Another milestone year for the crypto market set the stage for a rollercoaster year for crypto-related stocks. Among the standout developments were the re-election of President Trump and the debut of his official memecoins, the passage of the stablecoin GENIUS Act, and bitcoin setting a new all-time high above the $120,000 mark.

Trump's endorsement added a political dimension to the Bitcoin narrative, bolstering its mainstream appeal and injecting fresh optimism into the market. And in a far drift from the Biden administration, the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission worked in tandem to help regulate the future of digital assets. This helped lead to the first-ever pure spot Solana and XRP exchange-traded funds making their debuts.

Financial markets dealt with a whipsaw in the spring, as the infamous "Liberation Day" tariffs rocked equities; however, markets slowly recovered and have been sitting at all-time high levels in the fourth quarter. The S&P 500 has risen about 17% year-to-datee, while the price of bitcoin has dropped 4%, and ether has fallen about 8%. Here are the best and worst performers among U.S.-traded crypto-related stocks in 2025. The share prices are as of Dec. 22.

Best-performing crypto stocks of 2025

BitMine Immersion (NYSE:BMNR) +345%

BitMine transitioned from being a bitcoin miner to an Ethereum-focused treasury and staking company. BitMine has amassed a significant amount of ETH and positioned itself as the largest corporate holder of Ethereum. The Tom Lee-chaired company holds 3,967,210 ETH valued at around $11.6 billion at current prices.

IREN Ltd (NASDAQ:IREN) +300%

Previously known as Iris Energy, the company was founded to address the increasing demand for sustainable and efficient cryptocurrency mining solutions. IREN emphasizes the use of renewable energy sources to power its mining operations, aligning with global efforts to reduce carbon footprints associated with crypto mining. JPMorgan recently warned IREN's rapid shift into AI-cloud infrastructure could strain its balance sheet.

Cipher Mining (NASDAQ:CIFR) +250%

The core business activity of Cipher Mining involves the large-scale mining of Bitcoin, utilizing high-performance computing hardware to validate and secure transactions on the Bitcoin blockchain. As part of its growth strategy, Cipher has pursued strategic collaborations and investments to expand its operational capabilities and improve its technological infrastructure, notably landing a $5.5 billion AWS AI deal.

Robinhood Markets (NASDAQ:HOOD) +208%

The commission-free trading platform's role in the digital asset ecosystem is characterized by its approach to simplifying access to crypto trading for retail investors. Robinhood’s crypto revenue rose 300% to $268 million last quarter, as the firm pushes into derivatives, tokenization, and prediction markets.

Hut 8 Corp (NASDAQ:HUT) +136%

Founded in 2017, Hut 8 is recognized as one of North America's largest innovation-focused digital asset miners. The company recently sealed an AI deal with Anthropic and Fluidstack and also signed a $7 billion data center lease. Benchmark analysts said that the lease secures long-dated, backstopped cash flows and improves earnings visibility.

Terawulf (NASDAQ:WULF) +132%

TeraWulf's core business activities involve the development and management of mining facilities equipped to handle large-scale operations. In the back half of the year, the company expanded its AI push with a $9.5 billion Google-backed Fluidstack joint venture and also upsized a private offering to $900 million to fund Texas data center expansion.

Bitfarms (NASDAQ:BITF) +72%

Known for its vertically integrated business model, Bitfarms is headquartered in Toronto, Canada, and operates several mining facilities across North America and South America. Bitfarms reported Q4 revenue of $69 million, which was up 156% year over year, and announced plans for converting its Washington site to handle AI/HPC workloads.

Worst-performing crypto stocks of 2025

Sol Strategies (NASDAQ:STKE) -88%

Formerly known as Cypherpunk Holdings, the Canadian company rebranded to Sol Strategies in September 2024 to reflect its strategic shift toward Solana-focused investments, including staking Solana (SOL) tokens and investing in Solana-based projects and infrastructure. The stock was uplisted from the OTC markets to the Nasdaq exchange in September, and soon after, Leah Wald stepped down as CEO.

Fold Holdings (NASDAQ:FLD) - 75%

Fold allows users to earn bitcoin cashback on everyday purchases and also offers a debit card that provides bitcoin rewards on transactions. The company unveiled a Visa credit card powered by Stripe Issuing that will pay bitcoin rewards. Fold went public earlier this year through a merger with FTAC Emerald Acquisition Corp.

Gemini Space Station (NASDAQ:GEMI) - 67%

Gemini is a U.S. cryptocurrency exchange and digital asset platform founded by Tyler and Cameron Winklevoss. In September, Gemini went public after raising approximately $425 million in its initial public offering. The company won CFTC approval for a prediction market and may even expand into crypto futures, options, and perps.

Semler Scientific (NASDAQ:SMLR) -66%

Established to improve patient outcomes and facilitate cost-effective healthcare delivery, Semler Scientific is known for its diagnostic tools that aid in the identification of vascular diseases. However, the company became one of the largest corporate holders of bitcoin and, in September, was acquired by Vivek Ramaswamy's Strive in an all-stock acquisition. The combined company will hold nearly 11,000 BTC once finalized.

Exodus Movement (NYSE:EXOD) -45%

The company's core business activity revolves around the Exodus Wallet, a non-custodial wallet that enables users to securely store, manage, and exchange a wide variety of cryptocurrencies. The company acquired W3C for $175 million to expand its crypto payments stack and later launched non-custodial payments.

Strategy Inc (NASDAQ:MSTR) -44%

Michael Saylor's bitcoin treasury pioneer pushed its holdings this year to 671,268 BTC, far and away the largest DAT. The company targets a total capital raise of $84 billion in equity offerings and convertible notes for bitcoin acquisitions through 2027, along with STRK, STRC, STRF, and STRD perpetual preferred stock ATM programs.

MARA Holdings (NASDAQ:MARA) -40%

Previously known as Marathon Digital, the company's main business activity involves the operation of data centers that house specialized computing equipment for mining bitcoin. MARA posted a record $123 million profit in Q4 by pairing its bitcoin operations with new power and AI assets.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.