The Valuation : Value Investing Through Valuation

Crypto Still Volatile, But Momentum Lives On

Despite ongoing volatility in the crypto market during Q3 2025, the underlying momentum remains intact.

Bitcoin recently hit a new all-time high before entering a correction phase.

Ethereum also saw a strong rally followed by a similar retracement.

Interestingly, Ethereum appears to be gaining a more policy-friendly image, especially regarding global regulations and stablecoin frameworks.

This subtle shift is influencing capital rotation within crypto—and affecting momentum in related equities.

1. MicroStrategy (MSTR): Target $420–$450 by Nov 2025

MSTR remains one of the largest publicly listed holders of Bitcoin.

In practice, it moves almost like a Bitcoin ETF, with its price closely tied to BTC’s performance.

With Bitcoin consolidating after a peak, MSTR is also in a sideways range.

Currently, upside appears limited without another breakout in BTC.

If Bitcoin regains its strength later in Q3, MSTR has the potential to retest the $450 level.

However, any sustained rally will likely require additional time-based consolidation.

2. Iris Energy (IREN): Target $28–$33 by Nov 2025

Unlike MSTR, IREN operates a real-world mining and energy business, not just crypto holding.

Their focus on mining profitability, energy optimization, and hardware innovation positions them differently.

They benefit more from mining economics than Bitcoin price alone.

In 2025, growing competition and efficiency gains have only highlighted IREN’s strength.

Their most recent earnings report confirmed stable revenue and margin performance.

If crypto markets remain healthy, IREN could outperform BTC-leveraged stocks like MSTR due to its operational cash flow base.

Top Pick: Iris Energy (IREN)

Here’s why:

In this phase of the cycle, cash flow matters more than asset exposure.

MSTR offers high upside—but also high volatility tied directly to Bitcoin prices.

In contrast, IREN’s infrastructure-driven model delivers steady returns regardless of short-term crypto swings.

If crypto momentum continues, IREN presents a lower-risk, higher-consistency opportunity.