The crypto market as a whole ended 2025 with a net loss, down from a $3.5T to $3T valuation. The MSCI blockchain economy index outperformed, gaining over 37% in the past 12 months.
In 2025, the MSCI blockchain economy index gained a net 37.03%, outperforming most narratives and major coins. The index is based on tech stocks, reflecting the overall gain of the sector.
The MSCI blockchain economy index contains legacy stocks from the era of highly active mining. As a result, the index also reflects the gains of NVDA, as well as the recently recovering IREN.
As a result, the blockchain index tapped the latest trends in tech and the wider economy, bypassing the underperformance of assets targeting crypto insiders. The index improved on the 2024 performance, when the basket of shares added around 34% in net gains.
The blockchain economy index outperformed the MSCI World Index, which achieved 21.9% net gains for 2025. The index also improved on its 2024 gains, when it added 18.67% net.
MSCI puts in best performance for the past two years
The MSCI Blockchain Economy reflected the shift of mining companies into data centers, and captured the rise of NVDA. As a result, index investment did not reflect the relatively weak year for crypto.
The index had its best performance since 2023, when it added 98.88% in gains. MSCI reflected the crypto winter with over 46% losses in 2022.
The 2025 performance also reflected the shift to overseas investment in US stocks, which make the biggest component of the index. Additionally, the flow into AI companies boosted some of the index stocks.
MSCI financial component lagged behind tech stocks
The MSCI index carries a 39% weight for its financial stock component. VISA shares ended the year with minimal net change, trading above $353. Mastercard MA shares also retained their range at $577.
Robinhood (HOOD) boosted the index’s final performance with 200% net gains for 2025, offsetting PayPal’s 30% loss. Coinbase Global (COIN) lost around 9.3% for the period. The stocks were still boosting the index with their relatively high liquidity.
The financial stocks are also reflecting the shift to using blockchain components and stablecoins in traditional settlement and as part of regular payment systems.
In comparison, the crypto large-cap S&P index fell by 14.49% by the last day of the year, reflecting the weakened sentiment for direct coin and token investments. Blockchain as infrastructure gained adoption among mainstream companies, but the native trading and speculation were abandoned in the past year, pushed aside by the AI narrative.
The S&P broad digital asset index had an even worse performance, wiping out 16.22% in the past year, with most of the steep losses concentrated in Q3.
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