Debasement trade stocks

Strategy's corporate treasury and financing model are centered on holding Bitcoin, making it maximally sensitive to sovereign-demand and scarcity effects.

Strategy Inc, together with its subsidiaries, operates as a bitcoin treasury company in the United States, Europe, the Middle East, Africa, and internationally. It offers investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed income instruments. The company also provides AI-powered enterprise analytics software, including Strategy One, which provides non-technical users with the ability to directly access novel and actionable insights for decision-making. In addition, the company provides Strategy Mosaic, a universal intelligence layer that offers enterprises with consistent definitions and governance across data sources, regardless of where that data resides or which tools access it. The company was formerly known as MicroStrategy Incorporated and changed its name to Strategy Inc in August 2025. The company was incorporated in 1989 and is headquartered in Tysons Corner, Virginia.

Black Cat owns the reported production and directly converts additional gold ounces into revenue and operating cash flow.

Black Cat is the direct beneficiary of the newly reported production ramp. Record annual gold production of 90,833 ounces, AUD255 million of operating cash flow before capital and a debt-free, unhedged balance sheet increase revenue, operating cash flow and internal funding capacity for Coyote, Mt Clement and further hub development. The first period of 100% Black Cat ore feed through its processing facilities should also improve control over mill utilisation and third-party processing dependence.

PBT directly owns royalty interests in the Waddell Ranch and Texas Royalty properties, making its cash distributions and asset value directly dependent on Permian royalty income.

The acquired portfolio is explicitly composed of precious-metals streams and royalties, including gold and silver streams, making precious-metals cash flow central to Elemental after the transaction.

Elemental is the direct acquirer of the five-asset precious-metals stream-and-royalty portfolio. The transaction adds producing-asset exposure and is associated with higher 2026 guidance of 19,500–22,000 GEOs and US$89.8–101.1 million of revenue. Management also expects materially greater scale and cash-generative capacity. The US$200 million cash and US$90 million equity funding create execution and dilution offsets, but the net fundamental impact is strongly positive.

Franco-Nevada’s royalties and streams benefit from higher bullion prices and partner production without bearing the full operating-cost inflation of mine owners.

Franco-Nevada Corporation operates as a royalty and stream company focused on precious metals in South America, Central America, Mexico, the United States, Canada, Australia, Europe, and Africa. It operates through Precious Metals, Other Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent. The company was founded in 1986 and is headquartered in Toronto, Canada.

Royal Gold's passive royalty and streaming model avoids direct exposure to mine operating costs, though delayed or interrupted production can still reduce receipts.

Royal Gold, Inc. and its subsidiaries engage in the acquisition and oversight of precious metal streams, royalty agreements, and related rights. The company's strategy involves securing these interests or providing capital for projects, whether currently producing or in their development phase, in exchange for future streams or royalty entitlements. Its portfolio primarily encompasses gold, silver, copper, nickel, zinc, lead, and cobalt. As of June 30, 2022, Royal Gold maintained ownership stakes in 185 properties spanning five continents, featuring interests in 41 operating mines and 19 projects under development. These stream and royalty holdings are distributed across various international regions, including the United States, Canada, Chile, the Dominican Republic, Australia, Africa, and Mexico. Royal Gold, Inc. was founded in 1981 and is headquartered in Denver, Colorado.

Metaplanet uses Bitcoin as its principal treasury reserve asset, making its balance sheet and capital-market access highly sensitive to Bitcoin valuation and treasury sentiment.

Wheaton benefits from higher gold and silver prices while its streaming structure limits direct exposure to mine-site labor, fuel, and sustaining-cost inflation.

Wheaton Precious Metals Corp. functions as a streaming enterprise, primarily engaged in the global distribution of valuable metals. Its offerings encompass deposits of gold, silver, palladium, and cobalt. The company maintains a substantial portfolio, holding stakes in 23 operational mines and an additional 13 development ventures. Founded in 2004, the firm's headquarters are located in Vancouver, Canada. It operated under the name Silver Wheaton Corp. until May 2017, when it rebranded to its current title.

OR Royalties acquires and manages precious-metals royalty and streaming interests, so this exposure is central to its operating model.

Triple Flag is a sizeable royalty and streaming company with exposure to producing and development-stage precious-metals assets.

Triple Flag Precious Metals Corp., a precious metals streaming and royalty company, engages in acquiring and managing precious metals, streams, royalties, and other mineral interests in Australia, Canada, Colombia, Cote d’Ivoire, Mexico, Mongolia, Peru, South Africa, and the United States. The company has a portfolio of streams and royalties providing exposure to copper, gold, silver, nickel, lead, lithium, and zinc. The company was founded in 2016 and is based in Toronto, Canada.

