Finance

A holding page for Keith Gill, a Reddit user credited with inspiring GameStop’s rally, before a YouTube livestream arranged on a laptop at the New York Stock Exchange on June 7, 2024.
Michael Nagle | Bloomberg | Getty Images

Crypto trades jumping. Roaring Kitty boosting meme stocks. Broader market ripping on no apparent catalysts.
Animal spirits are on the loose at the dawn of 2025 trading.

Many speculative pockets of the stock market surged Thursday, the first session of the new year, right after the S&P 500 closed out the best two-year run since 1998.
Stocks tied to the price of bitcoin jumped as the cryptocurrency climbed back over $96,000. Microstrategy added 3.6% after surging more than 360% in 2024. Crypto-related companies Coinbase, Robinhood, Mara Holdings and Riot Platforms also traded higher after a big 2024. A crypto token called “fartcoin” skyrocketed 45% and now has $1.38 billion market value.
Elsewhere, retail traders active on social media were busy playing a guessing game after online personality Roaring Kitty posted a cryptic gif on X featuring a “Chappelle’s Show” sketch in which comedian Dave Chappelle plays the late funk musician Rick James.
One of James’ songs is titled “Unity,” and some believe the meme stock leader, also known as Keith Gill, was referring to Unity Software, whose stock soared 9.1%. Others thought he was back touting his original favorite GameStop, whose shares also caught a bid.

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Meanwhile, semiconductor stocks — 2024’s big winners — helped lead the market again after the artificial intelligence trade lost some steam at the end of last year. Nvidia gained 3% Thursday.

What’s more, golf stock Topgolf Callaway Brands surged 14.5% on the back of an upgrade at Jefferies to buy from hold. The investment bank said shares of the golf equipment maker looked oversold and raised its price target to 65% above where the name closed the year.
With a pickup in market speculation, broad stock indexes were briefly higher to kick off 2025. The Dow Industrial Average advanced as much as 300 points before losing its momentum to close the day lower.
Thursday’s dramatic moves resembled the initial rallies on the back of Donald Trump’s election victory in November, as investors bet his pro-business policies would drive companies and the economy to strong growth. Those gains slowed toward the end of 2024 as concern grew that the president-elect’s protectionist policies could stir inflation or disrupt supply chains, and as the Federal Reserve signaled fewer interest rate cuts in 2025.
“Many investors assume that the incoming administration’s push for deregulation will unleash ‘animal spirits,'” Lisa Shalett, chief investment officer of Morgan Stanley Wealth Management, said in a recent note to clients. “But what if it only accelerates the concentration of monopoly power in the hands of a few, diluting the efficacy of broad economic measures and leaving behind even larger swaths of the populace?”
Correction: Online personality Roaring Kitty posted a gif on X featuring a “Chappelle’s Show” sketch in which comedian Dave Chappelle plays the late funk musician Rick James. An earlier version misstated the details of the post.

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Ken Griffin, founder and CEO of Citadel, speaks during The New York Times’ annual DealBook Summit in New York City, Dec. 4, 2024.
Michael M. Santiago | Getty Images

Billionaire investor Ken Griffin’s handful of hedge funds at Citadel all posted double-digit returns in 2024, led by its tactical trading strategy.
Citadel’s multistrategy Wellington fund, its largest, finished the year up 15.1%, according to a person familiar with the returns. All five strategies used in the flagship fund — commodities, equities, fixed income, credit and quantitative — were positive for the year, the person said.

