.9%, and DMG Blockchain gained 3.4%. Those are precisely the names that redirected toward AI data centres and regulated custody. The market repriced this sector on compute, not coins, during the worst months bitcoin has had since 2022.
Nine of the eleven are still below where they stood in October 2025, while bitcoin has recovered 32.0% off the low. Only Hut 8, up 138.0% from the peak, and Keel, up 3.2%, have made their holders whole, and neither did it with bitcoin.
The practical conclusion is the one this page is built on. If the exposure you want is bitcoin, these equities gave you more downside and less recovery than bitcoin itself. If the exposure you want is AI infrastructure, two of them delivered it handsomely, and our Canadian AI stocks page is where that comparison belongs.
The ten compared
| # | Company | Listing | Price | Coins held | What a share owns | Price vs net coins |
|---|---|---|---|---|---|---|
| 1 | Bitcoin Treasury Corp | TSXV: BTCT | $3.64 CAD | 743.84 BTC | $5.80 of net bitcoin | 0.63x |
| 2 | Strategy | Nasdaq: MSTR | $130.97 USD | 845,050 BTC | $112.03 of net bitcoin | 1.17x |
| 3 | Neptune Digital Assets | TSXV: NDA | $0.60 CAD | 420 BTC, 37,500 SOL | mixed coin treasury | 1.53x |
| 4 | Coinbase Global | Nasdaq: COIN | $175.26 USD | none material | a fee on trading volume | not applicable |
| 5 | Hut 8 Corp | TSX: HUT | $136.66 CAD | 13,605 BTC look-through | data centres, plus coins | 11.6x |
| 6 | Galaxy Digital | Nasdaq: GLXY | $24.40 USD | trading inventory | crypto finance and Helios | not applicable |
| 7 | HIVE Digital | TSX: HIVE | $4.20 CAD | under $11.2M USD | an AI and mining business | not applicable |
| 8 | DMG Blockchain | TSXV: DMGI | $0.555 CAD | 379.20 BTC | 91.4% of it pledged | 2.82x |
| 9 | DeFi Technologies | Cboe CA: DEFI | $0.86 CAD | client assets, not its own | a fee on $471.5M of AUM | not applicable |
| 10 | Bitcoin Well | TSXV: BTCW | $0.035 CAD | about 69 BTC | a profitable retail platform | 1.74x |
Prices are as of September 12, 2026. Coin counts are each company’s own reported figure at its most recent balance sheet date, cited in the entries below. “Net coins” subtracts debt and preferred ranking ahead of the common.
The ten, in detail
1. Bitcoin Treasury Corporation (TSXV: BTCT), the only real discount
Bitcoin Treasury Corporation held 743.84 bitcoin at June 30, 2026, against 9,538,680 common shares and 11,622,013 fully diluted shares. It publishes its own bitcoin-per-share figure, 0.00006400, and our arithmetic reproduces it exactly, which is a useful check that the coin count and the share count are talking about the same thing.
At $107,049 CAD per bitcoin those coins are worth about $79.6M. Subtract the $25M of convertible debentures, which convert at $12.00 against a $3.64 share price and are therefore debt rather than equity in any realistic scenario, and $54.6M of net coin value stands behind a $34.3M market capitalisation. That is $5.80 of bitcoin per share for $3.64, a 37% discount.
The macro case. This is a pure balance sheet. It has no mining economics, no power contracts and no AI pivot, so it rises and falls with bitcoin and with the discount. Bitcoin sits 38% below its October 2025 record after a 53.1% drawdown, which is the environment in which a leveraged pure treasury either compounds coins or dies. This one has compounded, slightly, in the worst half-year the asset has had since 2022.
The technical picture. We cannot give you one honestly. The stock has traded for 302 sessions since June 30, 2025, which is not enough history for a 200-day signal to have produced a single crossover. The 50-day average sits 20.1% below the 200-day, which tells you the last few months have been weak, and nothing more. Any page presenting a crossover record for this ticker is inventing it.
The precedent, and where it stops. The company reports two consecutive quarters of bitcoin-per-share growth, 0.57% in the June quarter and 0.88% for the year to date. Two quarters is not a record, it is a start, and 0.88% a year is not a compounding engine. What it does show is a management team retiring stock at a discount to coin value, which is the correct move when your shares trade below what you hold, and the opposite of what most of this sector does.
Why the discount might be deserved. Three reasons, and a reader should weigh all of them. The company lent 100 bitcoin, about 13% of the treasury, to a single counterparty under a master loan agreement, so a share of the coins carries credit risk rather than sitting in cold storage. Revenue was $59,870 in the June quarter against a net loss of $7.9M, so the operating business is a rounding error. And a $34M TSX Venture company can stay cheap for years because too little money can trade it to close the gap.
Figures from Bitcoin Treasury Corporation’s Q2 2026 results release, August 28, 2026, and its July 6, 2026 normal course issuer bid update.
2. Strategy (Nasdaq: MSTR), the benchmark, priced more richly than it looks
Strategy held 845,050 bitcoin as of September 7, 2026, bought for roughly $63.7B at an average of $75,385 each. With bitcoin at $77,239 the position is up about 2.5%. After six years and $63.7B, the world’s largest corporate bitcoin holder is barely ahead of its own cost.
