What crypto stocks are worth looking forward to in 2025?

By Ben Strack, Blockworks; Compiled by Wuzhu, Golden Finance

When researching cryptocurrency stocks, it was a good conversation to chat with the co-portfolio manager of the long-time blockchain-focused Amplify Transformational Data Sharing ETF (BLOK).

Dan Weiskopf told me that he is now more optimistic about 2025 than he was about this year at the end of 2023.

The main reason? As more pure-play cryptocurrency companies go public, there will be "crazy opportunities" for investors.

Some expect stablecoin issuer Circle could be the next to go public.

Weiskopf noted that while several other bitcoin miners may also go public, it's a crowded field. But BLOK would consider holding cloud computing company CoreWeave — one of mining giant Core Scientific’s largest customers.

Speaking of Core Scientific, the stock — up about 320% year to date — is BLOK’s top holding (4.67%). Another miner that Weiskopf is interested in is Hut 8 — the ETF’s sixth-largest holding at 4.16%.

“I think we’ve done a very good job of repositioning and rebalancing miners to capture the diversification opportunity in AI,” noted Mike Venuto.

Hut 8 has a slightly higher weighting than MicroStrategy — the stock is set to enter the Nasdaq 100 next week (I’ll have more on this on Monday). Weiskopf and co-Chancellor Mike Venuto noted that BLOK began buying MSTR in August 2020 (when it was $14).

MSTR shares trade around $350 (up more than 400% year to date). Benchmark analysts raised their price target on the stock to $650 on Monday after MicroStrategy increased its bitcoin holdings to 439,000 BTC.

Nevertheless, Weiskopf and Venuto recently reduced BLOK’s exposure to MSTR and CORZ because the stocks “rallied beyond our weighting limits,” they added. In other words, they are trimming stakes in winners in hopes of picking up other successes.

As BLOK fund managers wait for more IPOs in 2025, they began buying Japan’s Metaplanet last month.

While a growing number of companies are adding BTC to their treasuries (around 60, by Weiskopf’s count), many are small. He said so-called “zombie companies” are unlikely to bounce back simply because they bought crypto assets.

“They make the headlines, but do they have a real strategy?” Weiskopf added as he evaluates these BTC buyers.

One company he identified as working on these BTC purchases is Metaplanet, which in April unveiled its intention to emulate MicroStrategy’s efforts. This week, the company said it would issue 5 billion yen in ordinary bonds to accelerate its Bitcoin purchases.

So for those monitoring cryptocurrency stocks, BLOK’s holdings appear to be worth a look. Plus, there are opportunities that have yet to materialize in what could be a transformational year for the space.