$MARA is the clearest price story in the current set. The miner has added roughly 28% over the past 30 days and 57% over the past 90 days, and it is the only name in this briefing trading above all three of its key moving averages as of May 28. That kind of separation from the rest of the group matters when the broader crypto sentiment index is sitting at 29, deep in fear territory as of June 1.

MARA's Move Runs Against the Fear Tape

The macro backdrop is not supportive of aggressive risk-taking. Bitcoin dominance at 57.3% confirms a Bitcoin-led tape rather than a broad altcoin rally, and 30-day realized Bitcoin volatility at roughly 25% annualized is calm by historical standards. That combination means $MARA's 30-day gain is not riding a volatility spike or a speculative rotation. It is grinding higher in a low-volatility, fear-dominated environment, which makes the move harder to dismiss as noise. The year-to-date gain for $MARA now sits near 57%, compared to $MSTR's roughly flat YTD performance and $COIN's approximately 19% YTD decline. The divergence across categories is real and widening.

$MARA's 10-Q filed May 11 is the most recent quarterly filing for the miner in this set. The risk-factor diff for the March 2026 10-K showed 8 added and 8 materially changed Item 1A candidates compared to the prior year, a higher churn rate than $MSTR's 2 materially changed candidates. That level of disclosure activity in a miner's annual filing reflects the operational complexity of post-halving economics moving through production, hashrate, and cost lines simultaneously.

COIN's Revenue Holds, But the Price Chart Tells a Different Story

Coinbase reported $1.41 billion in revenue for the latest quarter, filed in the May 7 10-Q. The number is real, but the stock has given back about 6% over the past 30 days and sits roughly 23% below where it started the year. All three moving averages, the 20-day, 50-day, and 200-day, are above the current price as of May 28. That is a meaningful gap between fundamental output and price behavior.

$COIN's risk-factor diff is the most active in this set: 8 added, 8 removed, and 8 materially changed Item 1A candidates in the February 2026 10-K versus the prior year. That level of annual disclosure churn reflects how much the regulatory and competitive landscape around crypto exchanges has shifted. The filing cadence alone signals that Coinbase's risk profile is not static, even when the revenue line looks stable.

MSTR's Filing Cadence Stays Elevated

Strategy's price context as of May 28 shows a 30-day decline of roughly 8% and a YTD performance that is essentially flat, masking a 58% drop over the trailing year. The stock remains below its 20-day, 50-day, and 200-day moving averages. The short-term trend is classified as an uptrend, but the long-term trend is a downtrend, a split that reflects the equity's sensitivity to Bitcoin price swings without a clean directional resolution.

$MSTR's 10-K risk-factor diff, comparing the February 2026 filing against the February 2025 filing, shows 8 added, 8 removed, and 2 materially changed candidates. The 2 materially changed items are fewer than $COIN or $MARA, but the overall filing density for $MSTR, anchored by the volume of capital markets activity the company generates, keeps its disclosure cadence at the high end of the coverage universe. The May 6 10-Q and the May 12 Form 4 filing are the most recent anchors in the $MSTR record.

ETF Wrappers and the Quiet Names

IBIT's price context shows a 30-day decline of roughly 4% and a 90-day gain of about 12%, tracking Bitcoin's own realized volatility profile closely. The ETF's 30-day annualized realized volatility at roughly 31% is materially lower than $MSTR's 71% or $MARA's 67%, which is exactly what a direct Bitcoin wrapper should look like compared to leveraged operating companies. IBIT's risk-factor diff for the February 2026 10-K showed only 1 materially changed Item 1A candidate, the lowest in the set, consistent with a product structure that does not carry operational or regulatory complexity beyond the Bitcoin price itself.

$GLXY logged a notable overnight move of negative 2.6% in Sawse's analytical activity data for May 29, with an extended-hours range of 3.1% and a spread of 126 basis points, wider than any other name in the set that session. $HOOD, $RIOT, $CLSK, FBTC, and ARKB were quiet in the same session records, with ranges between 0.1% and 1.0% and no activity that separated them from routine overnight noise.

The category split heading into June is straightforward. $MARA is carrying the momentum. $COIN has the revenue but not the price recovery. $MSTR is range-bound with an active filing calendar. The ETF wrappers, IBIT, FBTC, and ARKB, are doing what they are supposed to do: tracking Bitcoin with lower volatility than the operating companies. $GLXY is the one name worth watching for follow-through after its overnight move.

Research only. Not investment advice.