CNBC's MacKenzie Sigalos reports on the winners and losers in the crypto trade as 2025 comes to an end.

Crypto-related stocks experienced a split in performance over the past year, with companies operating mining and infrastructure businesses seeing significant gains, while those holding large digital asset treasuries faced notable declines. Bitcoin miners that secured major AI deals saw their shares rise by 200% to 300%, whereas digital asset exchanges and treasury-holding firms suffered losses, some dropping as much as 80% from their peaks.

The sector is also facing regulatory uncertainty, as MSCI considers reclassifying crypto holding companies, which could trigger forced sales by index funds and create liquidity risks. While several crypto companies went public, the incentive for new listings has diminished due to the market's bifurcated performance and a general downturn in the crypto trade.

Crypto stocks split as year ends

Time now for a closer look at the winners and losers in the crypto trade. Mackenzie Sigalos joins us now with that breakdown. Hey, Mack. Hey, Leslie. So the crypto stock trade split into three camps this year, and it comes down to one question. Are you an operator, or are you just holding coins? The operators won. Bitcoin miners that locked in multibillion-dollar AI deals with Microsoft and Amazon are up 200% to 300%. Iris Energy, Cypher, Hut8, these are infrastructure plays that no longer need Bitcoin and 100K to make money now that they have retrofitted for high-performance compute. The digital asset exchanges lost. Coinbase, eToro, Bullish, all in the red. Robinhood's the outlier here, up 200% year-to-date, which is why you're seeing Coinbase follow the hood playbook, pushing into equities, prediction markets, really trying to become the everything app. And then the hottest crypto trade of the summer, those digital asset treasuries, where companies hold billions of a given coin on their books, they completely fell apart. Strategy down nearly 50%. Mara Holdings down 45%. Tomley's Bitmine Immersion, which claims to be the largest Ethereum treasury in the world, down 80% from its peak. Peter Thiel backed EthZilla, plunged from over $100 to $5. And there's a huge overhang going into 2026. MSCI is deciding whether to reclassify crypto holding companies as investment funds and boot them from the index. If they do, passive index funds tracking the benchmark may be forced to sell, which is a real liquidity risk for the treasury names. Guys? Mac, we saw some crypto companies and crypto tangential companies go public this year. Are there expectations for that next year, given kind of the bifurcation that we've seen in performance in 2025? So we saw a lot of the digital asset exchanges join the public markets, Bullish, eToro among them, also Circle, which is a U.S. dollar pegged stablecoin that has a lot of regulatory approvals that others like Tether don't have in the U.S. And so that was the backlog. But you're starting to see this depression of the crypto trade. And so there's less of an incentive there. And then on the digital asset treasury side, the way that a lot of these companies were listing were through these reverse mergers. So essentially, these shell companies trading on the Nasdaq that hadn't seen much action and had nothing to do with fintech or the crypto market. And they were used as a vehicle to take public to then custody a coin like Solana. Now, there are other filings that show that there are additional public listings coming down the pike, but there's not as much of an incentive as what we saw earlier this year. And Leslie, you covered a lot of those IPOs for us. Yeah, along with you, who helped explain exactly what they do and how they're different from one another. Always appreciate your insight, Mac. Thank you.

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Al Mukalla

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Paris

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Moscow

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Taipei City

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Kuala Lumpur

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Kyiv

Ukraine Invasion

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Washington

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Hammonton

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Palm Beach

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Makun

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Berlin

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Breakdown