December 2025 brought no year-end rally for crypto markets. Bitcoin continued to lose ground, miners faced falling network hashrate, and tokenized stock infrastructure expanded despite weaker digital asset prices. Investors were also debating Tether's possible $500 billion valuation, even though the company had not announced a confirmed public listing. Here are the month's main developments, checked against historical sources.

Bitcoin ended December at around $87,500

According to historical Bitcoin price data, BTC closed December 31 near $87,509, down approximately 3–4% for the month depending on the measurement method. VanEck's December market review recorded a monthly Bitcoin return of −3.87%. A hoped-for seasonal rally failed to materialize, as investors remained cautious about risk and demand for crypto exchange-traded products weakened.

Sentiment fell into the extreme-fear range on several days. On December 19, the Crypto Fear & Greed Index registered 16 out of 100. The indicator measures prevailing investor sentiment and volatility; it does not reliably predict when markets will reverse.

Bitcoin hashrate declined — why VanEck saw a possible bullish signal

In its December 22 research note, VanEck said Bitcoin network hashrate, measured using a 30-day moving average, had fallen by approximately 4% over the preceding month. That was the sharpest decline since April 2024. Contributing factors included weaker mining profitability, equipment shutdowns and electricity being redirected toward AI computing.

Looking at data since 2014, VanEck found that Bitcoin generated positive returns over the following 90 days in 65% of observations after hashrate had declined over the previous 30 days. When hashrate was rising, positive outcomes occurred 54% of the time. This is an historical relationship, not a guarantee that another hashrate decline will produce higher BTC prices.

A lower hashrate may reflect less efficient miners switching off equipment. Mining conditions for remaining operators can subsequently change as network difficulty adjusts, but Bitcoin's market value also depends on liquidity, demand and broader economic conditions.

Tokenized stocks reached $1.2B — not $10B in market value

Tokenized stocks became one of the few rapidly expanding digital asset segments. Token Terminal data reported in late December showed the combined market capitalization of tokenized equities reaching approximately $1.2 billion. Depending on the issuer's legal structure, these instruments may convey actual shareholder rights or only economic exposure to shares and ETFs.

Meanwhile, Backed and Kraken's xStocks ecosystem surpassed $10 billion in cumulative trading volume across centralized and decentralized venues during its first months of operation. That represents the total value of executed transactions, not the outstanding value of tokenized shares. The two metrics should not be confused.

Ondo, xStocks and Securitize expanded the market

Ondo Global Markets, which launched in September, offered eligible non-US investors tokenized exposure to American stocks and ETFs. Certain tokens can be transferred around the clock on blockchains, but effective liquidity, pricing and redemption terms still depend on the provider and the underlying market's operating hours.

On December 18, xStocks announced its TON blockchain rollout and TON Wallet integration in Telegram. Availability was jurisdiction-dependent, including restrictions for US persons. Meanwhile, Securitize announced on December 16 that it planned an onchain stock product for the first quarter of 2026, emphasizing direct shareholder rights. The products marketed as tokenized equities were therefore not all legally equivalent.

Tether explored private financing while building tokenization infrastructure

Tether's interest in tokenized securities did not begin in December. In November 2024, it launched Hadron, a platform designed to tokenize assets such as stocks, bonds and funds. In November 2025, the company also announced a collaboration with KraneShares and Bitfinex Securities to develop tokenized securities infrastructure.

A separate discussion concerned equity fundraising. In September, Reuters, citing Bloomberg, reported that Tether was considering a private placement of up to $15–20 billion, potentially valuing the business at about $500 billion. Those figures described preliminary discussions, not a completed funding round or an officially finalized valuation.

No confirmed Tether IPO schedule for 2026–2027

Private fundraising is not an IPO. As of the end of December 2025, Tether had not announced a stock exchange, filing date or approved public-offering timetable. In June, CEO Paolo Ardoino had said there was no need for the company to go public. Claims that an IPO was definitely scheduled for 2026 or 2027 therefore remained unsupported.

Why these stories matter for affiliate marketing

For media buyers, affiliate networks and payment providers, December highlighted different sides of crypto infrastructure. BTC volatility changes the value of operational reserves, while tokenized securities introduce new financial possibilities that require careful checks of legal rights, liquidity and geographic restrictions. It is especially important to distinguish asset values, transaction volume and investment deals that have not yet closed.

