An updated edition of the Dec. 22, 2025 article.
Cryptocurrencies such as Bitcoin, Ethereum, Solana, Cardano, Dogecoin, XRP and various stablecoins operate on decentralized blockchain networks that use advanced cryptography to ensure secure, transparent and immutable recordkeeping. This tamper-resistant framework continues to underpin broader adoption and strengthen investor confidence globally.
Despite their long-term promise, digital assets have undergone sharp corrections and extended periods of sideways trading through January and mid-February. Bitcoin, the largest cryptocurrency, has faced bearish sentiments amid a difficult macroeconomic backdrop and tighter liquidity conditions. During the past 12 months, Bitcoin traded down from a high of $124,714.85 to a low of $62,839.77. Over the past seven days, Bitcoin, Ethereum and Solana have inched up 3.3%, 4.7% and 0.9%, respectively.
Near-term visibility remains uncertain. Strong U.S. jobs data has lowered the probability of early interest rate cuts, dampening appetite for riskier assets like cryptocurrencies. Market participants are now awaiting CPI and inflation data for clearer direction, suggesting volatility may persist. Latest quarterly results from crypto-oriented stocks like Coinbase COIN and Strategy MSTR don’t offer much confidence for investors. Coinbase reported earnings of 66 cents per share, which missed the Zacks Consensus Estimate by 28.3% and declined significantly from earnings of $3.39 per share reported in the year-ago quarter. Strategy reported a fourth-quarter 2025 loss of $42.93 per share, significantly wider than the year-ago loss of $3.03 per share and missed the consensus mark of $46.02 per share in earnings.
Nevertheless, long-term expectations remain bullish due to a favorable regulatory environment and growing institutional acceptance. The GENIUS Act, passed on July 17, 2025, establishes a legislative foundation for stablecoins, which benefits the likes of Circle Internet Group CRCL that offers USDC. U.S. policy direction under President Donald Trump has further supported the market. Ongoing shift from pure cryptocurrency mining toward AI and data center infrastructure bodes well for stocks like TeraWulf WULF and Riot Platforms RIOT.
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Strategy closed 2025 with 713,502 bitcoins on its balance sheet, which represented approximately 3.4% of all bitcoin that will ever exist. This Zacks Rank #1 (Strong Buy) company raised $25.3 billion in 2025, making it the largest equity issuer among U.S. public companies for a second consecutive year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Strategy completed five Initial Public Offerings of preferred stock in 2025 and raised $5.5 billion in gross proceeds. Bitcoin yield was 22.8% at the end of 2025, beating the lower end of its target range between 22% and 26%. The company’s long-term target is to systematically increase bitcoin per share regardless of near-term market cycles. Strategy’s strong liquidity is a key catalyst, with digital asset balance increasing from $23.9 billion at the end of 2024 to $58.9 billion at the end of 2025.
Riot Platforms is transitioning from a pure-play Bitcoin miner toward a data center development model, supported by its vertically integrated operations and fully permitted land and power portfolio. In the third quarter of 2025, the company operated Texas and Kentucky mining sites with approximately 1.86 GW of power capacity, positioning it for future AI and high-performance computing (HPC) expansion.
Key advantages for Riot Platforms include its large scale, low-cost power access and financial flexibility. Riot Platforms’ growth opportunity lies in AI and HPC development at the Corsicana site, where Core & Shell construction has started on two data center buildings with 112 MW of critical IT capacity. The campus is planned to scale to 1 GW over time, and management noted ongoing leasing talks with hyperscaler, neocloud and enterprise customers, creating potential upside as contracts are executed.
Despite growth plans, this Zacks Rank #1 company faces pressure from roughly $214 million in near-term capex for the Corsicana buildout and ongoing bitcoin market volatility. These factors weighed on production, which fell 14% year over year to 428 in November 2025 and decreased 2% sequentially.
TeraWulf’s evolution from bitcoin mining to AI and HPC infrastructure is noteworthy. The third quarter of 2025 marked a turning point as the company began generating recurring HPC revenues, supported by large, credit-enhanced long-term contracts. TeraWulf benefits from low-cost, low-carbon power, vertically integrated infrastructure and partnerships with Fluidstack and Google. At Lake Mariner, the company energized 245 MW of Bitcoin mining capacity and 22.5 MW of HPC capacity while securing more than $16 billion in long-term HPC lease contracts in the second half of 2025. The company aims to add 250-500 MW of HPC capacity annually, supported by strong AI demand and expansion projects such as the Abernathy joint venture and the Cayuga site.
However, this Zacks Rank #2 (Buy) company remains exposed to volatility inbitcoin price while large-scale data center builds and AI/HPC expansion have raised operating costs and capital intensity. The shift toward HPC has increased capital intensity and leverage, with the company raising more than $5 billion through convertible notes and secured debt in 2025, pushing total debt to roughly $1.5 billion. High leverage increases refinancing risk and interest expense, which contributes to sharp fluctuations in income.
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Free: See Our Top Stock And 4 Runners UpStrategy Inc (MSTR) : Free Stock Analysis Report
Riot Platforms, Inc. (RIOT) : Free Stock Analysis Report
Coinbase Global, Inc. (COIN) : Free Stock Analysis Report
TeraWulf Inc. (WULF) : Free Stock Analysis Report
Circle Internet Group, Inc. (CRCL) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
