Crypto Stocks in 2025: Latest News, Winners, Losers and 2026 Forecasts

The crypto stock story in 2025 has been wild even by digital‑asset standards.

Bitcoin smashed through a record above $126,000 earlier in the year before tumbling roughly 30% into the $80,000–$90,000 range as a sharp Q4 sell‑off wiped more than a trillion dollars from crypto markets. ^[1] At the same time, the S&P 500 is up more than 16% this year while Bitcoin is slightly negative, marking the first time in a decade that the flagship cryptocurrency has diverged so sharply from the stock market. ^[2]

That split has produced very different outcomes across crypto stocks:

Coinbase (COIN) has swung between earnings disappointments and big rallies as regulatory clarity and ETF business offset slumping trading volumes. ^[3]
MicroStrategy (MSTR) – the largest corporate Bitcoin holder – has seen its stock fall more than 60% from its July peak as its market cap converges on the value of its enormous Bitcoin stack. ^[4]
Bitcoin mining stocks like CleanSpark, Marathon Digital, Riot Platforms and others have lurched from huge gains to sharp drawdowns while pivoting part of their business toward AI data centers to survive post‑halving margin pressure. ^[5]

Below is a detailed look at what’s happening with crypto stocks now, the latest news on the biggest names, and what analysts are saying about 2026.

What Are Crypto Stocks in 2025?

“Crypto stocks” are public companies whose business models or balance sheets are tightly linked to digital assets, especially Bitcoin. That includes:

Exchanges and brokerages such as Coinbase and Robinhood
Bitcoin miners and data‑center operators like CleanSpark (CLSK), Riot Platforms (RIOT), Marathon Digital (MARA), Iris Energy (IREN), Cipher Mining (CIFR), TeraWulf (WULF) and Bit Digital (BTBT) ^[6]
Bitcoin treasury plays such as MicroStrategy (MSTR), the largest public holder of BTC ^[7]
Fintechs and payment companies with substantial crypto activity (e.g., Coinbase, Block, PayPal, and some banks/fintechs relaunching crypto trading) ^[8]
Crypto and Bitcoin ETFs, which have become some of the most heavily traded funds in the US market ^[9]

For investors, these stocks are a way to get crypto exposure via traditional brokerage accounts, but they layer on corporate, regulatory and operational risk that can cause performance to diverge sharply from underlying coins. ^[10]

Macro Backdrop: ETFs, Regulation and a Brutal Q4 Pullback

Spot Bitcoin & Ethereum ETFs change the game

Regulation is the biggest structural shift behind crypto stocks in 2024–2025:

The US SEC approved the first spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July 2024. ^[11]
The EU’s MiCA framework and new rules in Hong Kong, Japan and Dubai created clearer global standards for digital assets. ^[12]
A later SEC move in July 2025 allowed in‑kind creations and redemptions for crypto ETFs, making them more efficient for large institutions. ^[13]
In September 2025, US regulators went further, approving new listing standards that effectively “open the floodgates” for additional crypto spot ETFs, according to Reuters. ^[14]

Those products have been wildly successful. One analysis estimates more than $54 billion in cumulative inflows into Bitcoin ETFs, with the funds now holding over 6.5% of total Bitcoin supply and significantly reducing day‑to‑day volatility compared with the pre‑ETF era. ^[15]

Crucially for stocks, Coinbase has become the dominant custodian, holding about 85% of ETF Bitcoin according to one industry study, with Fidelity a distant second. ^[16] That concentration is an enormous business opportunity for Coinbase, but it also creates a single‑point‑of‑failure risk for crypto markets if anything went wrong at the company.

Bitcoin booms, then buckles

After ETFs and easier monetary policy helped send Bitcoin above $126,000 in October, a combination of rate worries, over‑leverage and ETF outflows triggered a violent Q4 reversal:

On December 1, 2025, Bitcoin briefly cratered below $86,000 in a broad crypto wipe‑out. ^[17]
Articles tracking the sell‑off report around a 30% drop from the highs and more than $250 million in liquidations in 24 hours, with altcoins falling even harder. ^[18]
Analysts now see Bitcoin range‑bound near $90,000 into year‑end with the possibility of a renewed rally in 2026 if the US Federal Reserve begins cutting rates. ^[19]

That volatility has been painful for high‑beta crypto stocks, but the picture isn’t uniform. To understand why, you have to look sector by sector.