The Miami-based firm’s tactical trading fund was the standout performer, with a 22.3% return for 2024, the person said. Citadel’s equity fund returned about 18%, while its global fixed income strategy gained 9.7%.
Citadel declined to comment. The hedge-fund giant had $66 billion in assets under management as of December.
The stock market just closed out a banner year with the S&P 500 surging 23.3%, building on a gain of 24.2% in 2023. The two-year gain of 53% is the best since the nearly 66% rally in 1997 and 1998.
Griffin recently criticized the steep tariffs President-elect Donald Trump has vowed to implement, saying crony capitalism could be a consequence.
The CEO also said he’s not focused on taking Citadel Securities public in the foreseeable future. The securities firm is a Miami-based market maker founded by the 56-year-old Florida native in 2002. More

A little over a decade ago Seth Klarman, a hedge-fund titan, worried that an asset-price bubble was emerging. He identified Tesla as one of the firms best exemplifying exuberance in the market. At the time, Elon Musk’s electric-vehicle company was worth around $30bn. Today its stockmarket value is $1.3trn. More

To get a full sense of the disruptive potential of Donald Trump’s economic agenda, look beyond the limelight hogged by Elon Musk to the wider cast of characters in the president-elect’s orbit. Russ Vought, a budget director, promises to “break the bureaucracy to the presidential will”. Peter Navarro, a trade adviser, muses about cancelling America’s trade deal with Canada and Mexico. Andrew Ferguson, an antitrust official, rails against big tech firms for suppressing dissident speech. More

For investors who bought on the rumour, it is nearly time to sell on the news. They have spent months gripped by uncertainty over what America’s next president will do in office, as rumours have flown thick and fast. How high will tariffs rise, and how strongly will other countries retaliate? Will he really keep campaign-trail promises of mass deportations, sweeping deregulation or trillion-dollar tax cuts? What will it all mean for growth, inflation and asset prices? With Donald Trump’s inauguration on January 20th, answers will at last start to arrive. More

Financial stability is top of mind for many Americans heading into 2025.
Five financial planners on CNBC’s Advisor Council discuss the financial resolutions households should target next year.

Getty Images

Personal finances are top of mind for many households as they get set to ring in the new year.
About 38% of Americans ranked financial stability as their No. 1 focus area for 2025, according to a recent Allianz Life survey.

CNBC reached out to certified financial planners on its Financial Advisor Council to list their top resolutions for households as they look ahead to the coming year.
Here’s the financial advice they offered.
Kamila Elliott, Co-founder and CEO of Collective Wealth Partners

Kamila Elliott, CFP, is co-founder and CEO of Collective Wealth Partners in Atlanta.
Kamila Elliott

Create and stick to your budget! Max out on retirement contributions and create one personal financial goal such as paying off credit cards or investing an additional $100 a month in an investment account.
Barry Glassman, Founder and president of Glassman Wealth Services

Courtesy Barry Glassman

It starts and ends with knowing where the money is going. I encourage people to track their spending for a period of time, maybe going back to three months’ worth of credit card and Apple Pay payments. It’s incredible what behaviors will change once people just know the truth.
Marguerita Cheng, CEO of Blue Ocean Global Wealth

Courtesy Marguerita Cheng

I’m going to say estate planning. It’s important for everyone to address — even for an 18-year-old heading off to college in Fall 2025. I had my daughter complete a health care and financial power of attorney before I sent her off to college.

If people feel overwhelmed with the estate planning process, I remind people that it’s a process. Start with a financial and health care power of attorney.
You can then focus on beneficiary designations. Next, a will and trust, if the trust is appropriate for your situation. This process also helps individuals track down retirement plans from former employers. Estate planning is a wonderful opportunity to revisit life insurance as well.
More from Personal Finance:What it would cost to live like the ‘Home Alone’ family todayOnly 21% of workers contribute to a Roth 401(k)’Higher for longer’ interest rates benefit cash accounts
Lee Baker, founder, owner and president of Claris Financial Advisors

Courtesy Lee Baker

1. It’s not a popular subject but take the time review all your insurance coverages: 
Auto and home in particular have jumped significantly for many people. Don’t forget about disability and life insurance. As long as you can get up and earn a living, you can replace your car or rebuild your home. What happens if you can’t generate an income?

2. Spend some time reviewing your tax strategies and retirement planning: 

Required minimum distributions: Do you ‘need’ them? Would making Qualified Charitable Distributions improve your overall picture?
Tax loss harvesting: Here’s an opportunity to improve your overall portfolio performance.
Employee benefits: Are you fully taking advantage of a health savings account (if available) and retirement plan contributions?

