Best Crypto US Stocks to Buy in December 2025: Top Miners, Exchanges and Bitcoin Treasury Plays

Updated: December 7, 2025

After a euphoric run to new all‑time highs above $126,000 in October, Bitcoin has spent late 2025 in a sharp drawdown, trading closer to the mid‑$80,000–$90,000 range. ETF investors pulled a record $3.79 billion from US spot bitcoin ETFs in November as BTC fell roughly 33% from its peak, raising fresh “crypto winter 2.0” fears. ^[1]

Yet analysts from Coinbase Institutional and others argue this looks more like a mid‑cycle reset than a repeat of 2022, pointing to still‑strong institutional adoption and the prospect of Federal Reserve rate cuts on December 10. ^[2]

In this volatile backdrop, crypto‑linked US stocks have been hit hard—but some are also posting record revenues, expanding hash rate, and amassing vast bitcoin treasuries. For investors who want equity exposure to digital assets rather than holding coins directly, December 2025 may be a moment to refresh watchlists rather than abandon the sector altogether.

Important: This article is for information only and is not personal investment advice. Cryptoassets and crypto‑linked stocks are extremely volatile; you should be prepared to lose all the money you invest.

1. Market Backdrop: “Crypto Winter” Fears vs Mid‑Cycle Reset

Several data points explain why crypto stocks have sold off so sharply into early December:

Bitcoin price slump: After topping $125k in October, Bitcoin is down more than 30% and roughly 20% over the last month, with some commentators eyeing $80k as a key support level. ^[3]
ETF outflows: US spot bitcoin ETFs saw record $3.79B in net redemptions in November, led by BlackRock and Fidelity funds, as investors locked in profits and reacted to macro uncertainty. ^[4]
Risk‑off macro mood: Higher bond yields, worries about tariffs and still‑sticky inflation have knocked US equities and crypto at the same time, with Wall Street closing lower on December 2 as bitcoin dipped below $85k and major crypto stocks like Coinbase and Strategy (MicroStrategy) sold off. ^[5]

At the same time, other indicators remain structurally bullish:

Public companies now hold over 1.05 million BTC (around $92B), led by MicroStrategy/Strategy with ~638k–650k BTC and Marathon Digital with more than 52k BTC. ^[6]
Bitcoin’s total market cap is roughly $1.65 trillion, and analysts referenced by AInvest still project the possibility of BTC reaching $200k+ within 12–18 months, driven by corporate treasuries and ETF adoption. ^[7]
Coinbase’s November institutional outlook describes the recent drawdown as a deep but tactically normalcorrection in a cycle anchored by institutional flows—not the wholesale collapse seen in 2022. ^[8]

In short, fundamentals for Bitcoin’s long‑term adoption remain intact, but flows and sentiment are currently negative. That is exactly the kind of environment in which high‑beta crypto equities look most frightening—and most interesting.

2. How to Think About “Crypto Stocks” in 2025

US‑listed crypto stocks generally fall into four buckets: ^[9]

Exchanges & brokers – Coinbase (COIN), Robinhood (HOOD)
Bitcoin treasury vehicles – Strategy/MicroStrategy (MSTR)
Bitcoin miners & data‑center infrastructure – MARA, RIOT, CLSK, BITF, HIVE, CORZ, HUT, BTDR, WULF, IREN, CIFR, etc.
Diversified digital‑asset financials – Galaxy Digital (GLXY) and others

Each reacts differently to the cycle:

Exchanges benefit from trading volumes and volatility (up or down).
Bitcoin treasuries and miners behave like leveraged BTC plays; they tend to outperform BTC on the way up and underperform on the way down. ^[10]
Diversified digital‑asset firms add exposure to trading, asset management, derivatives, and banking—still cyclical, but with multiple revenue streams. ^[11]

With that framework, here are some of the most closely watched crypto‑linked US stocks right now, based on fresh December 2025 data.