The more important number is what is left for a common shareholder. This is where most coverage of this company goes wrong, and the error is large enough to flip the conclusion.
The coins are worth $65.3B and the common stock is worth $50.3B, which looks like buying bitcoin at 77 cents on the dollar. But the quarterly filing states that $6.75B of debt is outstanding, “all of which ranks senior to our Preferred Stock and our common stock”, and the preferred stack behind it is now five series deep: STRF, STRC, STRE, STRK and STRD, with a combined notional of about $15.5B. Take both out and $43.0B of net bitcoin stands behind a $50.3B market value. The apparent 23% discount is a 17% premium.
Those preferreds are not free either. Strategy paid $400.2M of preferred dividends in the June quarter alone, an annual run rate around $1.6B, against software revenue of $477.2M for all of fiscal 2025.
The macro case. Strategy is a leveraged, permanently financed bet that bitcoin rises faster than the cost of the capital funding it. In a rising market that works spectacularly. With preferred dividends running near $1.6B against half a billion of software revenue, the coins have to keep appreciating for the structure to hold.
The technical picture. The 50-day average is 22.5% below the 200-day. A death cross fired on October 7, 2025 with the stock at $328.40 and price is down 60.1% since. That regime is still running.
The precedent. Across five completed golden-cross regimes since 2016 the median peak gain was 8.5%, and only two reached a new high. The two that did were the 2020 and 2023 signals, which returned 717% and 1,774%, so the average is meaningless and the median is the honest summary. Five observations is a small sample and we would not trade on it.
What changed this quarter. Strategy sold bitcoin. Its filing records approximately 1,395 bitcoin sold in the three months to June 30, 2026, against 85,296 acquired. It is small, and it is the first crack in a stated policy of never selling.
Figures from Strategy Inc’s Form 10-Q for the quarter ended June 30, 2026, and its Form 8-K dated August 17, 2026.
3. Neptune Digital Assets (TSXV: NDA), a diversified coin treasury
One thing to fix before the numbers: Neptune’s fiscal year ends August 31, so its quarters do not line up with anyone else’s on this page. What it calls the second quarter of 2026 is the six months to February 28, 2026. Comparing its “Q2” to everyone else’s June quarter is a mistake, and a common one.
At its last fully reported period end, February 28, 2026, Neptune held 420 bitcoin and about 37,500 Solana, with smaller positions in ATOM, Ethereum, DOT, Dogecoin, Sonic and others, for total digital assets of $42.7M CAD. At today’s prices those holdings are worth roughly $50.2M. Against 128.3M shares at $0.60, the $77.0M market value is about 1.53x what it holds.
The macro case. Neptune is the only name here with meaningful non-bitcoin exposure, and Solana staking produces a yield bitcoin does not. That cuts both ways: in a bitcoin-led recovery it lags, and in a broad crypto recovery it leads. Its stated method, dollar-cost averaging plus converting staking rewards into bitcoin, grows the treasury without issuing stock, which is the behaviour this page rewards.
What the last report actually showed. Revenue of $0.6M over six months, and a comprehensive loss of $20.1M CAD driven by a $30.1M revaluation loss on the coins as prices fell. That is what a pure treasury looks like in a bad half: the operating business is immaterial and the mark-to-market is everything. Those marks were taken before the recovery off the June low.
The technical picture and the precedent. This is a thinly traded $77M Venture name and we will not dress up a moving-average record for it. What we will say is that 1.53x a mixed coin portfolio is a premium paid for someone else to manage the mix, and a brokerage account can assemble much of the same exposure through ETFs at a published fee.
Figures from Neptune Digital Assets’ second quarter fiscal 2026 results news release, April 30, 2026, covering the six months ended February 28, 2026. Share count from the company’s investor page.
4. Coinbase Global (Nasdaq: COIN), the fee, not the coin
Coinbase ranks fourth on a page about coins per share despite having no meaningful coin claim, because it answers the same question a different way: it earns when crypto trades, whichever direction it trades in.
The June quarter was not a good one. Revenue was $1,220.1M against $1,497.2M a year earlier, and the company lost $359.5M where it had earned $1,428.9M in the same quarter of 2025, a swing driven by the fair value of crypto assets rather than by the operating business. Against that, it took a record 10.3% share of crypto trading volume, up from 9.1% in the March quarter and its third consecutive record, and subscription and services revenue of $555M reached 48% of net revenue.
The macro case. That revenue mix shift is the investment case. Custody, staking and stablecoin economics do not require the price to rise, only for the assets to stay parked. Average USDC held in Coinbase products hit a record $20B in the quarter, in the middle of a 53% bitcoin drawdown, and the company recorded its fourteenth consecutive quarter of positive adjusted EBITDA.
The technical picture. The 50-day average is 13.7% below the 200-day and the stock has been in a death-cross regime since December 29, 2025, down 25.0% since.
