H.C. Wainwright analysts now estimate bitcoin will reach $225,000 per coin by the end of 2025, up from $145,000 previously, implying a total market cap of $4.5 trillion, which would represent 25% of the total market cap of gold. The firm cites its analysis of historical price cycles and recent price action, along with the widely held expectation for a more favorable regulatory environment for the digital assets industry in the U.S. in 2025 under the new administration, the availability of spot exchange traded fund products in the U.S., and accelerating institutional investor and corporate adoption for the higher price expectation. 2024 set the stage for what will be a “significant bull market” for bitcoin and the miners in 2025, the analysts tell investors in a research note. H.C. Wainwright is “very bullish” on the miners and on the broader crypto sector heading into 2025. It estimates total market cap for the bitcoin miners will exceed $100B in 2025 and expects pure-plays to outperform. Mining stocks will once again outperform bitcoin in 2025, as fundamentals continue to improve for the group alongside rising prices, the firm contends. H.C. Wainwright lists Mara Holdings (MARA), Riot Platforms (RIOT), and CleanSpark (CLSK) as the pure-play miners. It views Core Scientific (CORZ), Bitdeer (BTDR), TeraWulf (WULF), Hut 8 (HUT), IREN (IREN), Bit Digital (BTBT), and Hive Digital (HIVE) as hybrid miners.