Coinbase (COIN): From Trading Slump to ETF Powerhouse

Coinbase remains the flagship US crypto stock, and 2025 has laid bare both its strengths and weaknesses.

Earnings hit by lower trading — but profits still strong

In its Q2 2025 earnings, Coinbase reported:

Revenue of $1.5 billion, missing forecasts of $1.78 billion
A 40% drop in total trading volume, with consumer spot volume down 45%
Net income of $1.4 billion, thanks largely to unrealized gains on strategic investments and crypto holdings ^[20]

Shares fell about 3% in after‑hours trading on the report as investors focused on the revenue miss, shrinking spot volumes and a costly data‑theft incident that generated a $307 million expense. ^[21]

Yet management doubled down on a long‑term vision:

The company is building an “Everything Exchange” that would eventually support tokenized equities and a broad range of derivatives, not just spot crypto. ^[22]
It continues to lean into recurring revenue via staking, stablecoin income and subscription services, which can be more resilient than trading fees.

ETF custodian and regulatory winner

On the structural side, Coinbase may be in its strongest position ever:

Coinbase Institutional says it now serves as custodian for 9 of 11 US spot Bitcoin ETFs and 8 of 9 spot ETH ETFs, cementing its role in the traditional finance bridge to crypto. ^[23]
A wave of regulatory clarity in the US and abroad sparked a 38% one‑day surge in Coinbase stock earlier this week, pushing shares to their highest level in a year. ^[24]

Wall Street is divided on how much upside remains:

A Bernstein note cited by CoinDesk recently set a price target nearly 90% above Coinbase’s current share price (around $510 versus roughly $270), arguing that Coinbase is emerging as the “picks and shovels” provider for the entire on‑chain economy. ^[25]
At the same time, other research highlights how lower volatility and rising ETF market share have cannibalized spot volume on exchanges, squeezing one of Coinbase’s most lucrative revenue streams. ^[26]

Takeaway: Coinbase has evolved from a pure trading platform into a regulated infrastructure and custody giant. Short‑term earnings will still whip around with crypto volatility, but its ETF role, derivatives business and institutional franchise give it a multi‑year growth narrative that many other crypto stocks lack.

MicroStrategy (MSTR): The Bitcoin Whale Under Pressure

If Coinbase is the plumbing, MicroStrategy is the leverage.

The former enterprise‑software company has spent years transforming itself into a Bitcoin holding vehicle, and as of early December it owns 650,000 BTC, more than 3% of total supply, purchased at an average price of about $66,385 per coin for a total cost of $33.1 billion. ^[27]

Stock collapses even as Bitcoin soars

Despite that massive bet, MicroStrategy’s share price has dramatically underperformed in 2025:

One analysis notes the stock is down over 70% year‑to‑date, sliding from a high around $543 to lows near $155, even though Bitcoin itself is down less than 20% over the same period. ^[28]
Another report puts the decline at about 60% from the July peak, emphasizing that the company’s market cap is now very close to the value of its Bitcoin holdings, meaning the historic “premium” to its BTC stash has nearly vanished. ^[29]

This compression reflects several market worries:

CEO Phong Le surprised investors by saying MicroStrategy would consider selling Bitcoin if a key ratio (mNAV, comparing market cap to BTC holdings) fell below 1 and the company couldn’t raise more capital. ^[30]
The firm carries billions in debt and preferred dividends, with roughly $800 million in annual obligations, though it has earmarked $1.44 billion in cash to address near‑term payments. ^[31]
Index provider MSCI is considering removing MSTR from major indices, which could force selling by passive funds and raise its cost of capital. ^[32]

Analysts slash targets—but remain (cautiously) bullish

In the last 24 hours, Cantor Fitzgerald cut its 12‑month price target on MicroStrategy by nearly 60%, from $560 to $229, citing the 25% pullback in Bitcoin and a drop in modified NAV across “digital asset treasury” peers. ^[33]

Even so, Cantor maintains an Overweight/Buy rating, arguing:

The recent correction is a “healthy pullback” after a parabolic run, not the start of a prolonged bear market. ^[34]
The balance sheet can withstand a deep Bitcoin drawdown; some estimates suggest BTC would need to fall about 90% to force mass liquidation. ^[35]

MicroStrategy itself has kept buying the dip, adding thousands of BTC in multiple large tranches throughout 2025, including a 21,000‑coin purchase in July and another 130 BTC just this week. ^[36]

Takeaway: MicroStrategy remains the purest leveraged bet on Bitcoin in the equity market, but the days of an automatic premium are gone. Its fortunes now depend not just on BTC’s long‑term trajectory, but also on debt management, index inclusion decisions, and whether investors trust management not to sell into weakness.