3. Coinbase Global (COIN): Flagship US Crypto Exchange

Why it matters

Coinbase is still the largest US‑based, publicly traded crypto exchange. Its revenues are tightly linked to crypto trading volumes and institutional adoption of regulated products such as BTC and ETH ETFs. ^[12]

Fresh December 2025 news

On December 3, COIN shares rose about 4% intraday after:
- Bitcoin bounced back above $92k on news that Vanguard allowed its clients to access bitcoin ETFs, spurring new institutional inflows.
- Ark Invest bought roughly 28,315 Coinbase shares (around $7.5M), signaling renewed conviction from a high‑profile growth manager. ^[13]
Even after the bounce, Coinbase is still trading about 35% below its 52‑week high from July 2025, underlining how much pessimism is priced in despite improved fundamentals. ^[14]

Coinbase’s own research arm is simultaneously warning that:

Bitcoin has sliced through major technical support levels and ETF flows have turned sharply negative;
A more selective, “wait‑for‑trend‑reclaim” strategy may be wiser than blindly buying every dip. ^[15]

Bull case

Clear US regulatory footprint and brand recognition.
Direct beneficiary if spot ETF flows turn positive again and if a Fed rate cut re‑ignites risk appetite.
Institutional partnerships and custody business position Coinbase as “picks and shovels” for the whole crypto ecosystem. ^[16]

Bear case / risks

Revenues are highly cyclical; prior bear markets saw steep declines in trading revenue.
Ongoing regulatory and legal risks in the US.
Extremely volatile share price with frequent 5–10% daily swings. ^[17]

Role in a portfolio: For many investors, COIN is the core US exchange play—a way to bet on long‑term growth in regulated crypto trading rather than on any one coin.

4. Strategy (MicroStrategy, MSTR): The Mega Bitcoin Treasury

MicroStrategy has rebranded around its bitcoin‑centric “Strategy” identity, and now calls itself the world’s first and largest bitcoin treasury company. It remains listed under ticker MSTR in the US. ^[18]

Latest guidance and treasury moves

As of December 1, 2025, Strategy reported holding around 650,000 BTC, roughly 3.1% of all bitcoin that will ever exist. ^[19]
The company created a $1.44B US‑dollar reserve to cover at least 12–21 months of dividends and interest on its preferred stock and debt, funded via ATM share issuance. ^[20]
After Bitcoin’s slide from ~$112k on October 30 to lows near $80.6k in late November, Strategy cut its FY2025 guidance, now basing its scenarios on a year‑end BTC range of $85k–$110k instead of $150k. ^[21]

Because Strategy marks its BTC at fair value, its earnings are extremely sensitive to Bitcoin’s price. Management now projects an enormous range of possible outcomes:

FY2025 operating income between –$7B and +$9.5B,
Net income between –$5.5B and +$6.3B, depending on the year‑end BTC price within that $85k–$110k band. ^[22]

Recent market commentary notes that MSTR shares and associated leveraged ETFs have dropped more than 40% from their peaks as BTC corrected, and some analysts worry about further dilution from ongoing equity raises. ^[23]

Bull case

Probably the purest leveraged BTC play among large‑cap US‑listed stocks. ^[24]
Massive treasury position means outsized upside if BTC revisits or exceeds the $150k–$200k scenarios some forecasts still entertain. ^[25]
New USD reserve lowers short‑term balance‑sheet risk around debt and preferred dividends. ^[26]

Bear case / risks

Heavy use of equity and debt financing; dilution and interest costs are real. ^[27]
If BTC stays below the assumed $85k–$110k range, earnings and sentiment could deteriorate further.
Regulatory, tax and accounting rules for corporate BTC holdings are still evolving. ^[28]

Role in a portfolio: Strategy/MicroStrategy is a high‑octane BTC proxy, best suited to investors who explicitly want leverage to bitcoin’s price and can tolerate wild swings.

5. Bitcoin Miners: High‑Beta Plays on BTC and “AI Compute”

Bitcoin miners have been at the epicenter of 2025’s crypto stock story. On the way up, they dramatically outperformed BTC as the coin surged above $123k; over the last few months, they’ve been among the hardest hit. ^[29]

The leading US‑listed miners to watch now include Marathon Digital (MARA), Riot Platforms (RIOT), and CleanSpark (CLSK), along with second‑tier names like BITF, HIVE, CORZ, BTDR, WULF, IREN, CIFR and HUT. ^[30]

5.1 Marathon Digital (MARA): Scale + Treasury

Fresh results

Q3 2025 revenue climbed 92% year‑on‑year to $252M.
Net income swung from a $125M loss in Q3 2024 to a $123M profit.
Bitcoin holdings jumped 98% year‑on‑year to 52,850 BTC by quarter‑end. ^[31]

Marathon positions itself increasingly as a “digital energy and infrastructure” company, using surplus power to generate bitcoin and exploring broader high‑performance computing opportunities. ^[32]

Key positives

One of the largest corporate BTC treasuries, providing strong upside if prices recover. ^[33]
Demonstrated ability to convert scale into profitability after the April 2024 halving. ^[34]

Key risks

Roughly 27% short interest, reflecting skepticism and high volatility. ^[35]
Heavy dependence on energy costs, grid conditions, and regulatory policy.