The precedent. Five completed golden crosses since the 2021 listing, median peak gain 17.2%, a new high in one of five. Its death crosses have a better record than its golden crosses, median peak 58.6%. With four and five observations respectively, that is a curiosity, not a signal, and we report it because the opposite finding would have been reported too.
Revenue and net loss from Coinbase Global’s Form 10-Q for the quarter ended June 30, 2026 (accession 0001679788-26-000088). Market share, subscription mix and USDC balances from the company’s Q2 2026 shareholder release, July 30, 2026.
5. Hut 8 Corp (TSX: HUT), an AI landlord that owns bitcoin
Hut 8 is the largest bitcoin holder Canadians can buy on the Toronto Stock Exchange, and it is the clearest example of why the headline number needs work.
The filing says it: “we held approximately 17,316 Bitcoin, comprising approximately 9,314 Bitcoin held by Hut 8 and approximately 8,002 Bitcoin held by American Bitcoin”. A separate note records that non-controlling interests consist of “46.37% ownership by third parties in American Bitcoin”. So nearly half of that 8,002 belongs to other shareholders. The claim attributable to Hut 8 holders is 13,605 bitcoin, and the consolidated figure every treasury tracker publishes overstates it by 27%.
Even so, bitcoin is not the story here. Hut 8 carries $3.25B of River Bend Notes and $4.25B of Beacon Point Notes, the latter due 2042 at 6.129% and rated Baa2, issued to build 352 MW of data centre capacity in Nueces County, Texas. Its disclosed contract backlog runs to “approximately $50.2 billion potential aggregate contract value if all renewal options are exercised”. Against $7.5B of project debt, the look-through bitcoin is worth about $1.05B, or 14%. The market capitalisation is $12.2B, which is 11.6 times the coins. You are buying an investment-grade-financed data centre developer that happens to hold bitcoin.
The macro case. Hut 8 is levered to data centre demand and to power, not to coins. June quarter revenue was $74.9M against $41.3M a year earlier, with a $150.2M net loss attributable to Hut 8. Mining itself has gone backwards on economics: the filing notes average revenue per bitcoin mined fell from about $96,772 to about $73,850 over six months even as bitcoin mined rose from roughly 420 to 1,752.
The technical picture. A golden cross fired on July 22, 2025 at $21.40 and the stock is $98.60, up 360.7% inside a regime now 217 days old. The 50-day average sits 23.5% above the 200-day, which is stretched.
The precedent, and it argues against buying here. Seven completed golden-cross regimes, median peak gain 98.9%, and a new high in only two of seven. The current regime has already delivered a 521.6% peak, making it the second best of the eight on record. Buying now is buying the late innings of an unusually good run, not the start of an average one.
Figures from Hut 8 Corp’s Form 10-Q for the quarter ended June 30, 2026.
6. Galaxy Digital (Nasdaq: GLXY), crypto finance plus a data centre
Galaxy delisted from the Toronto Stock Exchange on March 19, 2026 and now trades only on Nasdaq, so Canadians need a US-enabled account to own it. It remains a Canadian reporting issuer.
June quarter revenue was $8.56B, a figure inflated by trading flow rather than by anything resembling a margin, against $8.66B a year earlier, with a consolidated net loss of $85M and diluted EPS of $(0.09) where the prior year earned $0.08. Company-wide adjusted gross profit was $43M. The part worth watching is Helios, its data centre, which delivered its first revenue-generating quarter with 133 MW of Phase I critical IT load in service for CoreWeave, contributing $20M of adjusted gross profit and $11M of adjusted EBITDA. Management expects quarterly leasing revenue of approximately $80M once Phase I runs for a full quarter.
The macro case. Same trade as Hut 8, with a crypto trading and asset management business attached. If you want the AI data centre build-out, both are levered to it, and our AI stocks page puts them beside the names whose exposure is larger and cheaper.
The technical picture and the precedent. Galaxy has 332 sessions of Nasdaq history, which produced exactly one golden cross and one death cross. The death cross fired August 12, 2026 and the stock is up 15.7% since. One observation is not a record and we will not pretend otherwise.
Figures from Galaxy Digital Inc’s second quarter 2026 results release, filed with the SEC on Form 8-K, August 5, 2026.
7. HIVE Digital Technologies (TSX: HIVE), growth bought with shares
HIVE is the most improved operating business on this page and the worst on the metric this page ranks by.
The June quarter, its fiscal 2027 first quarter, produced $79.1M of revenue against $45.6M a year earlier. It mined 1,004 bitcoin, up from 406, at an average hashrate of 24.0 EH/s against 8.7. Its BUZZ HPC arm reported $110M of active and contracted annualised recurring revenue, including a roughly $225M three-year Bell AI Fabric agreement supporting Cohere. That is a genuine AI infrastructure business inside a miner.
It paid for it with stock. Weighted average basic shares went from 182,007,767 to 266,251,300, an increase of 46.3% in twelve months. And it keeps almost nothing it mines: digital currencies held were $11.2M at quarter end, under a fifth of one quarter’s production. The reported net loss was $142.9M, driven by non-cash charges including an $84.7M provision for regulatory liabilities.
The macro case. HIVE is a bet on GPU cloud demand with a bitcoin mining business funding it. Buy it for the AI contracts, not the coins, because there are essentially no coins.