3. Review your cash flow:
If you spent more than you should have over the holidays, now is a good time to make a plan to get rid of that financial hangover as well as making a plan to avoid it next year. Take a look at your personal interest rate environment. We have gotten a few rate cuts from the Federal Reserve so far. There may be more but either way take stock of your situation.
Cathy Curtis, founder and CEO of Curtis Financial Planning

Courtesy Cathy Curtis

1. Automate savings:
One of the best features of company retirement plans such as 401(k) plans and 403(b) plans is that the contribution amounts are automatically taken out of a person’s paycheck each month, and then the funds are automatically invested in a pre-selected selection of funds.
Since it’s important to save outside of retirement as well for other goals, setting up an automatic withdrawal from a checking account to a savings or investment account is a smart move. First step is to determine how much to save each money based on cash flow and then set up a monthly or quarterly transfer. Once it is set up, it is out of sight and out of mind and the savings will grow.

It starts and ends with knowing where the money is going … It’s incredible what behaviors will change once people just know the truth.

Barry Glassman
Founder and president of Glassman Wealth Services

2. Manage overspending:
In order to get a handle on overspending, the first step is to identify the spending weaknesses. It could be household furnishings, electronic equipment, clothing, travel, or jewelry, etc. Then, write down how much was spent in the problem category. A good way to find the numbers is to look at the year-end credit card statements. Then, write down a number that is 20-30% below the amount spent in 2024 and make that a new budget and target for 2025. Track spending each month on a spreadsheet or app to keep the spending goal top of mind.

3. Stay invested no matter the headline news:
If the end of 2024 is any indication, 2025 is likely to be a turbulent year in the stock market. With a new presidential administration coming in, global wars, inflation and uncertainty around the projection of interest rates, that is much to worry about. But decades of history show us that the market will go up over longer periods and the smartest move a long-term investor can make is to keep investing and stay invested. More

For decades, Art Cashin, UBS’ director of floor operations at the New York Stock Exchange, would write a New Year’s poem to reflect back on the year’s events. With Cashin’s passing earlier this month, his sons, Arthur and Peter, sent this homage to their father:
Some Other Cashins’ Comments:  An Homage PresentationDecember 30, 2024 

by Arthur Cashin III and Peter Cashin
In 2024,Wall Street stopped in fear.No more annual poemswithout Arthur here?
My brother and Isaid, “Let’s give this a try,”but with one precondition,there would be no AI!
Genetics or environment,we share his same vice.So, we joined our feeble minds,while marinating some ice. 
Paris hosted the Olympicsand chose to begin,by having the openingfloat down the Seine.