Bitcoin Mining Stocks: Squeezed Margins and the AI Pivot

No part of the crypto‑equity complex is more volatile than Bitcoin miners.

From Bitcoin proxies to “AI infrastructure plays”

After the 2024 halving cut block rewards from 6.25 BTC to 3.125 BTC, miners faced rising energy costs and shrinking revenue per terahash. Many responded by reinventing themselves as AI and high‑performance computing providers:

CleanSpark announced plans to build and operate AI‑optimized data centers, hiring a veteran AI data‑center executive and securing land and power in Georgia. ^[37]
The same report notes that companies like Marathon Digital, Riot Platforms, Canaan, Core Scientific, Bitdeer, Hut 8, Cipher Mining, and TeraWulf are all exploring similar moves, collectively raising more than $4.6 billion in late‑2024 and early‑2025 via loans and convertible notes to fund AI projects. ^[38]
MarketBeat recently flagged IREN, CleanSpark, Cipher, Marathon, TeraWulf, Riot and Bit Digital as seven high‑volume “Bitcoin stocks” to watch, emphasizing their role as miners, data‑center operators and hybrid crypto/AI infrastructure plays. ^[39]

At the same time, CleanSpark has been quietly strengthening its Bitcoin balance sheet, growing to more than 13,000 BTC held as of September and issuing $1.15 billion in zero‑coupon convertible notes, part of which funded the repurchase of about 30.6 million shares (roughly 11% of outstanding stock). ^[40]

Q4 2025: ETF boom, miner bust

Yet miners have been notable laggards in the most recent Bitcoin bounce:

A widely cited piece on BlackRock’s IBIT ETF notes that while a 6% Bitcoin rally pushed IBIT into the ranks of the most‑traded US ETFs, mining stocks like IREN and CIFR posted steep losses on the same day. ^[41]
Another analysis warns that “block reward miners face the worst economics in BTC history”, citing plummeting profitability, rising costs and a growing shift toward AI workloads. Over the past 30 days, shares of major miners have fallen anywhere from 17% (CleanSpark) to 45% (Bitdeer). ^[42]
Reuters reports how American Bitcoin (ABTC) — a miner backed by Eric Trump and Donald Trump Jr. — plunged nearly 40% in a single day after a lock‑up expiry, then rebounded about 9% the following session, illustrating how fragile sentiment remains in the space. ^[43]

Takeaway: Bitcoin miners have morphed into high‑risk hybrids of crypto, energy and AI infrastructure. For investors, that means potential upside if they execute on AI data‑center strategies, but also intense sensitivity to Bitcoin price, power costs and capital markets.

New Wave of Crypto Stocks: Platforms, Fintechs and ETFs

Crypto exposure in the stock market is no longer limited to miners and MicroStrategy‑style treasuries.

Platforms to transact: Coinbase, Robinhood and beyond

A fresh wave of “crypto platform” stocks is creating value by making it easier to transact, trade and build on‑chain:

Kiplinger’s latest “Crypto Trends to Watch in 2026” highlights Coinbase Global (COIN) and Robinhood Markets (HOOD) as examples of listed companies building the rails for on‑chain finance, noting that the number of such “crypto stocks” is growing. ^[44]
SoFi Technologies, a fintech‑turned‑bank, has seen its shares nearly double in 2025 and recently announced plans to relaunch crypto trading and launch a SoFi‑branded stablecoin in 2026, although investors balked at a new $1.5 billion share sale. ^[45]

These companies don’t live or die on Bitcoin’s next 10% move, but they do ride structural trends like ETF growth, tokenization, and stablecoin adoption.

Crypto ETFs as quasi‑stocks

ETFs like IBIT (BlackRock) and peers have become core instruments for institutions, often trading more daily volume than many blue‑chip stocks and giving investors packaged exposure to Bitcoin’s price. ^[46]

For stock investors, those funds – plus basket products like a “Crypto Stocks Index” offered on some trading platforms – are increasingly used alongside or instead of individual names. ^[47]

Crypto Stock Forecasts for 2026: What Analysts See Coming

Forecasts change quickly in crypto, but several themes stand out heading into 2026.

