Tom Lee ranked 17 large-cap crypto stocks by how closely they track Bitcoin and Ethereum. The oddest result sits at the bottom. Bitcoin miners barely move with BTC price at all.

Core Scientific tracked the asset at 16%. MicroStrategy tracked it at 78%. Yet MicroStrategy mines no Bitcoin, it only holds a pile of it.

What Tom Lee’s Crypto Stock Rankings Show

The Fundstrat co-founder measured 90-day correlations against BlackRock’s two crypto funds. He covered every crypto-linked stock worth more than $2 billion. Fundstrat and Factset supplied the numbers.

Correlation simply asks whether two prices move together. A score near 100% means they move in step. A score near zero means they ignore…