A container ship took outthe Francis Scott Key.The world wondered if Putindid same to Navalny.
The ruler of Syria,al-Assad is now gone,but in Ukraine and Gaza,the wars still carry on.
‘Round most of the world,incumbents lost reelection.Here in the U.S.,45’s now 47.
Wall Street continuedits historic bull run.And with the help of Wegovy,the world lost a ton.
Taylor Swift can go home.Eras came to an end.But only on the fielddid Travis’ knee bend.
Boeing’s labor strifepaused the 737.They also left two astronautsbetween here and heaven.
Some finance greats areno longer among us.We lost Jim Simons andHD’s Bernie Marcus.
We lost the deep bassHollywood counted upon.The voice of Mufasaand Vader is gone.
The choir of angelsgot a whole lot betternow that Cissy and Whitneyare singing together.
Arlo Guthrie’s old muse,she has a new haunt.Alice Brock is in heaven,at a new restaurant.
Toby Keith and Kristoffersonclimbed that heavenly stair.Now jammin’ with Buffett,must be 5 o’clock there.
Phil Donahue is up there,booking new guests.Wonder if Dr. Ruthwill be on his stage next.
A remake of “Tootsie”seems not to be far.Dabney Coleman was joinedby the great Teri Garr.
Whitey Herzog submittedhis final all-star roster.With Rose, Mays and Cepeda;not a single impostor.
Lou Carnesecca now coachesa team that’s the best,with players like Mutomboand Walton and West.
Zagallo and Beckenbauer,both Of World Cup fame,will rejoin greats like Pelefor a quick pick-up game.
Remember that sound biteyou’d hear without fail?We no longer have the voicewho said: “You’ve got mail!”
A poet laureate left us,as they eventually would.We can’t overlookthe great Charles Osgood.
And we would be remissnot to share why we’re sad.This exercise brought memoriesof our dear old dad.
To others, he was Arthur,Mr. Cashin or Chief.But he was our fatherand we share now our grief.
You knew him ashe wanted to be:Historian, philanthropist,soul of the NYSE.
If he joined you for drink,you should have been flatteredand talk markets or politics,or things that truly mattered.
From comments to speeches,writing was his art.But was he as funnyas the late Bob Newhart?
An Xavier alum,a true Jesuit scholar.Of his alma mater,there was no one prouder.Were it not for Ray Charlesor voters in Jersey,you never would have seen himon CNBC.
So as this year endsand you look to ’25,we offer two tipsto help you survive.
Cherish those still here.Remember those you miss.From the Cashins to yours,all the best is our wish.Begorrah, menorah,Lanza and Kwanzaa,May your New Year be filledwith true abbondanza!And as the ice meltedin each of our glasses,we knew if Dad read thishe’d kick both our asses. 
Rest in peace, Dad.
Art Cashin also traditionally led the annual singing of “Wait ’till the Sun Shines, Nellie” with current and former NYSE members on New Year’s Eve. On Tuesday, the sons will lead the singing at 1:45 p.m. ET and ring the bell to close out the year. More

After a blistering 150% rally in bitcoin this year, crypto investors and industry executives told CNBC they’re expecting the flagship cryptocurrency to hit new all-time highs in 2025.
Several industry watchers who spoke to CNBC forecast bitcoin will hit $200,000 in 2025.
The highest call is for bitcoin to surge to $250,000.

Representations of cryptocurrency Bitcoin are seen in this illustration taken Nov. 25, 2024.
Dado Ruvic | Reuters

After a blistering rally in bitcoin this year, crypto investors and industry executives told CNBC they’re expecting the flagship cryptocurrency to hit new all-time highs in 2025.
In December, the world’s largest cryptocurrency broke the highly-anticipated $100,000, setting a record high price above that. That came after Donald Trump — who ran on a prominently pro-crypto policy platform — secured a historic election win in November.

Trump’s imminent return to the White House has boosted sentiment surrounding crypto with many industry executives and analysts expecting him to promote a more favorable regulatory environment for digital assets.
During his election campaign, Trump vowed to replace incumbent Securities and Exchange Commission Chair Gary Gensler, who has taken aggressive legal actions against various crypto firms. Gensler agreed to step down from the SEC in 2025.

Trump has also indicated the U.S. could establish a strategic bitcoin reserve, by pooling funds obtained through seizures from criminal activity.
Also in 2024, bitcoin topped 2021’s price milestone of close to $70,000 after the SEC gave the green light to the first U.S. spot bitcoin exchange-traded funds, or ETFs.
The ETF approval was widely viewed as a key moment for the cryptocurrency as it broadens its appeal to more mainstream investors.

The other key moment in 2024 was the halving, an event that takes places every four years and reduces the supply of bitcoin onto the market. This is typically very supportive for bitcoin’s price.
These developments helped move crypto past the narrative of an industry marred by scandal. That was the dominant theme of 2023 as two of crypto’s most prominent figures — FTX’s Sam Bankman-Fried and Binance’s Changpeng Zhao — both received prison sentences over criminal charges.
This year, bitcoin has more than doubled in price. The token is widely expected to see even more positive price momentum in 2025 — with several industry watchers predicting a doubling in value to $200,000.

