The main event of June 2025 was the war between Israel and Iran, in which the United States also took part.
The war, which began on June 13 with strikes on Iranian uranium enrichment facilities, has had a noticeable impact on the crypto market. But what about the stock market? How are the securities of the ten largest crypto companies performing?

On the brink of nuclear disaster
Israel and the United States fear that the Islamic Republic may obtain nuclear weapons. Iran, in turn, has not yet agreed to completely cease its uranium enrichment activities. This situation inevitably affected investors, who were shocked by such developments. All this led to BTC briefly falling below $100,000.

What dynamics were observed in the stocks of crypto companies — those that mine, invest in, or accept bitcoin as a means of payment?

Core Scientific (NASDAQ: CORZ)
Leading the list of the largest crypto companies is Core Scientific, with a market capitalization of $3.63 billion. The company primarily focuses on self-mining bitcoin, as well as providing computing power and blockchain infrastructure to other organizations.
Core Scientific shares rose by 14.65% in June. Most of the growth occurred during the first ten days, when new American companies, such as the miner BitMine Immersion Technologies, announced the formation of BTC reserves. Then, due to tensions in the Middle East, CORZ shares corrected in price.
Only on June 24, when Donald Trump announced a ceasefire between Iran and Israel, did they return to growth, rising by 7.58%.

MARA Holdings (NASDAQ: MARA)
Ranked ninth among the largest crypto companies by market capitalization is MARA Holdings (formerly Marathon Digital), with a valuation of $5.23 billion. The company’s core business is focused on mining. In June, its shares rose by 5.38%.
Most of the growth occurred in the first half of the month, driven by extremely positive operating results for May. It was a record month for the company: 950 BTC were mined.
The stock’s performance in the second half of June was entirely dependent on the war in the Middle East and was predominantly downward.

Metaplanet (TSE: 3350)
In eighth place is the Japanese company Metaplanet, specializing in bitcoin investments, with a market capitalization of $6.59 billion. Its shares, traded on the Tokyo Stock Exchange, showed significant growth in June — 49.3%.
At the beginning of the month, the company announced an ambitious plan to purchase 210,000 bitcoins by the end of 2027. Moreover, Metaplanet is not just making bold statements — it has already started putting the plan into action. By June 25, the company had increased its holdings to 11,111 BTC.
In addition, it managed to raise over $0.5 billion through a stock sale. Metaplanet is planning an expansion into the U.S. market, intending to invest $5 billion in a controlled subsidiary in the United States.
All of this convinced crypto investors to buy the company’s shares.

Galaxy Digital Holdings (NASDAQ: GLXY)
Seventh place is held by Galaxy Digital Holdings, with a market capitalization of $7.86 billion. The company's operations are quite diverse — ranging from artificial intelligence development and asset management to trading and data center expansion.
In June, the company’s shares rose by 8.6%. However, for most of the month, the stock traded sideways, rarely moving outside the $18 to $21 range.
The Middle East war caused GLXY shares to drop by more than 15% between June 10 and June 23.

Block (NYSE: XYZ)
The payment service Block, which invests in bitcoin, ranks sixth with a market capitalization of $40.18 billion. The company’s shares rose by 5.81% in June.
Volatility remained relatively low; only on one day — June 16 — did the stock gain more than 3%.
Further growth was restrained by overall macroeconomic uncertainty and increasing competition from emerging fintech companies.

Grayscale Bitcoin Trust (NYSE: GBTC)
The spot bitcoin ETF from Grayscale — Grayscale Bitcoin Trust — ranks fifth with a market capitalization of $57.63 billion. The fund’s shares (units) saw virtually no price change in June.
GBTC continued to experience capital outflows — investors withdrew funds on four days and deposited funds on three. On the remaining days of the month, activity was neutral.
International politics appeared to have minimal impact on the fund's share price.

PayPal (NASDAQ: PYPL)
Fourth place goes to the payment service PayPal, with a market capitalization of $71.55 billion. The company allows clients to conduct transactions in cryptocurrency and also has its own stablecoin — PYUSD.
In June, PayPal shares rose by 4.7%.
Throughout the month, the stock price closely mirrored bitcoin’s movements: a rise during the first ten days, a decline until the 18th, and then a rebound over the course of three trading sessions.

Coinbase (NASDAQ: COIN)
Leading the top three by market capitalization, with $87.82 billion, is the American crypto exchange Coinbase. In June, its shares rose nearly 40% and reached their highest level of 2025.
The main driver of this growth was the U.S. Senate’s approval of a bill expanding the use of stablecoins.
Among other positive news was the purchase of Coinbase shares worth $1.3 million by the investment company Ark Invest.

Strategy (NASDAQ: MSTR)
In second place is Strategy (formerly MicroStrategy), with a market capitalization of $105.31 billion. The company primarily focuses on developing solutions in business analytics, mobile applications, and cloud services. It is also one of the largest bitcoin investors.
In June, its shares rose by 2.16%.
The Middle East conflict only caused the stock to drop from the upper boundary of its current trading range around $400 to the lower boundary near $360.

Tesla (NASDAQ: TSLA)
Holding first place is electric vehicle manufacturer and major bitcoin investor Tesla, with a market capitalization of $1.096 trillion.
In June, Tesla was the only company on the list whose shares declined in price, falling by 1.73%.
The stock’s performance differed from the other top 10 companies: shares fell in the first half of the month and then rose afterward.
The main reason for this was tensions between Donald Trump and Tesla founder Elon Musk, which flared up on social media in early June. Once the dispute ended, Tesla’s shares went up.
This upward movement was not hindered even by negative statistics showing that Tesla car sales in Europe have been declining for the fifth consecutive month.

Conclusion
Overall, the war in the Middle East did not significantly impact the stocks of crypto companies. In June 2025, shares of nine out of the ten issuers on our list showed growth.
The only exception was Tesla, where the key factor behind the decline was the disagreement between Trump and Musk.