GM. This is Milk Road, the ‘Now That's What I Call Music’ of crypto newsletters (we deliver the hits).
Here’s what we’ve got for you today:
- ✍️ Public crypto companies ranked by returns
- ✍️ 2025’s leading ecosystems by mindshare
- 🎙️ The Milk Road Show: Bitwise’s 2026 Thesis: Crypto Enters Its Most Important Phase Yet w/ Matt Hougan & Ryan Rasmussen
- 🍪 Metaplanet’s Q4 BTC buys just topped $451M
Launching The Energy Network on Solana, Fuse Energy has just secured $70M in Series B funding. Discover the future of energy now.
Prices as of 2:00 PM ET. Trade today with Milk Road Swap.
PUBLIC CRYPTO COMPANIES RANKED BY 2025 RETURNS 🥇
Alright, today we're zeroing-in on the movements made by U.S.-traded public crypto companies in 2025.
And we're breaking them down into the following categories:
- The Big Boys ($10B+ Market Cap).
- Ethereum Digital Asset Treasuries (DATs).
- Crypto Companies That IPO'd in 2025.
Sound good? Great! Let's get into it…
👉 The big boys
The rules here are simple: each company must have a market cap of $10B+, be traded on a U.S. exchange, and have a heavy focus on crypto (no ‘crypto adjacent’ companies like PayPal).
- Robinhood (HOOD), the home of retail trading: +192.52%.
- Galaxy (GLXY), the crypto mining/AI compute company with all the contracts: +38.39%.
- Coinbase (COIN), the home of retail crypto trading: -3.31%.
- Circle (CRCL), issuer of the USDC stablecoin: -9.75%.
- Strategy (MSTR), the black hole of BTC: -46.27%.
Want a closer look? Check out our PRO Reports on Robinhood, Galaxy, and Coinbase.
👉 Ethereum DATs
The criteria for these companies are:
They must have a market cap of $200M or more and their main business must be focused on acquiring ETH & generating yield on their holdings.
(I.e. companies like Coinbase, who hold ETH in their treasury, do not qualify.)
- BitMine (BMNR): +351.71%.
- SharpLink (SBET): +18.63%.
- The Ether Machine (ETHM): +6.63%.
- Bit Digital (BTBT): -32.85%.
- ETHZilla (ETHZ): -58.75%.
Keen to learn more about ETH DATs and how they work? Check out this PRO Report.
👉 Crypto companies that IPO’d in 2025
- Figure (FIGR), the crypto lending, trading and investing platform: +22.89%.
- Circle (CRCL), issuer of the USDC stablecoin: -9.74%.
- Bullish (BLSH): crypto trading platform/media giant: -37.32%.
- eToro (ETOR): the stock/crypto trading platform that isn’t Robinhood: -45.61%.
- Gemini (GEMI): the crypto trading platform founded by the Winklevoss twins: -63.27%.
Alright, handing the mic to you…
Which segment are you most bullish on for 2026?
FUSE ENERGY RAISES $70M AT A $5B VALUATION
Is this the most legit energy company to ever enter crypto?
Fuse Energy is a $400M ARR utility powering 200,000+ homes, recently announcing a $70M Series B at a blockbuster $5B valuation.
This comes after the recent beta launch of The Energy Network, a new digital layer engineered to scale our grids and save billions in costs.
And now, it’s just building its momentum:
- Today raised $70M in Series B led by Lowercarbon and Balderton.
- Now valued at $5B.
- Launched beta on Solana.
- Received landmark no-action letter from the SEC last month.
- Planning listings for early 2026.
A new foundation for the grid is coming.
Check out their announcement here and follow Fuse on X for updates.
TOP 10 BLOCKCHAIN ECOSYSTEMS BY MINDSHARE 2025 🧠
Before you look at the chart below – ask yourself this:
Which blockchain ecosystems would you guess to be in the top 5 mindshare rankings for 2025?
If your assumptions are anything like ours, some of the following results are going to surprise you…
A few ‘notable notes’ from the CoinGecko report that this data was sourced from:
- Solana’s mindshare shrunk by 12 percentage points year-on-year (YoY) down from 38.79%.
- Base also experienced a mindshare decrease of 2.9 percentage points, down from 16.81% last year.
- Mindshare for Ethereum grew by 2.7 percentage points YoY, helping it to maintain its 3rd place ranking once again.
- Mindshare for both Sui and BNB more than doubled YoY (!)
Our observations:
Algorithms are scary.
These rankings highlight just how siloed we can become, based on our news feeds.
If we’d gone into this blind and been asked to guess – we’d have put Bitcoin and Hyperliquid in the Top 5.
P.S. If you want to trade any/all Ethereum and Solana-based tokens on easy mode, check out Milk Road Swap.
PRO ALL ACCESS PORTFOLIO UPDATES 📊
Psst…
Want to see how we’re positioning the Milk Road PRO All Access Portfolio in order to make the most of 2026, and push it beyond the highs of 2025? 👇
Join Milk Road All Access to find out!
And if you want to get a better idea of our overall portfolio strategy, read our “How To Build a Crypto Portfolio” report.
GO ALL ACCESS AND UNLOCK:
- The Milk Road PRO All Access Portfolio: See what we’re investing in, how we’re allocating capital, and what actions we’re taking each week (buy, sell, hold, watchlist) ✅
- Weekly “Where Are We In The Cycle?” Indicators: Signals that help you stay bullish long term and spot the top when it comes 📈
- Weekly Reports Across Crypto, Macro & Degen: Deep dives, token breakdowns, market analysis, and investing frameworks that give you the edge 🧠
- Access to the Milk Road Community: Full Discord access including signals, AMA invites, portfolio update calls, and exclusive All Access channels 💬
- FREE Crypto Investing Masterclass: Included with all annual All Access subscriptions (30% off for monthly) 🎓
PRO REVIEW OF THE WEEK
BITE-SIZED COOKIES FOR THE ROAD 🍪
A $300M ARR energy giant is launching a crypto token. It’s called $ENERGY and we broke down everything you need to know in the article linked above.*
Rack ‘em up! Metaplanet’s Q4 Bitcoin buys just topped $451M.
This is a good sign - more people are trying to stake ETH than un-stake ETH for the first time since September.
Waymo vs Tesla: Who will own the road (now and in the future)?
Come work with us! We're hiring for a Head of Product role @ Milk Road!
Arc is now live on testnet. If you’re looking to build on Circle’s layer 1, now’s your chance to test it out.*
*this is sponsored content.
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