The technical picture, which is unkind. A golden cross fired on June 22, 2026 at $6.93 and the stock is $4.20, down 39.4% since the signal, with no gain at any point in the regime.
The precedent, which contradicts the signal. Across nine completed golden-cross regimes the median peak gain was 28.9% and price reached a new high in one of nine. Its death crosses did better: median peak 34.0%, and the February 5, 2026 death cross at $2.77 was followed by a 150.2% advance. On a nine-observation sample we would not trade either way, but anyone citing HIVE’s golden cross as a reason to buy should know the record does not support it.
Figures from HIVE Digital Technologies’ Form 10-Q for fiscal Q1 2027 and its fiscal 2026 Form 10-K.
8. DMG Blockchain Solutions (TSXV: DMGI), rising claim, pledged coins
DMG is the counter-example to HIVE and it is why test three exists. Its own continuity table shows 386.72 bitcoin at September 30, 2024, 342.36 a year later and 379.20 at June 30, 2026. Weighted average shares rose 4.5%. Coins per share ended higher.
Then read the next line of the same filing. As at June 30, 2026 the company had 346.45 bitcoin “deposited and pledged as collateral against a credit facility with Sygnum Bank”. That is 91.4% of the treasury. Worse, the pledged amount rose from 210.45 a year earlier not because the company borrowed more but because bitcoin fell and the collateral had to be topped up to hold the margin. A further fall demands more coins.
The macro case. Revenue was $6.4M in the June quarter with a $3.9M net loss. The optionality is Numis Trust, a special purpose trust company licensed in Alberta to offer regulated digital asset custody, which is a genuinely scarce Canadian asset if institutional custody demand arrives.
The technical picture. A golden cross fired June 10, 2026 at $0.51 and the stock is $0.555, up 8.8%. The 50-day average is 39.5% above the 200-day, which is very extended for a stock at this size.
The precedent. Six completed golden-cross regimes, median peak gain 84.7%, a new high in one of six. Six observations on a Venture micro-cap is close to anecdote.
At 2.82x its coins, with 91% of them pledged, the per-share improvement is real and is not enough.
Figures from DMG Blockchain Solutions’ interim financial statements for the three and nine months ended June 30, 2026, Note 5 and Note 17.
9. DeFi Technologies (Cboe CA: DEFI), a fee on a shrinking pool
DeFi Technologies runs Valour, which issues exchange-traded products on digital assets, and earns management fees plus staking and lending income on the assets it gathers. It is a fee business, so it does not need to own coins, but it does need the pool to grow.
It shrank. Average assets under management fell to $471.5M in the June quarter from $760.2M a year earlier. Revenue fell to $7.8M from $13.1M against $10.1M of operating expenses, so the quarter ran at an operating loss. Net inflows were positive at $22.8M, which means the decline is price, not client flight, and that distinction matters: inflows reverse the damage automatically if prices recover.
The macro case. Pure operating leverage on crypto asset prices, with none of the balance sheet risk of holding coins directly. It is the highest-beta way to own a recovery in crypto asset values without owning the assets.
The technical picture and the precedent. Thinly traded and dual-listed, and we are not publishing a crossover record we would not act on. The number to watch is quarterly average AUM, which is disclosed every quarter and drives everything else.
Figures from DeFi Technologies Inc’s Q2 2026 results release.
10. Bitcoin Well (TSXV: BTCW), real users, falling revenue
Bitcoin Well operates a non-custodial platform for buying and selling bitcoin in Canada, and it is the one genuine surprise on this list. Registered users on its Bitcoin Portal passed 77,000 at June 30, 2026, up 8% in the quarter and 58% in the year, and it held about 69 bitcoin at August 12, 2026.
Read the revenue line alone and the business looks broken. June quarter revenue was $18.5M against $32.1M a year earlier, down 43%, with first-half revenue of $53.4M against $63.9M. Read the profit line and something else is happening. Gross margin widened to 5.6% from 4.2%, the quarterly net loss narrowed to $38 thousand from $4.2M, and the company earned net income of $2.3M in the first half of 2026 against a $870 thousand loss in the same period of 2025.
That is a company that shrank its revenue and became profitable at the same time, which means the revenue it shed was the unprofitable kind. On a 5.6% gross margin this remains a transaction processing business rather than a software business, and at $0.035 a share it is worth under $13M.
The macro case. Retail bitcoin transaction volume follows retail enthusiasm, which follows price with a lag. A 43% revenue decline through a 53% drawdown is roughly what that relationship implies, and the operating leverage would work in reverse during a sustained recovery, from a cost base management has already cut.
The technical picture. A stock at $0.035 moves in increments that are a large percentage of its own price, and the drawdown table above shows it down 74.1% from bitcoin’s peak with no recovery at all off the low. Position sizing matters more here than any chart signal.
We rank it tenth on size and liquidity rather than on business trend. A sub-$13M market value on the TSX Venture is a real constraint on who can own it and on what an exit looks like. On the evidence of the past two quarters, the business itself is heading the right way.
