Mixed fortunes for U.S. crypto-related stocks in 2025… BitMine, IREN surge, Strategy lags
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- U.S.-listed crypto-related stocks in 2025 saw companies that pursued structural shifts and AI strategies record large stock gains.
- By contrast, companies focused on Bitcoin-holding strategies and some names that chose Solana-focused investment strategies experienced steep stock declines.
- The market assessment cited that business diversification and AI investment determined 2025 crypto-related stock performance.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
As the 2025 crypto (virtual asset) market reached another turning point amid political, regulatory, and price volatility, the performance of U.S.-listed crypto-related stocks diverged sharply. Some companies posted large gains by pursuing structural shifts and AI strategies, while firms emphasizing Bitcoin holdings faced weak stock performance.
According to crypto-focused media The Block on the 24th (local time), the top-performing company among crypto-related stocks listed on U.S. exchanges in 2025 was BitMine Immersion. BitMine shifted from its Bitcoin (BTC) mining business to an Ethereum (ETH)-focused treasury and staking company, and its stock rose 345% year-to-date. It now holds about 3.96 million ETH, making it the largest Ethereum holder among listed companies.
IREN followed, rising about 300% year-to-date. IREN, which emphasizes renewable-energy-based mining, is expanding beyond Bitcoin mining into AI and cloud infrastructure. Cipher Mining rose 250% as it combined large-scale mining operations with AI infrastructure investments, and Robinhood rose 208% aided by expanded crypto trading, derivatives, tokenization, and prediction markets.
Other miners such as Hut 8, TeraWulf, and Bitfarms posted double-digit-plus gains by emphasizing AI data centers and high-performance computing (HPC) strategies. These companies commonly diversified revenue into AI and cloud businesses to offset mining profitability volatility.
By contrast, the biggest decliner was Sol Strategies, which shifted to a Solana-focused investment strategy, with its stock plunging 88% year-to-date. Fold Holdings, Gemini Space Station, and Semler Scientific also saw large adjustments after listing due to business uncertainty and structural changes.
Notably, Strategy, regarded as emblematic of a Bitcoin treasury strategy, fell 44% in 2025. Despite holding more than 670,000 BTC in total, Strategy faced headwinds from aggressive capital-raising plans and Bitcoin price corrections. Mara Holdings also fell 40% despite pursuing a combined mining and AI asset strategy.
The market assessment is that 2025 performance of crypto-related stocks was driven more by business structural shifts and the presence or absence of AI and infrastructure strategies than by simple Bitcoin price movements. As the crypto market matures, companies moving away from mining-and-holding models have shown relatively stronger stock performance.