5.2 Riot Platforms (RIOT): Operational Discipline and Power Strategy

November 2025 update

Produced 428 BTC in November (down 14% vs a year earlier due to network difficulty).
Held 19,368 BTC at month‑end, up 70% year‑on‑year.
Deployed hash rate at 36.6 EH/s with fleet efficiency of 20.5 J/TH.
November bitcoin sales generated about $37M at an average net price of ~$96,560 per BTC. ^[36]

Riot continues to focus on low‑cost power and demand‑response programs in Texas, which generate power credits and help keep all‑in electricity costs around 4 cents/kWh. ^[37]

Positives

Growing BTC stack plus efficiency improvements provide leverage to any price recovery.
The company is expanding into broader data‑center development tied to high‑density compute workloads. ^[38]

Risks

BTC production is down year‑on‑year; future profitability depends on higher prices or further efficiency gains. ^[39]
Regulatory and grid‑policy shifts in key US states remain an overhang.

5.3 CleanSpark (CLSK): Hyper‑Growth Miner Pivoting to AI

CleanSpark brands itself “America’s Bitcoin Miner®” and has become one of the sector’s fastest‑growing names.

FY 2025 highlights (year ended Sept 30, 2025)

Revenue: $766.3M, up 102% year‑on‑year.
Net income: $364.5M (vs a $145.8M loss the year before).
Adjusted EBITDA: $823.4M.
Operational hash rate: surpassed 50 EH/s.
Bitcoin holdings: about $1.2B on the balance sheet, plus $1B in working capital. ^[40]

CleanSpark also closed a $1.15B 0% convertible to fund expansion in power and land, positioning itself as a broader compute platform serving both Bitcoin and AI/HPC workloads. ^[41]

Positives

Rapid revenue and earnings growth with a large BTC treasury.
Strategic pivot into AI‑centric compute, potentially smoothing out the Bitcoin cycle over time. ^[42]

Risks

Cash balance of only ~$43M vs long‑term debt around $645M plus the huge convertible, implying balance‑sheet risk and potential dilution. ^[43]
Still extremely sensitive to BTC price, mining difficulty, and power costs.

5.4 Other Miners on the Radar: BITF, HIVE, CORZ, BTDR, WULF, IREN, CIFR, HUT

Recent industry overviews and screeners flag a set of additional US‑listed miners and digital‑infrastructure plays as having strong trading volumes and high correlation to crypto cycles: ^[44]

Bitfarms (BITF) – Global miner with operations in the Americas and a growing focus on low‑cost hydro power.
HIVE Digital (HIVE) – Hybrid BTC/AI compute company with large green‑energy facilities and triple‑digit revenue growth. ^[45]
Core Scientific (CORZ), Bitdeer (BTDR), TeraWulf (WULF), Iris Energy (IREN), Cipher Mining (CIFR), Hut 8 (HUT) – all pursuing variants of the same playbook: scale, cheap power, and diversification into AI/HPC hosting. ^[46]

Because these are generally smaller‑cap and more levered than Coinbase or Strategy, they tend to be even higher beta—capable of 5–10% daily moves in both directions.

Role in a portfolio: Miners are best treated as speculative satellite positions around a core BTC or ETF holding, not as the core of a long‑term portfolio.

6. Diversified and “Picks‑and‑Shovels” Plays

While this article focuses mainly on pure‑play crypto names, several other US‑listed stocks give partial exposure to digital assets:

Robinhood (HOOD) – Commission‑free broker with a meaningful slice of revenue from crypto trading, particularly during volatile periods. ^[47]
Galaxy Digital (GLXY) – A Toronto‑listed but US‑traded digital‑asset conglomerate active in trading, asset management, investment banking, and mining. ^[48]
Fintech platforms like Block (SQ) and PayPal (PYPL) – Crypto is only one part of their story, but still contributes to user engagement and transaction volume. ^[49]

These names tend to be less correlated to BTC day‑to‑day because they have large non‑crypto businesses, but they can still benefit when digital‑asset adoption rises.