Ming Shing explicitly uses equity financing to build a Bitcoin reserve, making the corporate digital-asset treasury model central to its valuation and capital access.

MARA has both Bitcoin-mining revenue and BTC treasury exposure, making its asset value and operating economics highly sensitive to sovereign-driven BTC demand.

MARA Holdings, Inc. is a digital asset technology company, which engages in mining cryptocurrencies with a focus on the Bitcoin ecosystem. It also deals with owning and operating bitcoin mining facilities or data centers, selling proprietary software or technology to third parties operating in the Bitcoin ecosystem, offering advisory and consulting services to support Bitcoin mining ventures in domestic and international jurisdictions, and generating electricity from renewable energy resources or methane gas capture to power Bitcoin mining projects. The company was founded on February 23, 2010 and is headquartered in Hallandale Beach, FL.

Strive's holdings increased from 29,462 BTC to 32,773 BTC, making Bitcoin valuation a dominant balance-sheet and equity-value driver.

Strive is a major public Bitcoin-treasury company, so its equity valuation is materially linked to investor acceptance of corporate digital-asset accumulation.

Primary revenue driver is gold, the traditional hedge against money printing and dollar weakness.

Newmont's gold revenue is directly leveraged to monetary-debasement and inflation-hedging demand, although mining costs can also rise.

Kinross directly produces gold, so higher realized bullion prices can increase earnings and cash flow.

First Majestic has direct realized-price and margin sensitivity to silver as a primary silver producer.

The company reported record financial results, including a 95% revenue increase and a 2,264% surge in net earnings. The announcement of an increased dividend and confirmed production guidance indicates strong fundamental health and high leverage to current silver prices.

Gold Fields' earnings and cash flow rose directly with higher realized prices and 12% higher attributable production, while the dividend increased 132%.

Highlander owns and is developing Corani, so eventual production is a direct positive exposure; the project presentation describes approximately 9.6 million ounces of annual production.

Aura owns the reported production and sales stream; its Q3 output was 95,557 GEO and sales were 93,742 GEO, making the cash-flow linkage direct.

Aura is the direct beneficiary of the newly reported production increase. Q3 output reached 95,557 GEO, up 27% quarter over quarter and 29% year over year, while management reaffirmed 2026 guidance and continued growth projects. The additional ounces should increase gold-equivalent sales, revenue, EBITDA, operating cash flow and funding capacity, subject to sustaining and expansion costs.

Endeavour Silver is a pure-play silver miner and benefits from the high silver-price environment evidenced by Hochschild’s $77.8/oz H1 realized silver price. The positive commodity leverage is partly offset by the same mine-level cost inflation and operating-execution risks affecting other underground Latin American producers.

Direct miner of silver/gold; revenue scales directly with safe-haven metal surges.

Regis directly produces gold and its FY27 cash flow depends on delivering guided ounces at the stated AISC range.

Regis is the direct beneficiary of the development. FY26 production reached 379,000 ounces at the top end of guidance, revenue and profit rose sharply, and cash and bullion reached approximately A$1.18 billion. Reaffirmed FY27 production supports continued gold revenue visibility, while the planned Rosemont Stage 3 and other Duketon investment can extend production. Higher FY27 AISC and diesel costs partially offset the benefit through higher COGS and sustaining capital.

Agnico Eagle directly produces gold, so official-sector bullion demand can raise realized prices, cash flow, mine valuations, and development economics.

Agnico Eagle is a senior gold producer that benefits from the elevated gold-price environment evidenced by Hochschild’s realized prices. Its diversified, relatively low-cost production base should allow a meaningful portion of higher realized prices to flow into operating cash flow, though mine-site labor and fuel inflation remain an offset.

Evolution directly produces gold and reports production, AISC and cash-flow outcomes that scale with realized bullion prices.

The listed parent captures the reported subsidiary's direct mined-gold revenue and cash-flow growth.

Zijin's parent-associated subsidiary directly operates mines and is increasing production, so labor, energy, consumables and sustaining-capital costs remain relevant despite strong profit growth.

MAG operates a primary silver mine and consequently bears mine-level labor, energy, consumable and sustaining-cost inflation, even though its direct silver exposure benefits from higher prices.

