This year opened with a surge of validation for crypto-linked equities.
As Bitcoin again broke above $100,000 in January, stocks linked to digital assets — either as treasuries or via direct crypto businesses and mining firms — reaped the rewards. Hut 8 Corp. (HUT) and Riot Platforms Inc. (RIOT) notched double-digit rallies, leading the charge.
Bullish momentum followed Bitcoin’s recovery from a late 2024 correction, as the digital asset reclaimed its previous all-time high and set a new peak near $109,000 on January 20, according to CoinGecko data.
This year was marked by validation and volatility for crypto equities. Early euphoria propelled narrative-driven names to astronomical gains, only for a mid-year shift to usher in a phase of sector differentiation.
The winners that held their ground by December were those that coupled crypto exposure with more sustainable models, setting the stage for a 2026 market where fundamentals are poised to take the lead.
Big start, soft ending
The bullish momentum set the stage for a year of extreme divergence, in which narrative-driven bets took center stage.
As macroeconomic and geopolitical narratives faltered and turned increasingly defensive, the leaderboard reshaped, tempering market expectations amid increasing uncertainty.
The year’s returns highlight a stark divergence, driven by shifting market narratives. Ethereum treasury firm BitMine Immersion (BMNR) was the runaway leader, while Michael Saylor’s Strategy (MSTR) significantly underperformed its Bitcoin-proxy peers.
The top-performing crypto stocks of 2025 were as follows, as of December 15:
These final figures, however, mask the explosive rallies that defined the first half.
By late May, SBET had increased by more than 870%. BMNR soared over 1,800% by early July, and Metaplanet had rallied over 420% by mid-June.
The early narrative was powerful: companies amassing Bitcoin treasuries or pivoting to crypto exposure with altcoins were rewarded with speculative, high-momentum inflows.
The Biggest Bitcoin and Crypto Treasury Plays of 2025
BitMine is the prime example. By late 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 sit at opposite extremes because the market treats them as very different crypto proxies,” Ryan Lee, chief analyst at crypto exchange Bitget, told Decrypt.
