MicroStrategy (NASDAQ:MSTR) jumped 6.5% today, signaling renewed investor confidence as Bitcoin steadied after recent week’s turbulence. The company, spearheaded by Michael Saylor, has made headlines for its bold strategy of leveraging its stock to amass Bitcoin. This approach thrives on maintaining a premium between its stock price and the value of its Bitcoin holdingsa dynamic that seemed under threat during Bitcoin’s recent slide. Today’s uptick suggests the market isn’t ready to write off Saylor’s high-stakes gamble just yet.

• Warning! GuruFocus has detected 6 Warning Signs with MSTR.

Riot Platforms (NASDAQ:RIOT) also logged a 1% gain, extending its recent upward trend. Unlike MicroStrategy, Riot focuses on mining Bitcoin and strategically supplementing its reserves by buying more cryptocurrency outright. In the last two weeks alone, the company has added over 6,000 Bitcoins to its balance sheet, bolstered by a $579 million debt raise. Saylor himself has praised Riot’s aggressive accumulation strategy, labeling the company as on the Bitcoin standard. However, Riot’s increasing reliance on debt to fuel growth introduces risks that cautious investors will want to keep on their radar.

For investors, the playbook is clear: Bitcoin-linked stocks like MicroStrategy and Riot Platforms offer exciting but volatile opportunities. MicroStrategy’s rebound shows its strategy is far from finished, while Riot’s steady gains reflect growing confidence in its long-term potential. Yet, with both companies heavily tied to Bitcoin’s unpredictable movements, direct investment in the cryptocurrency itself remains an attractive alternative for those seeking a simpler ride in the ever-dynamic crypto market.

This article first appeared on GuruFocus.