December 2025 brought no year-end rally for crypto markets. Bitcoin continued to lose ground, miners faced falling network hashrate, and tokenized stock infrastructure expanded despite weaker digital asset prices. Investors were also debating Tether's possible $500 billion valuation, even though the company had not announced a confirmed public listing. Here are the month's main developments, checked against historical sources.

Bitcoin ended December at around $87,500

According to historical Bitcoin price data, BTC closed December 31 near $87,509, down approximately 3–4% for the month depending on the measurement method. VanEck's December market review recorded a monthly Bitcoin return of −3.87%. A hoped-for seasonal rally failed to materialize, as investors remained cautious about risk and demand for crypto exchange-traded products weakened.

Sentiment fell into the extreme-fear range on several days. On December 19, the Crypto Fear & Greed Index registered 16 out of 100. The indicator measures prevailing investor sentiment and volatility; it does not reliably predict when markets will reverse.

Bitcoin hashrate declined — why VanEck saw a possible bullish signal

In its December 22 research note, VanEck said Bitcoin network hashrate, measured using a 30-day moving average, had fallen by approximately 4% over the preceding month. That was the sharpest decline since April 2024. Contributing factors included weaker mining profitability, equipment shutdowns and electricity being redirected toward AI computing.

Looking at data since 2014, VanEck found that Bitcoin generated positive returns over the following 90 days in 65% of observations after hashrate had declined over the previous 30 days. When hashrate was rising, positive outcomes occurred 54% of the time. This is an historical relationship, not a guarantee that another hashrate decline will produce higher BTC prices.

A lower hashrate may reflect less efficient miners switching off equipment. Mining conditions for remaining operators can subsequently change as network difficulty adjusts, but Bitcoin's market value also depends on liquidity, demand and broader economic conditions.

Tokenized stocks reached $1.2B — not $10B in market value

Tokenized stocks became one of the few rapidly expanding digital asset segments. Token Terminal data reported in late December showed the combined market capitalization of tokenized equities reaching approximately $1.2 billion. Depending on the issuer's legal structure, these instruments may convey actual shareholder rights or only economic exposure to shares and ETFs.

Meanwhile, Backed and Kraken's xStocks ecosystem surpassed $10 billion in cumulative trading volume across centralized and decentralized venues during its first months of operation. That represents the total value of executed transactions, not the outstanding value of tokenized shares. The two metrics should not be confused.

Ondo, xStocks and Securitize expanded the market

Ondo Global Markets, which launched in September, offered eligible non-US investors tokenized exposure to American stocks and ETFs. Certain tokens can be transferred around the clock on blockchains, but effective liquidity, pricing and redemption terms still depend on the provider and the underlying market's operating hours.

On December 18, xStocks announced its TON blockchain rollout and TON Wallet integration in Telegram. Availability was jurisdiction-dependent, including restrictions for US persons. Meanwhile, Securitize announced on December 16 that it planned an onchain stock product for the first quarter of 2026, emphasizing direct shareholder rights. The products marketed as tokenized equities were therefore not all legally equivalent.

Tether explored private financing while building tokenization infrastructure

Tether's interest in tokenized securities did not begin in December. In November 2024, it launched Hadron, a platform designed to tokenize assets such as stocks, bonds and funds. In November 2025, the company also announced a collaboration with KraneShares and Bitfinex Securities to develop tokenized securities infrastructure.

A separate discussion concerned equity fundraising. In September, Reuters, citing Bloomberg, reported that Tether was considering a private placement of up to $15–20 billion, potentially valuing the business at about $500 billion. Those figures described preliminary discussions, not a completed funding round or an officially finalized valuation.

No confirmed Tether IPO schedule for 2026–2027

Private fundraising is not an IPO. As of the end of December 2025, Tether had not announced a stock exchange, filing date or approved public-offering timetable. In June, CEO Paolo Ardoino had said there was no need for the company to go public. Claims that an IPO was definitely scheduled for 2026 or 2027 therefore remained unsupported.

Why these stories matter for affiliate marketing

For media buyers, affiliate networks and payment providers, December highlighted different sides of crypto infrastructure. BTC volatility changes the value of operational reserves, while tokenized securities introduce new financial possibilities that require careful checks of legal rights, liquidity and geographic restrictions. It is especially important to distinguish asset values, transaction volume and investment deals that have not yet closed.

