In brief
- Crypto-linked stocks surged early in 2025 as Bitcoin broke $100,000, lifting miners, treasury firms, and crypto-adjacent businesses in a wave of speculative inflows.
- Midyear volatility exposed sharp divergence, with narrative-driven high-fliers giving back gains as investors shifted focus to funding quality, dilution risk, and underlying asset value.
- By year’s end, companies with more durable business models held up better, setting expectations that execution and fundamentals, not pure crypto exposure, will drive performance in 2026.
This year opened with a surge of validation for crypto-linked equities.
As Bitcoin again broke above $100,000 in January, stocks linked to digital assets—either as treasuries or via direct…
Jan 14 2026