Figures from Bitcoin Well Inc’s 2026 second quarter financial results news release, August 13, 2026, and its Q2 2026 management discussion and analysis.
Ready to act on this? Whichever of these you land on, you need a brokerage account that can hold both Canadian and US listings, because four of the ten trade on Nasdaq. We use Questrade for exactly that reason and you can open a Questrade account here. If this would be your first account, Wealthsimple is the gentler starting point, and our investing apps comparison lays out the trade-offs between them.
Crypto ETFs, which are the right answer for most people
Everything above is a way of owning a company that owns cryptocurrency. Canada approved the world’s first spot bitcoin exchange-traded funds in February 2021, and they remain the most direct route: a Canadian-listed fund holding bitcoin in cold storage, eligible for a TFSA or RRSP, with a published fee.
Here is the comparison that should decide this for most readers. The Purpose Bitcoin ETF held 18,327.44 bitcoin as of September 11, 2026. That is more bitcoin than Hut 8 reports on its entire consolidated balance sheet, and it has no debt ranking ahead of you, no minority shareholders taking half of a subsidiary, and no share issuance diluting your claim. It charges a management fee of 1.00% and a management expense ratio of 1.29%.
| Spot bitcoin ETF | Crypto stocks | Buying bitcoin directly | |
|---|---|---|---|
| TFSA or RRSP eligible | Yes | Yes | No |
| You hold keys | No | No | Yes |
| Dilution risk | None | Material, up to 46% in a year here | None |
| Debt ahead of you | None | Up to $7.5B in one case | None |
| Ongoing cost | 0.35% to 1.29% a year | None explicit, paid as premium or dilution | Exchange spread and withdrawal fees |
| Tax reporting | T5008 from your broker | T5008 from your broker | You track every disposition |
| Upside beyond bitcoin | None | Operating business, leverage | None |
The fee spread inside that first column is worth a moment. The Fidelity Advantage Bitcoin ETF charges a 0.32% management fee and a 0.35% MER, holding bitcoin directly with at least 98% in cold storage. Purpose charges 1.00% and 1.29%. Both hold spot bitcoin. That is nearly four times the cost for the same asset, which on a $25,000 position is about $235 a year of difference, compounding against you for as long as you hold.
So the honest sequence is this. If you want bitcoin exposure, buy the ETF and compare fees before you pick one. If you want a data centre developer, look at Hut 8, Galaxy or the wider field on our AI stocks page. If you want a fee business geared to crypto activity, Coinbase. Buy a miner for bitcoin exposure only if you have read its share count and its pledges and still want it.
Our Canadian ETF page covers choosing between ETFs generally, and the mutual fund fee calculator will show you what a fee difference of that size costs over a holding period, which is usually more than people expect.
Fund figures from Fidelity Canada’s and Purpose Investments’ own fund pages, retrieved September 12, 2026. Fidelity MER as at March 31, 2026; Purpose MER as at June 30, 2026.
Buying your first position, step by step
Step 1: decide which of the three things you want. Bitcoin exposure, a data centre business, or a fee business. This page exists because those three get sold under one label, and almost every disappointment in this category comes from buying one while believing you bought another.
Step 2: pick the account before the ticker. A TFSA makes gains permanently tax free and makes losses permanently useless. An FHSA is the wrong home for anything you might have to sell on a fixed date. A non-registered account is the only one where a loss can offset a gain elsewhere. Our guide to opening a brokerage account covers the paperwork, and how to buy your first stock covers the mechanics of the order itself.
Step 3: check whether it is a US listing. Strategy, Coinbase, Galaxy and Keel trade in US dollars. You need a US-enabled account, and unless you already hold US dollars you pay a conversion each way.
Step 4: size it as though it could go to zero. Bitcoin fell 53.1% in nine months and several of these equities fell further. Position size is the only risk control that works on an asset with this distribution.
Step 5: read the share count every quarter. Not the press release, the filing. Total coins can rise while your claim per share falls, and the share count is where that shows up first. It is the single most useful habit for owning anything on this page.
What are crypto stocks in Canada?
A crypto stock is an ordinary share in an ordinary company whose fortunes are tied to cryptocurrency. There are four distinct kinds and they behave differently enough that grouping them is most of the confusion in this category.
Treasury companies hold coins and little else. Bitcoin Treasury, Neptune and Strategy. Their value is the coins, plus or minus a market premium, minus debt.
Miners run computers that earn newly issued bitcoin. HIVE, DMG. Their economics depend on the bitcoin price, the network difficulty, and above all the price of electricity. Most sell what they mine to fund operations, so they are operating businesses rather than coin holdings.
Infrastructure and exchange businesses earn fees from crypto activity. Coinbase, Galaxy, DeFi Technologies, Bitcoin Well. They earn in both directions as long as people transact.
Former miners are the newest category and the reason this page was rewritten. Hut 8, Keel, Digi Power X and now Galaxy have redirected their power and land toward AI data centres. The crypto label persists in the search results long after the business has moved on.
If the vocabulary here is new, what a stock is and how to read a stock quote cover the ground before the tickers do.
Why buy crypto stocks instead of crypto itself
There are three real reasons and one bad one.
