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- The biggest winners from the crypto industry's triumphant 2025</p>
<p>Ines FerréJuly 1, 2025 at 3:12 AM</p>
<p>The crypto industry has emerged triumphant in the first half of 2025.</p>
<p>Investors kicked off the year optimistic about the Trump administration's crypto-friendly stance, including talk of a strategic bitcoin reserve. But enthusiasm wavered early on, after the launch of Trump- and Melania-themed meme coins stirred controversy during a pivotal time for the crypto world.</p>
<p>Momentum returned with the appointment of Paul Atkins as SEC chair and the introduction of a dedicated crypto czar, helping push bitcoin to record highs just below $112,000.</p>
<p>A sharp sell-off followed Trump's April 2 "Liberation Day" tariffs, briefly cooling sentiment. But as June closes with stocks at record levels, crypto has reasserted itself as a top-performing asset.</p>
<p>Year to date, bitcoin (BTC=F) is up 14%, outperforming the S&P 500's (^GSPC) 5% gain. The token's total market capitalization compared to that of all cryptocurrencies has risen to 64%, while alternative coins have faltered.</p>
<p>Meanwhile, crypto trading platform Coinbase (COIN) has soared more than 40% year to date. During the same period, trading platform Robinhood (HOOD) has rallied more than 130%.</p>
<p>The stock hit an all-time high on Monday after the trading platform announced tokenized stock trading in the European Union — marking another step in its aggressive expansion into the crypto space.</p>
<p>"HOOD leaned early into crypto in 2021 and persisted through the regulatory headwinds in 2022/2023, while other brokers played conservative and are only now waking up to the crypto opportunity," Bernstein analysts wrote in May, noting Robinhood now forms 30% of US retail crypto trading revenues.</p>
<p>Read more: How would Trump's strategic bitcoin reserve work?</p>
<p>Earlier last week, Coinbase closed at a record high for the first time since November 2021, marking a stunning comeback, up more than 900% from its 2022 lows in the aftermath of the collapse of FTX.</p>
<p>The company has emerged as the "Amazon of crypto financial services," Bernstein's Gautam Chhugani wrote last week.</p>
<p>"As the only crypto-native company in the S&P 500, Coinbase dominates US trading, operates the largest stablecoin business among exchanges, and serves as custodian for the majority of US spot bitcoin ETFs," he added.</p>
<p>Coinbase is also a minority stakeholder in Circle (CRCL), an issuer of stablecoins USDC, digital tokens backed by the US dollar that are expected to transform the payments industry.</p>
<p>Read more: Can you buy crypto with a credit card? See the pros and cons.</p>
<p>Circle shares have surged as much as 500% above their recent blockbuster IPO price on June 5, fueled by the Senate's passage of the GENIUS Act, a regulatory framework for stablecoins.</p>
<p>The measure, expected to make its way through the House and be signed into law this year, requires monthly disclosures and annual audits of issuers. It also opens the door for Big Tech companies like Meta (META) and (AMZN) to issue their own stablecoins.</p>
<p>"What we're dealing with now is essentially a relatively new industry whose presence in the financial market is currently being shaped," Yesha Yadav, professor of law at Vanderbilt University, told Yahoo Finance on Friday.</p>
<p>Seaport Global's Jeff Cantwell recently rated Circle as a Buy with a $235 price target, calling the company a "top-tier crypto disruptor."</p>
<p>"We think the overall stablecoin market cap will reach $500 billion by the end of next year; longer term, we believe it could hit $2 trillion," Cantwell wrote.</p>
<p>Coinbase co-founder and CEO Brian Armstrong, left, and Circle co-founder, chair, and CEO of Circle Jeremy Allaire participate in the State of Crypto Summit in New York on June 12. (AP Photo/Richard Drew) ()</p>
<p>Still, researchers warn that investors may be pricing in too much too soon.</p>
<p>"This influx of competition could reduce long-term market share expectations and pressure CRCL shares in 2025," Compass Point's Ed Engel wrote.</p>
<p>Another potential headwind: interest rates. If the Federal Reserve begins cutting rates, yields on Treasurys would fall, impacting Circle's revenue.</p>
<p>"With interest rates projected to decline, Circle's long-term revenue potential hinges on expanding USDC supply, and growing market share amid intensifying competition from new regulated issuers," said Tanay Ved, a research analyst at crypto-data firm Coin Metrics.</p>
<p>Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.</p>
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