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Best performers during the last month
Circle (+63%) — the standout, driven by its post-earnings rebound (accumulated near $61), the Chelsea FC/USDC sponsorship deal, ARK Invest buying, and this week's Bitcoin-driven surge plus Heath Tarbert's CLARITY Act testimony.
Bullish (+52%) and BitGo (+50%) — both rode the broader crypto-infrastructure rally, with Bullish's tokenized-equity launch and BitGo's institutional custody growth adding company-specific support.
MicroStrategy (+47%) and Bitmine (+44%) — leveraged treasury plays on Bitcoin and Ethereum respectively; both benefited directly from the underlying coins' rallies plus continued accumulation (MSTR's 845k BTC, Bitmine's 5.9M ETH).
SharpLink (+41%), Galaxy (+39%), Robinhood (+34%), Metaplanet (+32%) — all Ethereum/Bitcoin treasury or crypto-adjacent equities that moved largely in sympathy with the underlying coin rally, with Robinhood also getting a boost from analyst upgrades (Morgan Stanley, Scotiabank) and Robinhood Chain milestones.
Coinbase (+29%) and Bitcoin itself (+26%) anchor the group — the "beta" benchmark most of these treasury and infrastructure names outran.
Worst performers
Core Scientific (-18%), TeraWulf (-10%), Cipher (-7%), CleanSpark (-7%), Hut 8 (-5%), Riot (-2%), Marathon (+3%) — the pure-play Bitcoin miners were the weak spot despite Bitcoin's own rally. Core Scientific's slide reflects a large reported net loss (~$1.08B) alongside its AI/colocation pivot, plus an analyst downgrade from Keefe, Bruyette & Woods. Across the group, miners have been squeezed by rising network difficulty, thinner mining margins, and investor rotation away from mining economics toward direct AI-infrastructure or treasury-style crypto exposure — the market is rewarding companies holding the asset (or building AI data centers) over those still mining it.
Keel Infra (-15%) underperformed on infrastructure-specific weakness rather than crypto beta.
Traditional benchmarks — the Bond ETF, Dollar Index, Nasdaq, and S&P 500 — were essentially flat (-1% to 0%), underscoring that this was a crypto-specific rally rather than a broad risk-on move; Gold and the 10-year yield reflect the same dovish-Fed, weaker-dollar dynamic that lifted crypto.
Please see attached pdf for all crypto equities.
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