CoinShares: $80,000-$150,000

James Butterfill, head of research for crypto-focused asset manager CoinShares, told CNBC that he sees prices of both $150,000 and $80,000 being on the cards for bitcoin in 2025.
Butterfill said in the long term it wouldn’t be “unreasonable” to expect bitcoin to become worth about 25% of gold’s market share — up from about 10% currently. That would equate to a price of $250,000.
But he doesn’t see that happening next year. “Timing of this is very difficult though and I don’t expect this to occur in 2025, but it will head in that direction,” Butterfill told CNBC via email.
He said that it is “likely” bitcoin could hit both $80,000 and $150,000 during the course of the year.  
Butterfill’s $80,000 call, if hit, would be a result of Trump’s promised pro-crypto policies not materializing.
“Disappointment surrounding Trump’s proposed crypto policies and doubts about their enactment could prompt a significant market correction,” Butterfill said.
Next year, Butterfill expects a favorable U.S. regulatory environment to be the primary driver supporting bitcoin prices.
In 2023, CoinShares forecast bitcoin at $80,000 in 2024.

Matrixport: $160,000

Matrixport, a crypto financial services firm, said bitcoin could hit $160,000 in 2025.
“This outlook is supported by sustained demand for Bitcoin ETFs, favorable macroeconomic trends, and an expanding global liquidity pool,” Markus Thielen, head of research at Matrixport told CNBC by email.
Bitcoin is known to be very volatile with the potential for corrections of between 70% and 80% from all-time highs. Thielen said the drawdowns in 2025 will be “less pronounced.”
“Bitcoin’s growing base of dip buyers and robust institutional support is expected to mitigate severe corrections,” Thielen said.
Matrixport predicted in 2023 that bitcoin would hit $125,000 in 2024.

Galaxy Digital: $185,000

Alex Thorn, head of research at crypto-focused asset manager Galaxy Digital, sees bitcoin crossing $150,000 in the first half of the year before reaching $185,000 in the fourth quarter.
“A combination of institutional, corporate, and nation state adoption will propel Bitcoin to new heights in 2025,” Thorn wrote in a research note shared with CNBC.
“Throughout its existence, Bitcoin has appreciated faster than all other asset classes, particularly the S&P 500 and gold, and that trend will continue in 2025. Bitcoin will also reach 20% of Gold’s market cap.”
Galaxy predicts U.S. spot bitcoin exchange-traded products will collectively cross $250 billion in assets under management in 2025.
The firm expects next year will also see five Nasdaq 100 companies and five nation states add bitcoin to their balance sheets or sovereign wealth funds.

Standard Chartered: $200,000

Geoffrey Kendrick of Standard Chartered is calling for a doubling in price for bitcoin. The bank’s head of digital assets research said in a note earlier this month that he expects bitcoin to hit $200,000 by the end of 2025.
Standard Chartered expects institutional flows into bitcoin to “continue at or above the 2024 pace” next year.
Bitcoin inflows from institutions have already reached 683,000 BTC since the start of the year, the bank noted, via U.S. spot ETFs that were largely purchased by MicroStrategy, a software firm and effective bitcoin proxy.
Kendrick said bitcoin purchases by MicroStrategy should “match or exceed its 2024 purchases” next year.
Pension funds should also start including more bitcoin in their portfolio via U.S. spot ETFs next year thanks to anticipated reforms from the incoming Trump administration to rules on so-called “TradFi” (traditional finance) firms making investments in digital currencies, he added.
“Even a small allocation of the USD 40tn in US retirement funds would significantly boost BTC prices,” Kendrick noted. “We would turn even more bullish if BTC saw more rapid uptake by US retirement funds, global sovereign wealth funds (SWFs), or a potential US strategic reserve fund.”