7. What Analysts and On‑Chain Data Are Saying About the Next Leg

Across recent reports, several common themes emerge about where the cycle stands now: ^[50]

Flows have flipped from tailwind to headwind.
- Spot BTC ETFs moved from persistent inflows to record outflows.
- Stablecoin supply is contracting, indicating less on‑chain “dry powder”.
Institutional foundations are stronger than in 2022.
- There were no Terra/Luna or FTX‑scale collapses in 2025; stress has been macro‑driven, not fraud‑driven. ^[51]
- Corporate treasuries and ETFs together control a larger share of BTC supply than ever.
Analyst forecasts are divided.
- Some macro‑crypto analysts see this as a healthy reset before another leg up, especially if the Fed cuts on December 10. ^[52]
- Others warn that without a new narrative beyond “ETF inflows,” BTC could trade sideways or lower until 2026, particularly with options markets skewed heavily toward downside protection. ^[53]

For crypto stocks, this implies a schizophrenic near‑term outlook: fundamentals at many companies are improving, but valuation multiples and investor risk appetite are compressing at the same time.

8. Building a Crypto Stock Watchlist in December 2025

Given today’s conditions, a pragmatic way to think about “best crypto US stocks to buy” is to build a tiered watchlist, not to assume any single ticker is a guaranteed winner.

Tier 1 – Core Crypto Stock Exposure

These are the names many investors treat as primary equity vehicles for crypto exposure:

Coinbase (COIN) – Leading US exchange, direct play on trading volumes and regulated adoption.
Strategy / MicroStrategy (MSTR) – Flagship bitcoin treasury vehicle with extreme leverage to BTC price.

Tier 2 – High‑Conviction Miners

Large, relatively well‑capitalized miners with growing treasuries and credible AI/HPC strategies:

Marathon Digital (MARA) – Scale miner + 52k+ BTC treasury.
Riot Platforms (RIOT) – Efficient miner with strong power‑strategy and >19k BTC held.
CleanSpark (CLSK) – Fast‑growing miner with >$766M in revenue and an explicit pivot into AI compute. ^[54]

Tier 3 – Speculative Miners & Diversified Plays

Higher‑beta or smaller‑cap names that may offer outsized upside if the cycle resumes:

HIVE, BITF, CORZ, BTDR, WULF, IREN, CIFR, HUT, plus Galaxy Digital (GLXY) and Robinhood (HOOD) as diversified or cross‑listed plays. ^[55]

A cautious investor might:

Use Bitcoin or BTC ETFs as the core allocation.
Add a small basket of Tier 1 and Tier 2 stocks for equity upside.
Limit Tier 3 names to “venture‑style” position sizes they can emotionally and financially afford to see drop 50–80% in severe drawdowns.

9. Risk Management: Lessons from 2022—and 2025

If there’s one message repeated across institutional research and mainstream investment commentary, it’s this: risk management matters more than ever in crypto stocks. ^[56]

Some practical takeaways:

Position sizing: Treat individual crypto stocks like options—small slices of a diversified portfolio, not core holdings.
Time horizon: Expect multi‑year cycles with extreme boom‑bust dynamics. If you can’t hold through 50% drawdowns, you probably shouldn’t be in this niche.
Dollar‑cost averaging with trend awareness: Coinbase’s own research shows that blindly DCA‑ing through downtrends is far less effective than allocating when price is above key moving averages and liquidity trends are improving. ^[57]
Diversify across buckets: Combining an exchange (COIN), a treasury vehicle (MSTR), and a couple of miners (RIOT, MARA, CLSK) can spread idiosyncratic risk while keeping high correlation to the broader crypto cycle. ^[58]

Above all, remember that you don’t need to buy every dip. Waiting for stronger evidence of trend reversals—such as a turn back to net ETF inflows, improving stablecoin supply, or BTC reclaiming major technical levels—is a perfectly valid strategy in such a fragile market. ^[59]

10. Bottom Line

On December 7, 2025, the crypto market looks bruised: Bitcoin is well off its highs, ETF outflows are at record levels, and crypto stocks have endured a painful early‑December sell‑off. ^[60]

But under the surface, many US‑listed crypto companies are stronger than they’ve ever been:

Coinbase is winning institutional flows when sentiment permits. ^[61]
Strategy/MicroStrategy holds an unprecedented corporate stash of BTC while shoring up its USD reserve. ^[62]
Miners like MARA, RIOT and CLSK are scaling hash rate, turning profits, and repositioning themselves as AI compute providers as well as bitcoin producers. ^[63]

For long‑term investors who believe in Bitcoin and the broader digital‑asset economy, December 2025 is less about calling the exact bottom and more about knowing which crypto US stocks belong on your watchlist, how much risk you can stomach, and how you’ll react when volatility inevitably returns.

If you choose to get exposure through stocks, do it with your eyes open, your allocations modest—and your expectations calibrated to one of the most volatile corners of modern markets.