Renewed Bitcoin optimism places many assets on the table. Block appears to be the most discounted one.Since Friday, Bitcoin price jumped 18%, going from $28.5k to $34.1k, pulling the entire crypto market into the bullish waters. At the same time, following Sunday’s $30k resistance breach, Bitcoin bears suffered $210 million in short liquidations. The Bitcoin surge then cleansed the crypto market and wiped $391 million worth of shorts on Monday and Tuesday. Zoomed out, Bitcoin price returned to the May 2022 level. This was just before the major bearish event happened in the form of Terra (LUNA) collapse. However, the largest price suppression event started in March 2022, when the Federal Reserve commenced its rapid interest rate hiking cycle.Now that Bitcoin ETF hype has done its work pumping the BTC price, Bitcoin stocks will benefit equally. The question is, which Bitcoin stocks stand to gain the most from another BTC bull cycle? Riot Platforms (RIOT)Year-to-date, both Riot Platforms and Marathon Digital Holdings (NASDAQ: $MARA) have far outperformed Bitcoin itself, at 228% (RIOT) and 207% (MARA). Likewise, the two largest Bitcoin miners equalized their market caps at $2.17 billion. Having centered its operations in Texas’ Rockdale Facility, Riot Platforms diversified its computing output across Bitcoin Mining, Data Center Hosting and Engineering. The company generates 10.7 exahashes per second (EH/s) over 95,904 deployed miners.In Q2 2023, Riot reported $76.7 million in revenue, representing a 5.2% year-over-year growth, having produced 410 BTC in July.  In August, Riot’s average net price for sold bitcoins was $28,617. However, the mining company made most of its money via Power and Demand Response Credits, totaling $31.7 million in August, equaling 1,136 BTC.This novel business strategy allows Riot to push through bear cycles thanks to the long-term power contract with the Electric Reliability Council of Texas (ERCOT). In short, when the power grid needs it, Riot sells it back, greatly increasing the miner’s flexibility and Bitcoin mining cost-efficiency.According to 9 analysts aggregated by Nasdaq, Riot stock is now in the “strong buy” category. The average price target is $16.5 vs the present  $11.14, with a low estimate of $6.5 per share. Coinbase Global (COIN)With Binance.US out of the way, Coinbase is the largest North American crypto exchange by trading volume. More tellingly, Coinbase is the designated exchange for all upcoming Bitcoin ETF applications, the very center of the current Bitcoin pump.If the Securities and Exchange Commission (SEC) follows through with approvals, which is now a near certainty, Coinbase will seize a significant business opportunity through custody fees and BTC exposure. As of the Q2 earnings report, Coinbase reported $128 billion worth of crypto assets, generating $92 billion in quarterly trading volume. Coinbase beat the market estimates with Q2’s $707.9 million total revenue, although it was a downturn from $808.3 million from the year-ago quarter.Coinbase’s subscription and services revenue rose 138% to $361.7 million in Q2, a significant uptick from $152 million the year prior. Across 22 analysts polled by Nasdaq, the current consensus on COIN stock is “buy.”The average COIN price target holds at $84.2 vs the present $83.60, with a low estimate of $27. Of course, this may change rapidly, given the Bitcoin ETF approvals and their subsequent performance. The high estimate of $150 may even be beaten.  Block (SQ)Formerly Square, Jack Dorsey’s payment company centers around the point-of-sale (POS) model, allowing businesses to plug in credit and debit cards for their shoppers. On top of it, Block’s mobile Cash App remains the most convenient way (for US residents) to buy and sell Bitcoin or to invest in stocks.Block’s Afterpay is a particularly welcome buy-now-pay-later (BNPL) feature in economic downturns, allowing customers to pay for purchases in installments. Block has a solid track record of profitability. In Q2, its revenue increased 29% year-over-year to $8.02 billion, while net income grew 27% to $1.48 billion in the same period.After a broader market sell-off in July and August, alongside stagnating BTC price, SQ stock suffered a significant decline, leading to -30% year-to-date performance. Now heavily discounted, 37 analysts polled by Nasdaq give SQ shares a “strong buy” recommendation.The average SQ price target is now $78.48 vs the present $45.22. On the higher end, it could go up as much as $110, with a low estimate of $46, which aligns with the current bottom.Alongside stocks, which altcoins would you pick as benefiting the most from the Bitcoin surge? Let us know in the comments below.More By This Author:Earnings Recap: Coca-Cola, Spotify, Raytheon Report Solid Numbers3 Insights To Look For In Microsoft’s Earnings Report Marathon Digital Up 13.5% In Premarket As Bitcoin Soars Beyond $34,000