The Major Winners and Losers in Crypto Equities for 2025

In 2025, the cryptocurrency market gave a definitive signal: it craves power, efficient technology, and anonymity.

Key Takeaways

Winners Emerged: Some firms that adapted to High-Performance Computing (HPC) or tapped into nuclear power experienced significant growth.
Surprising Success: The Grayscale Zcash Trust (ZCSH) decoupled from the altcoin market to become the top performer in the digital asset sphere.
Nuclear Boom: Stocks related to nuclear energy, like Babcock & Wilcox (BW) and Centrus Energy (LEU), surged as the energy crisis escalated.
AI Pivot: Miners transitioning to AI computing, such as Iris Energy (IREN), reaped substantial rewards.
Retail Movement: Robinhood (HOOD) maintained its position as a leading retail platform, gaining 210%.
Heavy Losses: Companies not adapting to new trends faced severe declines, with Argo Blockchain (ARBK) plummeting by 97%.
Memecoin Crash: The Memecoin Index saw a staggering 72% drop, impacting retail investors.
Gold's Resilience: Traditional assets like gold outperformed cryptocurrencies and tech indices.

These Are Biggest Crypto Equities Winners and Losers of 2025

An In-Depth Look at the Market

In 2025, the cryptocurrency market demonstrated a clear desire for energy resources and efficient technologies. Let's explore the distinguished winners and unfortunate losers from this unpredictable year.

The demand for artificial intelligence (AI) consumed a large portion of global energy. Companies involved in crypto mining and infrastructure that successfully transitioned to High-Performance Computing (HPC) or secured nuclear power agreements enjoyed remarkable gains.

ZCSH (Grayscale Zcash Trust) emerged as this year's standout performer, completely separating itself from the altcoin market and achieving substantial profits. It stands out alone in the digital asset landscape as the leading performer.

As the energy crisis deepened, investors began to flock to nuclear-related companies. Babcock & Wilcox (BW) shot up by an impressive 282%, Centrus Energy (LEU) followed closely with a 270% gain, and the Sam Altman-backed OKLO climbed 238%. This trend highlighted the necessity of reliable baseload power for both blockchain mining and AI model training.

Miners who diversified their focus from solely SHA-256 hashing to incorporate AI computing experienced significant rewards. Iris Energy (IREN) climbed 280%, while Applied Digital (APLD) and Nebius Group (NBIS) saw gains of 215% and 207% respectively. Investors increasingly view these companies as more than just "crypto stocks."

Retail trading platform Robinhood (HOOD) also enjoyed a notable increase, rising 210%, solidifying its reputation as the go-to platform for both stock and cryptocurrency trading.

Conversely, the market showed no mercy to those companies that failed to adapt. The year was particularly harsh for inefficient miners and speculative assets. Argo Blockchain (ARBK) saw its shareholder value crash by 97%, with Hyperscale Data (GPUS) close behind at a 96% decline, and Canaan (CAN) down 65%. The combination of Bitcoin's halving and stagnant prices turned pure mining operations into unprofitable ventures for those with elevated energy costs.

High-beta stocks, typically viewed as leveraged proxies for Bitcoin, also met their downfall. MicroStrategy (MSTR) faced a substantial decline of nearly 50% as its premium unwound.

On top of that, the retail frenzy surrounding meme coins evaporated, resulting in a drastic 72% decline in the Memecoin Index. Retail investors who invested in the popular pet-themed cryptocurrencies of 2024 were left with minimal returns.

Interestingly, the most conventional asset class this year proved to be the best hedge against volatility. Gold outperformed all major market indices with an impressive return of 65%, leaving the Nasdaq at 21% and Bitcoin down 6%.

Looking ahead, the question remains whether cryptocurrencies will manage to catch up with gold in 2026.