** Shares of several U.S. cryptocurrency and blockchain‑related companies on track to end 2025 in the red after bitcoin retreated from its all‑time high

** Bitcoin BTC= hit record high of more than $126,000 in early October , fueled by institutional adoption via exchange-traded funds, post-U.S. Presidential election optimism around pro-crypto policies and broader market euphoria

** Price subsequently slumped more than 30% in late October and November after about $150 billion in leveraged crypto positions were liquidated following Trump’s move to impose 100% tariffs on Chinese imports

** Top sector highlights for the year include the Trump administration passing a landmark law to create a regulatory regime for stablecoins and traditional banking heavyweights expanding crypto offerings

** Crypto listings also saw a wave of activity in 2025, with stablecoin giant Circle CRCL.N and lending platform Figure FIGR.O among the marquee IPOs

** MSTR, the world's biggest holder of BTC as a corporate treasury asset, faces potential removal from major stock indexes under MSCI’s proposed rules; stock down 46% YTD, as of last close

** BTC, the world's biggest cryptocurrency, down ~7.2% YTD; Ether <ETH=>, the second-biggest digital asset, has lost ~10.7%

** Crypto Stocks Riot Platforms RIOT.O, Mara Holdings MARA.O and Bit Digital BTBT.O down between 24% and 45% YTD

** Crypto exchange Coinbase Global COIN.O down 6.7% YTD

** Sector's market cap currently stands at $3 trillion, according to CoinMarketCap

(Reporting by Pragyan Kalita in Bengaluru)

((Pragyan.Kalita@thomsonreuters.com))