Investors keep waiting for a strong altcoin rally ever since Bitcoin printed a new all-time high of about $111,000 and the US Senate passed the much-anticipated “GENIUS Act”.

According to experts, the key legislation could significantly boost adoption and bring stablecoins more into the mainstream finance. Still, altcoins haven’t done much for investors in recent weeks.

Against that backdrop, Wolfe Research analyst Read Harvey says owning crypto stocks is a better investment proposition than altcoins to play the aforementioned developments.

They’ve responded well since late May and will likely continue to extend gains moving forward, the analyst told clients in his latest research note.

That said, here are the top three crypto stocks he recommends owning for the back half of 2025.

Cipher has emerged as a standout among US-listed Bitcoin miners in 2025, thanks to its aggressive expansion and operational efficiency.

The company’s new facility in Texas (Black Pearl) has been a game-changer, launching ahead of schedule and already delivering a hashrate of 3.4 EH/s, with plans to scale to 23.1 EH/s by the end of Q3.

Cipher mined 160 BTC in June and now holds over 1,060 BTC on its balance sheet.

Despite a history of volatile earnings and steep losses – including a net margin of -81% over the past year – the stock has surged more than 50% in the past months, reflecting investor optimism around its infrastructure buildout and rising Bitcoin prices.

CIFR’s high leverage to BTC and scalable model has even helped it break through its 200-day MA as well.

Riot continues to flex its muscles as one of the most vertically integrated Bitcoin miners in North America. It recorded Q1 revenue of $161.4 million, driven by a 33.7 EH/s deployed hash rate and a growing footprint in Texas.

The company’s Corsicana facility is being positioned as a future artificial intelligence (AI) and high-performance computing hub, with 1 GW of power capacity expected by early 2026.

RIOT also holds over 19,000 BTC, worth more than $1.6 billion, giving it one of the largest unencumbered Bitcoin treasuries among public companies.

With its blend of scale, infrastructure ownership, and energy strategy, a strategic stake in Bitfarms, this crypto stock is well-positioned to benefit from both crypto and AI tailwinds in the second half of 2025.

Note that Riot shares have surpassed its 200-day moving average fairly recently as well.

Formerly known as Marathon Digital, the crypto company has reasserted its dominance in the BTC mining space with a bold expansion strategy and a growing Bitcoin war chest.

MARA produced 713 BTC in June and holds nearly 50,000 in total, valued at over $5.4 billion.

It aims to achieve a 75 EH/s hash rate by year-end, representing an increase of more than 40% from 2024 levels, supported by existing machine orders and 3 GW of low-cost power opportunities.

The digital asset technology firm has also pivoted toward vertical integration, acquiring energy assets and launching micro data centers to reduce costs and boost margins.

MARA stock’s rally over the past couple of weeks reflects investor confidence in its scale, capital efficiency, and strategic positioning as the GENIUS Act reshapes the crypto-financial landscape.

Much like the other two names on Wolfe’s list, this crypto stock has also broken through its 200-day MA recently.

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