In summary
- Cryptocurrency-linked stocks surged in early 2025 as Bitcoin surpassed $100,000, sending miners, treasuries and crypto-adjacent companies into a wave of speculative inflows.
- Mid-year volatility exposed a stark divergence, with narrative-driven highers returning gains as investors shifted their focus to funding quality, dilution risk and the value of underlying assets.
- Late in the year, companies with more durable business models held up better, raising expectations that execution and fundamentals, not pure exposure to cryptocurrencies, will drive performance in 2026.
This year began with a wave of validation for crypto-linked stocks.
When Bitcoin climbed back above $100,000 in January, stocks tied to digital assets, whether as Treasuries or through direct crypto and mining companies, reaped their rewards. Hut 8 Corp. (HUT) and Riot Platforms Inc. (RIOT) posted double-digit rallies, leading the charge.
The bullish momentum followed Bitcoin’s recovery from a late-2024 correction, when the digital asset reclaimed its previous all-time high and set a new peak near $109,000 on Jan. 20, according to data from CoinGecko.
This year was marked by the validation and volatility of cryptocurrencies. The initial euphoria propelled narrative-driven names to astronomical gains, only for a mid-year turnaround to usher in a phase of sector differentiation.
The winners that held firm in December were those that combined cryptocurrency exposure with more sustainable models, setting the stage for a 2026 market where fundamentals are poised to take the lead.
Great start, smooth finish
The bullish momentum set the stage for a year of extreme divergence, with narrative-based bets taking center stage.
As macroeconomic and geopolitical narratives faltered and became increasingly defensive, the rating was reshaped, tempering market expectations amid growing uncertainty.
The year’s results highlight a marked divergence, driven by changes in market narratives. Ethereum treasury firm BitMine Immersion (BMNR) was the clear leader, while Michael Saylor’s (MSTR) strategy significantly underperformed its Bitcoin proxy peers.
The best-performing cryptocurrency stocks in 2025 were as follows, as of December 15:
- BitMine Immersion Technologies Inc. (BMNR): +318%
- Cabin 8 Corp. (HUT): +83%
- Galaxy Digital Inc. (GLXY): +26%
- Riot Platforms Inc. (RIOT): +24%
- Sharplink Gaming Inc. (SBET): +14.7%
- Metaplanet Inc. (3350): +13%
These final numbers, however, mask the explosive rebounds that defined the first half.
By the end of May, SBET had risen more than 870%. BMNR spiked over 1,800% in early July and Metaplanet had rallied over 420% by mid-June.
The initial narrative was powerful: companies that accumulated Bitcoin hoards or shifted to cryptocurrency exposure with altcoins were rewarded with high-momentum speculative inflows.
BitMine is the best example. By the end of June 2025, the stock was down 41%, but the announcement of an Ethereum treasury sent the stock flying nearly 4,000%, from $4.07 to $161 in less than a week.
“BMNR and MSTR are at opposite extremes because the market treats them as very different crypto representatives,” said Ryan Lee, chief analyst at crypto exchange Bitget. Decipher.
BitMine’s rise was driven by its pivot toward a “cryptocurrency treasury and yield story,” while Strategy, which acquired more than 10,000 BTC in 2025, traded as a pure “leveraged Bitcoin balance sheet,” Lee said.
In the middle of the year, investor attention focused on mining and infrastructure names such as Bitfarms, HIVE Digital, and Bitdeer Technologies. Its performance was directly related to the hash price (a measure of mining revenue) which oscillated with Bitcoin’s own corrections. A sustained increase in network security supported that trend.
climbing the mountain
Bitcoin’s global hash rate rose along with the price from April to October, eventually reaching a new all-time high of 1.15 quintillion hashes per second on October 20. That spike came about two weeks after Bitcoin hit its cycle high of $126,080 on Oct. 6, showing the expansion of the mining sector during the bull run.
A major thematic shift toward institutional acceptance was evident in this period, marked by the inclusion of companies like Coinbase in the S&P 500, even as regulatory debates created valuation gaps between traditional and crypto-native tech stocks.
Then, market psychology turned decisively in the second half. The change came as Bitcoin entered a new downtrend, falling nearly 30% from its October high to trade below $90,000 for much of November and December.
“Earlier in the year, investors rewarded cryptocurrency-linked stocks for their narrative exposure and rapid balance sheet expansion,” Lee said. “In the second half, as cryptocurrency momentum cooled, attention focused on funding quality, dilution risk and underlying net asset value.”
This fundamental revaluation affected the first high-level players. SharpLink Gaming (SBET) and Metaplanet saw their massive gains contract significantly in December.
The stablecoin issuing circle (CRCL) was not immune.
Its shares rose 360% in less than three weeks after a successful initial public offering, reaching an all-time high of $298 on June 23. Shares of the stablecoin issuer have declined 70% from their peak, trading at approximately $79 on December 15.
“Circle’s rally in early 2025 was driven by strong IPO momentum and optimism around stablecoin adoption. As the year progressed, that enthusiasm gave way to valuation discipline,” Lee said, pointing to reassessments of its interest rate sensitivity and USDC growth expectations.
Rachel Lin, CEO and co-founder of SynFutures, agreed.
“Despite a good start, the market has revalued the stock based on profitability and cost structure, not just growth,” Lin said. Decipher.
Looking ahead to 2026, analysts predict a continued focus on execution over exposure.
“Cryptocurrency stocks in 2026 will continue to be very sensitive to the direction and volatility of Bitcoin and Ethereum,” Lee said, noting that capital discipline and regulatory clarity will be key.
“Execution will matter more than exposure,” said Wenny Cai, chief operating officer of SynFutures. Decipher. “Companies that can translate cryptocurrency adoption into predictable revenues and operate within clearer frameworks will be better positioned.”
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