You might not expect crypto stocks to do better as crypto prices fall. But there is a type of crypto company that bucks conventional wisdom: mining companies, meaning those that use computing power to validate blockchain transactions and earn rewards.
Several of the biggest mining companies, including MARA Holdings (MARA 1.92%), Cipher Mining, and TeraWulf, are up big over the last month, even as Bitcoin has dipped by 1%. Even though these companies are all Bitcoin miners, there's a simple reason they can do well even if its price drops.

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A golden opportunity to stock up on Bitcoin
When Bitcoin's price goes up, mining usually gets more popular, which isn't good for mining companies. The difficulty of Bitcoin mining adjusts at regular intervals to maintain a consistent number of blocks being added to the blockchain. As more miners join the network, mining becomes more difficult. The cost of mining increases, and there's more competition for every block reward.
On the other hand, a dip in Bitcoin's price tends to make mining a less attractive proposition. With less competition, mining companies can scoop up more Bitcoin to add to their reserves and hold until the price recovers.
Some mining companies also buy Bitcoin in the open market, following the strategy of Bitcoin treasury companies. MARA Holdings is one example. Earlier this year, it announced a $2 billion stock offering, with plans to use the funds to buy Bitcoin. Downturns give these companies the chance to put their cash to use.
Cryptocurrencies and crypto stocks are highly volatile, so it's best to take a cautious approach when investing in them. That said, if you're looking for crypto companies that aren't at the mercy of the market, mining companies fit that description.