MAG is a primary silver producer and therefore receives a positive read-through from the very high silver prices reported in Hochschild’s H1 results. However, as an operating mine owner it also faces the broader sector risk that higher metal prices feed into royalties, labor charges, consumables and other production costs.

Metalla Royalty & Streaming Ltd., a precious metals royalty and streaming company, engages in the acquisition and management of gold, silver, copper royalties, streams, and related production-based interests in Canada. The company operates in Australia, Argentina, Mexico, Canada, Tanzania, Ecuador, Peru, Chile, Brazil, Venezuela, and the United States. The company was formerly known as Excalibur Resources Ltd. and changed its name to Metalla Royalty & Streaming Ltd. in December 2016. Metalla Royalty & Streaming Ltd. was incorporated in 1983 and is headquartered in Vancouver, Canada.

Coeur Mining, Inc. is a company primarily focused on the exploration and development of precious metal deposits across North America, with operations spanning the United States, Canada, and Mexico. The company's key activities involve discovering and extracting resources such as gold, silver, zinc, and lead. Coeur Mining maintains a 100% ownership stake in several significant mining assets. These include the Palmarejo gold and silver mine in Chihuahua, Northern Mexico, which encompasses approximately 67,296 net acres. In northwestern Nevada, the Rochester silver and gold mine covers about 43,441 net acres. The Kensington gold mine, situated north of Juneau, Alaska, spans 3,972 net acres. Additionally, the Wharf gold mine occupies roughly 3,243 net acres in the northern Black Hills of western South Dakota, and the Silvertip silver-zinc-lead mine in northern British Columbia, Canada, extends over 97,298 net acres. Beyond these fully-owned sites, Coeur Mining also holds interests in the Crown and Sterling projects located in southern Nevada, as well as the La Preciosa project in Mexico. The concentrates produced from its operations are then marketed and sold to various third-party customers and smelters through established off-take agreements. Historically, the company was known as Coeur d'Alene Mines Corporation before rebranding to Coeur Mining, Inc. in May 2013. Established in 1928, its corporate headquarters are located in Chicago, Illinois.

Pan American is a relevant silver-mining peer with Latin American operations. Hochschild’s results reinforce the benefit of high silver prices, but also provide a negative read-through for operators exposed to labor, currency and other mine-cost inflation. Pan American’s reported cost disclosures specifically identify inflation-related labor pressure and commodity-linked royalties as relevant margin risks.

Pan American Silver Corp. is a mining enterprise dedicated to the full spectrum of metal operations, from discovery and site development to extraction, refinement, and environmental reclamation. The company focuses on precious and base metals including silver, gold, zinc, lead, and copper. Its extensive operations are situated across several countries, specifically Canada, Mexico, Peru, Argentina, and Bolivia, where it manages key mining properties such as La Colorada, Dolores, Huaron, Morococha, Shahuindo, La Arena, Timmins West, Bell Creek, Manantial Espejo, San Vicente, Joaquin, Cap-Oeste Sur Este, and Navidad. Founded in 1979 as Pan American Minerals Corp., the firm officially changed its name to Pan American Silver Corp. in April 1995 and is headquartered in Vancouver, Canada.

Hindustan Zinc has direct zinc and silver revenue exposure and reported higher prices, 5% higher mined output and 7% higher refined output.

Hindustan Zinc is the direct beneficiary of the new information: Q2 net profit rose from ₹2,649 crore to ₹6,412 crore, while mined-metal production increased 5% to 271,000 tonnes. Higher zinc and silver prices, greater volumes, and lower unit costs directly improve revenue, EBITDA and operating margins.

Mining operations are highly sensitive to BTC price, but current strategy emphasizes energy infrastructure and AI contracts.

TeraWulf maintains direct exposure to the Bitcoin treasury cohort, with its valuation historically fluctuating alongside digital asset reserves despite expanding operations into AI infrastructure.

Riot earns revenue from Bitcoin mining and holds Bitcoin on its balance sheet. A government signal favoring sizable accumulation could support Bitcoin demand and the value of Riot's production and treasury, while higher network competition and power costs would temper the upside.

Riot Platforms, Inc., along with its associated companies, primarily operates as a Bitcoin mining enterprise within the United States. The firm's activities are divided into two main areas: Bitcoin Mining and Engineering. It develops and manages essential infrastructure for large-scale Bitcoin mining operations at sites in Rockdale and Navarro counties, Texas, as well as two facilities in Paducah, Kentucky. Beyond its mining endeavors, the company's Engineering division designs and manufactures specialized power distribution equipment and custom-engineered electrical solutions. This segment also provides comprehensive services for the design, production, and installation of electricity distribution products to a diverse client base, including major commercial organizations, government agencies, and customers in the data center, power generation, utility, water, industrial, and renewable energy sectors. Established in the year 2000, Riot Platforms is headquartered in Castle Rock, Colorado.