Registered accounts. You cannot hold bitcoin directly in a TFSA or RRSP. You can hold every stock and ETF on this page. For a Canadian in a high bracket, sheltering a volatile asset inside a TFSA is worth more than most stock-picking decisions.
No custody. No wallet, no seed phrase, no exchange failure. Your broker holds the shares and CIPF coverage applies to the brokerage relationship in the ordinary way.
Operating leverage. A miner with fixed power costs earns disproportionately more when the bitcoin price rises. That is the case for owning one, and it works in reverse with equal force.
The bad reason is believing a crypto stock is a safer way to own crypto. It is not. You take the coin price risk and add company risk, dilution risk and, in several cases here, leverage. The stocks fell further than bitcoin did in this drawdown.
One tax point that catches people. Selling a crypto stock in a non-registered account is a normal capital gain and your broker reports it. Half the gain is taxable at your marginal rate. Our capital gains tax calculator will size the bill, and if you have been buying a position in pieces, the adjusted cost base tracker is the tool that keeps the arithmetic straight across multiple purchases.
What is the best crypto stock in Canada?
On the measure this page uses, which is how much cryptocurrency a share owns and what it costs, Bitcoin Treasury Corporation is the only Canadian name trading below the value of its coins, and the only one whose share count fell over the past year. That is a specific answer to a specific question, and it comes with a $34M market capitalisation, a single lending counterparty holding 13% of the treasury, and almost no revenue.
If the question is which is the best business, the answer is different. Hut 8 has an investment-grade-financed data centre platform and a disclosed backlog running to $50.2B of potential contract value. It is also priced at 11.6 times the bitcoin it owns, so nobody should buy it for coin exposure.
If the question is which single security gives most Canadians the exposure they actually wanted, the answer is a spot bitcoin ETF, for the reasons in the ETF section above.
Are crypto stocks a buy right now?
The setup is more constructive than it was three months ago and the sample sizes are too small to lean on.
Bitcoin’s 50-day average crossed above its 200-day on September 8, 2026 at $78,439. Since 2016 there have been nine completed regimes of that kind. The median peak gain within them was 51.8%, the median time to that peak was 135 days, and price reached a new all-time high in six of the nine. That is a genuinely constructive record.
Now the other half, which most write-ups leave out. The range across those nine runs from +3.0% to +1,799.5%, so the median hides enormous dispersion. The most recent golden cross, on May 22, 2025, peaked at +11.7% and the regime ended down 15.7%. Nine observations spread over ten years is directional, not predictive, and anyone quoting a base rate off it is overselling.
The company-level records are weaker still. Hut 8’s current regime has already run 521.6% at its peak and only two of its seven completed golden crosses made a new high. HIVE’s golden crosses reached a new high once in nine, while its most recent death cross was followed by a 150.2% advance. Where a crossover record cuts against a name we rank, we have printed it in that name’s entry.
What we would say plainly: the marks in these filings were taken at the bottom, bitcoin has recovered 31.9% from that low, and the equity premium that made these vehicles attractive in 2021 has gone. That combination favours the names where you are paying less than the assets are worth and penalises the ones where you are paying eleven times.
Which Canadian accounts can hold crypto stocks?
All of them. Every stock and ETF on this page is an ordinary listed security, so a TFSA, RRSP, FHSA, RESP or non-registered account can hold any of them. What differs is what happens to the gain, and the loss.
TFSA. Gains are permanently tax free, which is the best possible home for an asset that might multiply. The trap is symmetry: a loss inside a TFSA cannot offset a gain anywhere, and the contribution room is not restored until the following calendar year. Putting a $0.035 Venture stock in a TFSA risks destroying room you cannot rebuild. Our best TFSA stocks page covers what belongs there.
RRSP. Shelters growth, then taxes the entire withdrawal as income, so it converts capital gains into fully taxed income. For an asset you expect to grow many times over, that is usually the wrong container. The RRSP stocks page explains where the RRSP advantage actually comes from.
FHSA. Deductible going in and tax free coming out for a first home, which makes it the most efficient account in the system and the worst possible place for a volatile position you might need to liquidate on a fixed date. Our FHSA strategy page matches holdings to how long you have.
Non-registered. Half of any gain is taxable at your marginal rate, and losses are usable against other gains, which is worth something with assets this volatile.
Crypto penny stocks in Canada
Four of the ten above trade below $1: DMG at $0.555, Neptune at $0.60, Bitcoin Well at $0.035, and DeFi Technologies at $0.86. Two more, Bitcoin Treasury at $3.64 and HIVE at $4.20, are small enough to behave like penny stocks in a bad week.
The specific risks are dilution, which this page measures, and liquidity. A company that funds itself by issuing shares will keep issuing shares, and at these market values a single financing can move the count by double digits. Use limit orders, size positions as though they could go to zero, and read the share count in every quarterly filing rather than the press release headline. Our Canadian penny stocks page ranks the wider small-cap field on balance sheet strength using the same approach.
Bitcoin, Ethereum and what the companies actually hold
Bitcoin is the asset behind nine of the ten names here. It has a fixed maximum supply of 21 million coins and new issuance halves roughly every four years, which is what mining companies compete for. At $77,239 USD, or $107,049 CAD, it is 38% below its October 2025 record.