December 2025 brought no year-end rally for crypto markets. Bitcoin continued to lose ground, miners faced falling network hashrate, and tokenized stock infrastructure expanded despite weaker digital asset prices. Investors were also debating Tether's possible $500 billion valuation, even though the company had not announced a confirmed public listing. Here are the month's main developments, checked against historical sources.

Bitcoin ended December at around $87,500

According to historical Bitcoin price data, BTC closed December 31 near $87,509, down approximately 3–4% for the month depending on the measurement method. VanEck's December market review recorded a monthly Bitcoin return of −3.87%. A hoped-for seasonal rally failed to materialize, as investors remained cautious about risk and demand for crypto exchange-traded products weakened.

Sentiment fell into the extreme-fear range on several days. On December 19, the Crypto Fear & Greed Index registered 16 out of 100. The indicator measures prevailing investor sentiment and volatility; it does not reliably predict when markets will reverse.

Bitcoin hashrate declined — why VanEck saw a possible bullish signal

In its December 22 research note, VanEck said Bitcoin network hashrate, measured using a 30-day moving average, had fallen by approximately 4% over the preceding month. That was the sharpest decline since April 2024. Contributing factors included weaker mining profitability, equipment shutdowns and electricity being redirected toward AI computing.

Looking at data since 2014, VanEck found that Bitcoin generated positive returns over the following 90 days in 65% of observations after hashrate had declined over the previous 30 days. When hashrate was rising, positive outcomes occurred 54% of the time. This is an historical relationship, not a guarantee that another hashrate decline will produce higher BTC prices.

A lower hashrate may reflect less efficient miners switching off equipment. Mining conditions for remaining operators can subsequently change as network difficulty adjusts, but Bitcoin's market value also depends on liquidity, demand and broader economic conditions.

Tokenized stocks reached $1.2B — not $10B in market value

Tokenized stocks became one of the few rapidly expanding digital asset segments. Token Terminal data reported in late December showed the combined market capitalization of tokenized equities reaching approximately $1.2 billion. Depending on the issuer's legal structure, these instruments may convey actual shareholder rights or only economic exposure to shares and ETFs.

Meanwhile, Backed and Kraken's xStocks ecosystem surpassed $10 billion in cumulative trading volume across centralized and decentralized venues during its first months of operation. That represents the total value of executed transactions, not the outstanding value of tokenized shares. The two metrics should not be confused.

Ondo, xStocks and Securitize expanded the market

Ondo Global Markets, which launched in September, offered eligible non-US investors tokenized exposure to American stocks and ETFs. Certain tokens can be transferred around the clock on blockchains, but effective liquidity, pricing and redemption terms still depend on the provider and the underlying market's operating hours.

On December 18, xStocks announced its TON blockchain rollout and TON Wallet integration in Telegram. Availability was jurisdiction-dependent, including restrictions for US persons. Meanwhile, Securitize announced on December 16 that it planned an onchain stock product for the first quarter of 2026, emphasizing direct shareholder rights. The products marketed as tokenized equities were therefore not all legally equivalent.

Tether explored private financing while building tokenization infrastructure

Tether's interest in tokenized securities did not begin in December. In November 2024, it launched Hadron, a platform designed to tokenize assets such as stocks, bonds and funds. In November 2025, the company also announced a collaboration with KraneShares and Bitfinex Securities to develop tokenized securities infrastructure.

A separate discussion concerned equity fundraising. In September, Reuters, citing Bloomberg, reported that Tether was considering a private placement of up to $15–20 billion, potentially valuing the business at about $500 billion. Those figures described preliminary discussions, not a completed funding round or an officially finalized valuation.

No confirmed Tether IPO schedule for 2026–2027

Private fundraising is not an IPO. As of the end of December 2025, Tether had not announced a stock exchange, filing date or approved public-offering timetable. In June, CEO Paolo Ardoino had said there was no need for the company to go public. Claims that an IPO was definitely scheduled for 2026 or 2027 therefore remained unsupported.

Why these stories matter for affiliate marketing

For media buyers, affiliate networks and payment providers, December highlighted different sides of crypto infrastructure. BTC volatility changes the value of operational reserves, while tokenized securities introduce new financial possibilities that require careful checks of legal rights, liquidity and geographic restrictions. It is especially important to distinguish asset values, transaction volume and investment deals that have not yet closed.