Carol Alexander: $200,000

Carol Alexander, professor of finance at the University of Sussex, sees $200,000 bitcoin as a possibility next year.
“I’m more bullish than ever for 2025,” Alexander told CNBC, adding bitcoin’s price “could easily reach $200,000 but there are no signs of volatility reducing.”
“By the summer I expect that it will be trading around $150,000 plus or minus $50,000.” Alexander clarified she doesn’t actually own any bitcoin herself.
Explaining her rationale, Alexander said that supportive U.S. regulation will boost bitcoin, however, a lack of regulation on crypto exchanges will continue to drive volatility due to highly-leveraged trades shooting prices up and down.
Alexander has a history of correctly calling bitcoin’s price. Last year, she told CNBC that bitcoin would hit $100,000 in 2024, which it did.

Bit Mining: $180,000 – $190,000

Youwei Yang, chief economist at Bit Mining, is predicting bitcoin will hit a price of between $180,000 to $190,000 in 2025 — but he’s also cautious of potential pullbacks in price.
“Bitcoin’s price in 2025 is likely to see both significant upward momentum and occasional sharp corrections,” Yang told CNBC. “In moments of market shocks, such as a major stock market downturn, bitcoin could temporarily drop to around $80,000. However, the overall trend is expected to remain bullish.”
Factors underlying an anticipated bitcoin rally in 2025 include lower interest rates, support from Trump, and increased institutional adoption.
“Based on these dynamics, I predict Bitcoin could peak at $180,000 to $190,000 in 2025, aligning with historical cycle patterns and the growing mainstream adoption of crypto,” Yang said.
Nevertheless, Yang also expects next year to bring a number of “corrections” for bitcoins price, too.
Risks to the downside include U.S.-China tensions, global capital market disruptions, potential unexpected restrictive measures, and possible delays to the Fed rate-cutting cycle.
Last year, Yang forecast bitcoin would hit $75,000 in 2024.

Maple Finance: $180,000 – $200,000

Sid Powell, CEO and co-founder of centralized finance platform Maple Finance, is targeting a price of between $180,000 and $200,000 for bitcoin by the end of 2025.
“If you look historically when we saw gold ETFs come in, the inflows in the first year increased dramatically in subsequent years — and I think we can expect to see that with the bitcoin ETFs,” Powell told CNBC’s “Squawk Box Europe.”
“I think we will see higher inflows in subsequent years as bitcoin and indeed crypto becomes a core asset allocation for institutional asset managers,” Powell added.
Another factor Powell sees boosting bitcoin’s price is the anticipation of a bitcoin strategic reserve in the U.S.
Still, Maple Finance’s boss is mindful about market pullbacks. “I think you’ll of course see corrections — crypto remains a cyclical industry,” Powell told CNBC.

In previous market cycles, bitcoin has risen wildly over the course of a few months before plummeting sharply in value.
Take the previous cycle, for example: in 2021, bitcoin rallied to nearly $70,000 as more and more investors piled in but the subsequent year, the token plunged to less than $17,000 on the back of a series of major crypto company bankruptcies.
However, Powell stressed that the 70% to 80% drawdowns bitcoin has seen in cycles past are unlikely in 2025 “because there is more of a buffer from those institutional inflows into the sector.”

Nexo: $250,000

Elitsa Taskova, chief product officer of crypto lending platform Nexo, is more bullish on bitcoin’s 2025 prospects than the general consensus.
“We see bitcoin more than doubling to $250,000 within a year,” Taskova told CNBC, adding that in the longer term — as in, over the next decade — she sees the entire crypto market capitalization surpassing that of gold.
“These projections align with ongoing trends and social markers: increasing recognition of Bitcoin as a reserve asset, more Bitcoin and crypto-related exchange-traded products (ETPs), and stronger adoption,” Nexo’s product chief said.
Supportive macroeconomic conditions, such as easing of monetary policy from the world’s major central banks, is likely to boost bitcoin, she added.
“The Federal Reserve’s balancing act – managing interest rates and inflation while avoiding stagnation – will be pivotal,” she said, cautioning that on the flipside, persistent inflation could also prompt a hawkish pivot.
“As the U.S. leads in crypto-related capital deployment, rate decisions and inflation dynamics will likely remain key influences on bitcoin’s price in 2025.” More