Ethereum is the second largest cryptocurrency and works differently: it is a platform for applications, and holders can stake it to earn a yield. Almost none of the companies on this page hold it in size. Neptune is the exception, with staking positions across several assets including Solana.
That concentration is itself worth noting. A Canadian buying crypto stocks is, in practice, buying bitcoin exposure. If you want anything else, the ETF route or Neptune’s mixed treasury are the only options on this list.
What actually determines whether a miner makes money
Three variables decide it, and only one of them gets discussed.
The bitcoin price is the obvious one and the least controllable. Network difficulty is the one that quietly does the damage: as more computing power competes worldwide, each machine earns a smaller share of a fixed issuance, so a miner has to keep buying hardware simply to hold its position. The power price is where the competition is actually won, because electricity is the dominant operating cost and it is the reason this industry clusters in Alberta, Quebec, Texas and Paraguay.
Hut 8’s own filing shows the squeeze in one line. Over the six months to June 30, 2026 it mined roughly 1,752 bitcoin against about 420 a year earlier, more than four times as much, while average revenue per bitcoin mined fell from about $96,772 to about $73,850. Production up fourfold, revenue per unit down 24%.
Then add the halving. Bitcoin’s issuance to miners halves roughly every four years by design, which cuts industry revenue at a stroke and is the structural reason so many miners are selling compute to AI tenants instead. A data centre lease pays a contracted amount every month regardless of difficulty, price or halving schedule. Once a management team has seen both revenue lines side by side, the pivot stops looking like a fad and starts looking like arithmetic.
This is also why mining economics and coin holdings are separate questions. A miner can be operationally excellent and hold no bitcoin at all, which is close to HIVE’s position, or operationally marginal while sitting on a valuable treasury, which is closer to DMG’s. Our Canadian mining stocks page deals with the metals side of the mining question, which shares none of these variables despite the shared word.
How Canada regulates this, and why it matters to the share price
Two regulatory facts shape what Canadians can buy.
Spot crypto ETFs are legal and established here. Canada approved the first ones in February 2021, years before the United States, which is why a Canadian investor has a deeper menu of registered-account-eligible crypto products than an American one. The Purpose Bitcoin ETF has been operating since February 23, 2021.
Crypto trading platforms are tightly supervised, and that supervision is why two names on the old list are gone. The Canadian Securities Administrators required crypto trading platforms serving Canadians to register, and the compliance burden pushed consolidation. WonderFi, which owned Bitbuy and Coinsquare, sold to Robinhood. Banxa sold to OSL. The Canadian crypto exchange sector did not fail so much as it got bought, which removed the most direct listed way to own Canadian crypto trading volume.
For the companies still listed, the regulatory question that matters most is not crypto rules at all. It is power. A bitcoin mine or an AI data centre needs an interconnection agreement and a tariff from a utility, and those are granted by provincial and state regulators on timelines measured in years. When Hut 8 discloses megawatts of critical IT capacity, that number represents regulatory permission as much as it represents concrete.
What to watch in the next set of filings
Each of these companies has one number that will tell you more than its press release.
- Bitcoin Treasury Corporation: bitcoin per share, and whether the 100 BTC lent under the master loan agreement comes back. The buyback only helps if the coins are actually there.
- Strategy: whether it sells more bitcoin. The first 1,395 coins went in the June quarter, and the preferred dividend bill runs near $1.6B a year against $477.2M of software revenue.
- Hut 8: megawatts energised at Beacon Point and River Bend against the $7.5B of notes financing them. The bitcoin is now a rounding error on this story.
- HIVE: the share count, and whether BUZZ HPC’s $110M of contracted annualised revenue converts to reported revenue.
- DMG Blockchain: the pledged bitcoin figure. It was 346.45 of 379.20 coins at June 30. If bitcoin falls again it rises, and a forced top-up is how a small treasury gets erased.
- DeFi Technologies: quarterly average assets under management, which fell to $471.5M from $760.2M and drives every other line.
- Coinbase: subscription and services revenue as a share of the total, which reached 48% and is the case for owning it through a downturn.
- Bitcoin Well: gross margin. 5.6% on falling revenue is the whole question.
- Galaxy: Helios Phase I lease revenue, guided to roughly $80M in its first full quarter.
- Neptune: the coin count, since the strategy is to accumulate without issuing stock. Note its August 31 fiscal year end when comparing quarters.
The largest cryptocurrencies, and which ones these companies touch
| Cryptocurrency | Market value | Price | Held by any company ranked here |
|---|---|---|---|
| Bitcoin (BTC) | $1.55T USD | $77,251 USD | Nine of the ten |
| Ethereum (ETH) | $308.2B USD | $2,525 USD | Neptune, in small size |
| BNB | $96.9B USD | $727 USD | None |
| XRP | $85.9B USD | $1.37 USD | None |
| USDC | $74.3B USD | $1.00 USD | Coinbase earns on the reserves |
| Solana (SOL) | $59.7B USD | $102 USD | Neptune, about 37,500 coins |
| Dogecoin (DOGE) | $13.2B USD | $0.085 USD | None |
| Cardano (ADA) | $7.6B USD | $0.21 USD | None |
Prices and market values from Yahoo Finance, September 12, 2026. Cryptocurrency trades continuously, so these are a snapshot rather than a close.
