Why These 15 Crypto Stocks Have Been Plunging In 2025

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11. The9 Ltd ADR (NASDAQ:NCTY)

Number of Hedge Fund Holders In Q4 2024: 1

The9 Ltd ADR (NASDAQ:NCTY) is a crypto mining business that provides power to Bitcoin mining pools in exchange for fractional shares of Bitcoin. It has diversified into AI in recent years.

The stock is down significantly so far in 2025 as there are concerns over revenue growth stagnation, especially as both AI and crypto narratives slow. The company’s valuations are looking too high compared to the lower growth outlook.

This is a Chinese company, so investors were also spooked by new Chinese regulations on crypto at the start of the year.

NCTY stock is down 17.88% year-to-date.

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