Bitcoin price outlook: modest gains, not moonshots

Several institutional and research notes now paint a moderately bullish but more mature path for Bitcoin:

An Investing.com analysis of ETF prospects says most 2026 forecasts call for positive but more modest returns, citing estimates from Kraken around $96,000 and from Changelly near $99,934 for year‑end 2026 — only single‑digit to low‑double‑digit upside from current levels. ^[48]
Yahoo‑summarized consensus suggests Bitcoin could remain range‑bound near $90,000 into year‑end 2025, then potentially grind toward $135,000 in 2026 if rate cuts and ETF inflows resume. ^[49]
An IG market outlook notes that, despite a brutal six‑week sell‑off that erased over $1.2 trillion in crypto market value, the “engine underneath looks stronger” as leverage resets and global central banks approach the end of their tightening cycles. ^[50]

If Bitcoin does shift into a slower, more institutionally driven bull market, that could benefit Coinbase and ETF providers more than ultra‑levered miners or MicroStrategy‑style treasuries, whose greatest gains came from explosive early‑cycle moves.

Analysts on crypto stocks themselves

A few notable high‑level calls:

MicroStrategy (MSTR): As noted, Cantor Fitzgerald has slashed its target by 60% but still rates the stock a Buy, grounded in a long‑term view that Bitcoin could ultimately approach gold‑like market‑cap levels if it becomes a global reserve asset. ^[51]
Coinbase (COIN): Some Wall Street research (including Bernstein) argues COIN could nearly double from recent levels if it continues to dominate ETF custody, derivatives and tokenization, effectively becoming the New York Stock Exchange of on‑chain assets. ^[52]
Bitcoin miners: Coverage from firms like Citizens JMP sees “significant value” in miners that successfully pivot their high‑power data centers into AI infrastructure amid a looming power shortage for data centers — but warns that execution risk is extremely high. ^[53]
Sector comparisons: A Seeking Alpha quant piece, “Crypto Stocks: As Good As Gold?,” points out that top crypto stocks and select gold miners can both act as leveraged plays on “hard asset” themes and may fit together in a diversified portfolio rather than competing directly. ^[54]

Overall, consensus is far less euphoric than in earlier crypto cycles. Many forecasts assume modest Bitcoin gains, lower volatility and growing institutional participation, which tends to reward regulated platforms and ETFs more than speculative small‑cap miners.

How to Approach Crypto Stocks Now (Without Blowing Yourself Up)

Nothing here is personal investment advice, but a few broad principles are emerging from current research and market behavior:

Distinguish “asset‑light rails” from “asset‑heavy bets”
- Asset‑light: Exchanges, brokerages and software platforms (e.g., Coinbase, Robinhood) that earn fees on volume and custody can benefit even if Bitcoin trades sideways. ^[55]
- Asset‑heavy: Miners and Bitcoin treasuries (e.g., MicroStrategy, CleanSpark, Riot) are more like leveraged BTC and power‑price plays, with returns heavily tied to crypto cycles and capital markets. ^[56]
Watch balance sheets and dilution risk
- MicroStrategy’s debt load, convertible issuance at miners, and bank/fintech secondary offerings (like SoFi’s) all matter as much as Bitcoin’s next 10% move. ^[57]
Remember ETF competition
- The success of products like IBIT and spot Bitcoin ETFs generally means some investors may skip miners and treasuries altogether in favor of cheap, liquid ETFs – putting pressure on the equity “proxies” that used to be the only game in town. ^[58]
Diversify across types of crypto exposure
- Academic work on ETF approvals has found positive abnormal returns around regulatory milestones, illustrating how policy can reshape returns. ^[59]
- Many professional investors now combine direct Bitcoin, ETFs and a select basket of crypto stocks (platforms, treasuries, miners) rather than betting everything on one category.
Size positions for extreme volatility
- Even large‑cap names like Coinbase and MicroStrategy regularly move 5–10% in a single session, while small‑cap miners can drop 30–40% on news like lock‑up expiries. ^[60]

Bottom Line

Crypto stocks in late 2025 sit at the intersection of three powerful forces:

A maturing, ETF‑driven Bitcoin market that’s increasingly shaped by institutional flows
Rapidly tightening economics for miners, pushing them toward AI and high‑performance computing
A new generation of platform and fintech names turning crypto from a speculative sideshow into core financial infrastructure

For risk‑tolerant investors, that creates selective opportunity but not blanket upside. The days when buying any “crypto stock” was a one‑way ticket higher are over. In their place is a market where business models, balance sheets, regulation and execution matter at least as much as the next Bitcoin headline.