CryptoStar Corp. is a digital currency mining enterprise that operates data centers situated in both Canada and the United States. The company's operational framework is built upon three primary segments: its own proprietary (self) mining activities, offering hosting services for third-party mining equipment, and the direct sale of mining hardware. Operating within the distributed ledger technology (DLT) landscape, CryptoStar leverages specialized, high-performance computing equipment to execute intricate cryptographic operations. This process is fundamental to validating transactions on the Blockchain, for which the company primarily earns digital assets such as Bitcoin and Ethereum. Established in 2017, its corporate headquarters are located in Toronto, Canada.

Bitdeer Technologies Group (BTDR) operates as a technology enterprise primarily dedicated to the cryptocurrency mining sector. The company engages in proprietary digital asset mining, extracting cryptocurrencies for its own portfolio, while also delivering comprehensive mining solutions to its community clients. Its robust suite of offerings encompasses the entire mining lifecycle, from sourcing and acquiring specialized mining hardware and managing intricate transport logistics, to the meticulous design and construction of mining datacenters. Furthermore, Bitdeer oversees ongoing mining machine management and daily operational oversight for these facilities. These state-of-the-art mining facilities are strategically located across the United States and Norway. Bitdeer maintains its corporate headquarters in Singapore.

HIVE Digital Technologies Ltd. is a technology company focused on building and operating data centers in Bermuda, exclusively powered by green energy. The firm's operations encompass the mining and subsequent sale of digital currencies, as well as providing performance computing hosting services. Additionally, HIVE offers essential infrastructure solutions, supplying computational capacity to distributed networks within the blockchain sector. Founded in 1987, the company was formerly known as HIVE Blockchain Technologies Ltd. before adopting its current name in July 2023. Its corporate headquarters are located in San Antonio, Texas.

Cipher Mining Inc. is a United States-based technology enterprise actively engaged in the Bitcoin mining sector. Its primary objective involves the development and expansion of cryptocurrency mining operations, specifically tailored for Bitcoin. Established in 2021, the company maintains its headquarters in New York, New York.

Marathon Digital Holdings, Inc. functions as a digital asset technology firm, primarily focused on cryptocurrency mining within the broader blockchain ecosystem and the creation of digital assets across the United States. As of December 31, 2021, the company possessed an estimated 8,115 Bitcoins, a figure that included 4,794 Bitcoins held in an investment fund. Formerly known as Marathon Patent Group, Inc., the company officially adopted its current name, Marathon Digital Holdings, Inc., in February 2021. This entity was founded in 2010 and operates its main offices from Las Vegas, Nevada.

Andean Precious Metals Corp. engages in the acquisition, exploration, development, and processing of mineral resource properties in the United States. The company primarily explores for silver and gold deposits. It holds 100% interest in San Bartolomé project in Bolivia; and the Soledad Mountain mine and heap leach located in Kern County, California. The company was incorporated in 2018 and is based in Toronto, Canada. Andean Precious Metals Corp. operates as a subsidiary of PMB Partners LP.

Freeport has direct exposure to nominal copper and gold demand and inflation-hedging flows, although operating-cost inflation can reduce the net benefit.

As a major producer of copper and gold, Freeport-McMoRan benefits directly from the appreciation of commodity prices, which typically rise in tandem with inflationary spikes. Copper specifically serves as a hedge due to its critical role in infrastructure and energy transition.

CKX Lands, Inc. is a U.S.-based company primarily focused on owning and managing real estate assets. Its operations are divided into three main divisions: Oil and Gas, Surface, and Timber. The company generates revenue by leasing out its land for various purposes, including mineral extraction (specifically oil and gas), forestry operations (such as growing and felling timber), and diverse surface uses like farming, granting easements, and recreational hunting. CKX Lands possesses a portfolio totaling approximately 13,711 net acres. This acreage is comprised of 10,369 net acres designated for timber, 2,253 net acres utilized for agriculture, 895 net acres of marshland, and an additional 194 net acres situated within urban regions. Initially established as Calcasieu Real Estate & Oil Co., Inc., the company adopted its current name, CKX Lands, Inc., in May 2005. Founded in 1930, CKX Lands, Inc. maintains its corporate headquarters in Lake Charles, Louisiana.