December 2025 brought no year-end rally for crypto markets. Bitcoin continued to lose ground, miners faced falling network hashrate, and tokenized stock infrastructure expanded despite weaker digital asset prices. Investors were also debating Tether's possible $500 billion valuation, even though the company had not announced a confirmed public listing. Here are the month's main developments, checked against historical sources.

Bitcoin ended December at around $87,500

According to historical Bitcoin price data, BTC closed December 31 near $87,509, down approximately 3–4% for the month depending on the measurement method. VanEck's December market review recorded a monthly Bitcoin return of −3.87%. A hoped-for seasonal rally failed to materialize, as investors remained cautious about risk and demand for crypto exchange-traded products weakened.

Sentiment fell into the extreme-fear range on several days. On December 19, the Crypto Fear & Greed Index registered 16 out of 100. The indicator measures prevailing investor sentiment and volatility; it does not reliably predict when markets will reverse.

Bitcoin hashrate declined — why VanEck saw a possible bullish signal

In its December 22 research note, VanEck said Bitcoin network hashrate, measured using a 30-day moving average, had fallen by approximately 4% over the preceding month. That was the sharpest decline since April 2024. Contributing factors included weaker mining profitability, equipment shutdowns and electricity being redirected toward AI computing.

Looking at data since 2014, VanEck found that Bitcoin generated positive returns over the following 90 days in 65% of observations after hashrate had declined over the previous 30 days. When hashrate was rising, positive outcomes occurred 54% of the time. This is an historical relationship, not a guarantee that another hashrate decline will produce higher BTC prices.

A lower hashrate may reflect less efficient miners switching off equipment. Mining conditions for remaining operators can subsequently change as network difficulty adjusts, but Bitcoin's market value also depends on liquidity, demand and broader economic conditions.

Tokenized stocks reached $1.2B — not $10B in market value

Tokenized stocks became one of the few rapidly expanding digital asset segments. Token Terminal data reported in late December showed the combined market capitalization of tokenized equities reaching approximately $1.2 billion. Depending on the issuer's legal structure, these instruments may convey actual shareholder rights or only economic exposure to shares and ETFs.

Meanwhile, Backed and Kraken's xStocks ecosystem surpassed $10 billion in cumulative trading volume across centralized and decentralized venues during its first months of operation. That represents the total value of executed transactions, not the outstanding value of tokenized shares. The two metrics should not be confused.

Ondo, xStocks and Securitize expanded the market

Ondo Global Markets, which launched in September, offered eligible non-US investors tokenized exposure to American stocks and ETFs. Certain tokens can be transferred around the clock on blockchains, but effective liquidity, pricing and redemption terms still depend on the provider and the underlying market's operating hours.

On December 18, xStocks announced its TON blockchain rollout and TON Wallet integration in Telegram. Availability was jurisdiction-dependent, including restrictions for US persons. Meanwhile, Securitize announced on December 16 that it planned an onchain stock product for the first quarter of 2026, emphasizing direct shareholder rights. The products marketed as tokenized equities were therefore not all legally equivalent.

Tether explored private financing while building tokenization infrastructure

Tether's interest in tokenized securities did not begin in December. In November 2024, it launched Hadron, a platform designed to tokenize assets such as stocks, bonds and funds. In November 2025, the company also announced a collaboration with KraneShares and Bitfinex Securities to develop tokenized securities infrastructure.

A separate discussion concerned equity fundraising. In September, Reuters, citing Bloomberg, reported that Tether was considering a private placement of up to $15–20 billion, potentially valuing the business at about $500 billion. Those figures described preliminary discussions, not a completed funding round or an officially finalized valuation.

No confirmed Tether IPO schedule for 2026–2027

Private fundraising is not an IPO. As of the end of December 2025, Tether had not announced a stock exchange, filing date or approved public-offering timetable. In June, CEO Paolo Ardoino had said there was no need for the company to go public. Claims that an IPO was definitely scheduled for 2026 or 2027 therefore remained unsupported.

Why these stories matter for affiliate marketing

For media buyers, affiliate networks and payment providers, December highlighted different sides of crypto infrastructure. BTC volatility changes the value of operational reserves, while tokenized securities introduce new financial possibilities that require careful checks of legal rights, liquidity and geographic restrictions. It is especially important to distinguish asset values, transaction volume and investment deals that have not yet closed.