The concentration is the point. Bitcoin is about 70% of the value of this table and it is the only asset that nine of the ten companies above have any exposure to. A Canadian buying crypto stocks is buying bitcoin exposure with extra steps, whatever the company name suggests. The two exceptions are worth knowing: Neptune holds a genuine mix including Solana, and Coinbase earns interest on the USD Coin reserves held in its products, which reached an average of $20B in the June quarter and is income that does not depend on any coin price rising.
Frequently asked questions
Can I hold crypto stocks in a TFSA? Yes. Every name on this page is a listed security eligible for a TFSA, RRSP, FHSA, RESP or non-registered account. Bitcoin itself cannot be held directly in a registered account, which is a large part of why these stocks exist.
What is the largest Canadian crypto stock? Hut 8 Corp, at about $12.2B, and it is now primarily an AI data centre business. Among companies whose main asset is still cryptocurrency, the largest Canadian listing is considerably smaller.
Do any Canadian crypto stocks pay a dividend? No. Every company on this page reinvests or is loss-making. If you want income, our dividend stocks page is the right place.
Why did Bitfarms disappear from crypto stock lists? It renamed itself Keel Infrastructure Corp on April 1, 2026 when it redomiciled to the United States, left the TSX, and stopped mining bitcoin in the US on June 29, 2026. It now builds HPC and AI infrastructure.
What happened to WonderFi? Robinhood acquired it for C$0.36 a share, about C$250M, and it was delisted from the TSX on June 2, 2026. It is no longer investable.
Is Hut 8 a bitcoin stock? Less than it appears. It holds a look-through claim on 13,605 bitcoin worth about $1.05B, against $7.5B of data centre project debt and a $12.2B market value. The coins are roughly 9% of what you are buying.
What does bitcoin per share mean? Coins held divided by shares outstanding. It matters because these companies fund themselves by issuing stock, so total coins can rise while each share’s claim falls. Bitcoin Treasury Corporation publishes the figure itself, at 0.00006400 per diluted share.
Are crypto stocks riskier than bitcoin? Generally yes. You take the coin price risk and add company risk, dilution and, for several names here, debt. In this drawdown most of these equities fell further than bitcoin did.
What is the safest way to get crypto exposure in Canada? A Canadian-listed spot bitcoin ETF inside a registered account. It gives you the asset without company risk, dilution or leverage, for a management fee.
Why do these stocks fall further than bitcoin? Because most carry debt, fixed operating costs or preferred dividends that do not shrink when the coin price does. Measured from bitcoin’s October 2025 peak to its June 2026 low, bitcoin fell 53.1% and Strategy fell 75.8%.
Which crypto stock held up best in the downturn? Hut 8, which rose 178.7% over the same window, because the market was pricing its AI data centre business rather than its coins.
Can I buy a Canadian crypto exchange stock? Not any more. WonderFi, which owned Bitbuy and Coinsquare, was bought by Robinhood in June 2026, and Banxa was taken private by OSL in January 2026. Coinbase, a US listing, is the nearest equivalent.
Is mining still profitable? It depends on power price more than on the bitcoin price. Hut 8’s own filing shows average revenue per bitcoin mined falling from about $96,772 to about $73,850 over six months while its production more than quadrupled, which is why several miners are leasing their capacity to AI tenants instead.
What does 46.37% mean in Hut 8’s filing? It is the share of American Bitcoin, Hut 8’s mining subsidiary, owned by outside shareholders. Hut 8 consolidates all of American Bitcoin’s 8,002 bitcoin onto its balance sheet, but Hut 8’s own holders have a claim on only 53.63% of it.
Do I need a US dollar account for these? For four of the ten, yes. Strategy, Coinbase, Galaxy and Keel trade on Nasdaq in US dollars, so you need a US-enabled brokerage account and you pay a currency conversion unless you already hold US dollars.
What is the cheapest way to hold bitcoin in a TFSA? A spot bitcoin ETF. Fees among Canadian-listed funds range from a 0.35% management expense ratio at the Fidelity Advantage Bitcoin ETF to 1.29% at the Purpose Bitcoin ETF, for the same underlying asset.
The bottom line
The Canadian crypto stock category is smaller and stranger than it was two years ago. Five of the names that would have anchored this list are gone, taken private or redirected into artificial intelligence, and the two largest survivors are data centre developers that happen to own coins.
What remains is worth owning only on clear terms. Of ten names, one trades below the value of the cryptocurrency it holds and one has shrunk its share count. The rest ask you to pay a premium for an operating business, which is a reasonable trade if you want that business and a poor one if you thought you were buying bitcoin.
Work out which of those two things you want before you choose a ticker. If it is bitcoin, an ETF does it more cheaply than nine of these ten. If it is a company, judge it as a company: read the share count, read what is pledged, and read what ranks ahead of you.
Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions.