Crypto stocks surged in the second quarter of 2025, with top names outperforming . The rose 30% between April and June, but several listed crypto companies more than doubled, driven by rising risk-on sentiment, and a wave of renewed equity investor interest.
The rally began in early April, when paused new global tariffs for 90 days (excluding China). The move eased fears of a broader trade war and sparked a market-wide rebound. The S&P 500 rose 11% over the quarter, while the tech-heavy QQQ jumped 18%, with risk assets like crypto rallying even harder.
Crypto Companies Took the Lead
The strongest rebound came from major crypto firms, especially those based in the US. Core Scientific surged 137% on the back of cheap power deals and momentum after exiting bankruptcy. Australian mining service provider IREN (formerly Iris Energy) matched that with a 136% gain, riding its US expansion and newly announced AI-hosting plans. Cipher Mining jumped 107% as it reported positive free cash flow for the first time. CleanSpark and Riot also posted strong gains thanks to rising and new infrastructure.
also saw a strong quarter, with its share more than doubling, which came as trading rebounded and revenue from spot started to contribute.
Bitcoin Holdings Didn’t Guarantee Outperformance
Stocks with large Bitcoin reserves mostly tracked Bitcoin’s 30% rise. Strategy (formerly and holding nearly $64 billion in Bitcoin) rose 38%, and MARA (formerly Marathon and almost entirely Bitcoin-backed) rose 35%.
What stood out were names like Bakkt Holdings, which climbed 61% despite no disclosed Bitcoin on its books, driven by healthier performance in its custody and clearing business.
On the flip side, Bitcoin-heavy yet underperforming names included DMG and Hive Digital, which rose only 9% and 20% respectively. The worst performers were small-cap, non-US names – Argo Blockchain, Canaan, and Ebang – all falling double digits due to struggles with debt, funding pressure, and competitive headwinds.
New Listings Signal a Reopening Market
While most attention was on the rebound in stock prices, a few crypto companies also made their market debut. Circle went public in June, raising over $600 million and becoming the first major issuer to list. eToro joined the Nasdaq in May, and Galaxy Digital completed its uplisting from Toronto.
Q2 marked a major rebound. Most crypto equities outperformed, not because of Bitcoin holdings, but because they showed execution. But the recovery wasn’t universal. Investors rewarded companies proving they could scale. Those that couldn’t were left behind.
