The Best Performing Bitcoin and Crypto Stocks of 2025

This year started with a wave of validation for crypto-linked stocks.

When Bitcoin rose above $100,000 again in January, stocks tied to digital assets – either as government bonds or through direct crypto firms and mining companies – reaped the benefits. Cabin 8 Corp. (HUT) and Riot Platforms Inc. (RIOT) rallied by double digits to lead the way.

The bullish momentum followed Bitcoin’s recovery from a late-2024 correction, when the digital asset regained its previous all-time high and set a new peak of nearly $109,000 on January 20, according to data from CoinGecko.

This year has been marked by validation and volatility for crypto stocks. Early euphoria saw story names post astronomical gains, before a mid-year shift that ushered in a phase of sector differentiation.

The winners that held strong in December were those who paired cryptocurrency exposure with more sustainable models, paving the way for a market in 2026 where fundamentals are poised to take the lead.

Big beginning, soft ending

The bullish momentum set the stage for a year of extreme divergence centered on narrative-based betting.

As the macroeconomic and geopolitical narratives wavered and became increasingly defensive, the rankings took on a new shape, dampening market expectations amid rising uncertainty.

This year’s returns show a stark difference, driven by shifting market narratives. Ethereum treasury BitMine Immersion (BMNR) was the runaway leader, while Michael Saylor’s Strategy (MSTR) significantly underperformed its Bitcoin proxy peers.

The best performing crypto stocks of 2025 were as follows as of December 15:

1. BitMine Immersion Technologies Inc. (BMNR): +318%
2. Cabin 8 Corp. (HUT): +83%
3. Galaxy Digital Inc. (GLXY): +26%
4. Riot Platforms Inc. (RIOT): +24%
5. Sharplink Gaming Inc. (SBET): +14.7%
6. Metaplanet Inc. (3350): +13%

However, these final numbers mask the explosive rallies that defined the first half.

By the end of May, the SBET had risen by more than 870%. BMNR was up more than 1,800% in early July, and Metaplanet was up more than 420% by mid-June.

The early story was powerful: companies that amassed Bitcoin treasuries or focused on crypto exposure with altcoins were rewarded with speculative, strong 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 soaring nearly 4,000% from $4.07 to $161 in less than a week.

“BMNR and MSTR are pitted against each other because the market treats them as very different crypto proxies,” Ryan Lee, chief analyst at crypto exchange Bitget, told me. Declutter.

BitMine’s rise was fueled by its pivot to a “crypto 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.

By mid-year, investor attention shifted to mining and infrastructure names such as Bitfarms, HIVE Digital and Bitdeer Technologies. Their performance was directly linked to the hash price – a measure of mining revenue – which moves with the corrections of Bitcoin itself. A continued rise in network security supported this trend.

Climbing the mountain

Bitcoin’s global hash rate rose alongside the price from April through October, eventually reaching a new record high of 1.15 quintillion hashes per second on October 20. That peak came about two weeks after Bitcoin reached its cycle high of $126,080 on October 6, demonstrating the expansion of the mining sector during the bull run.

A major thematic shift toward institutional adoption was evident during this period, marked by the inclusion of companies like Coinbase in the S&P 500, even as regulatory debates created valuation gaps between crypto-native and traditional tech stocks.

Then the psychology of the market turned decisively in the second half of the year. The shift occurred as Bitcoin entered a new downtrend, falling nearly 30% from its October high and trading below $90,000 for much of November and December.

“Early in the year, investors rewarded crypto-linked stocks for narrative exposure and rapid balance sheet expansion,” Lee said. “In the second half, as crypto momentum cooled, the focus shifted to funding quality, dilution risk and underlying NAV.”

That fundamental price revision hit the early high flyers. SharpLink Gaming (SBET) and Metaplanet saw their huge gains decline significantly in December.

Stablecoin issuer Circle (CRCL) was not immune.

The stock price rose 360% in less than three weeks after a successful IPO, reaching an all-time high of $298 on June 23. The stablecoin issuer’s shares are down 70% from their peak, trading at around $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 noted, pointing to reassessments in interest rate sensitivity and USDC growth expectations.

Rachel Lin, CEO and co-founder of SynFutures, agreed.

“Despite a strong start, the market has repriced the stock around profitability and cost structure, and not just growth,” Lin said. Declutter.

Looking ahead to 2026, analysts predict a continued focus on execution rather than exposure.

“Crypto stocks will remain highly sensitive to the direction and volatility of Bitcoin and Ethereum in 2026,” Lee said, noting that capital discipline and regulatory clarity will be key.

“Execution will be more important than exposure,” said Wenny Cai, COO of SynFutures Declutter. “Companies that can translate cryptocurrency adoption into predictable revenues and operate within clearer frameworks will be better positioned.”