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Bitfarms, Curaleaf, and Energy Fuels led the surge in small- and mid-cap momentum plays, essentially doubling in value over the past three months.
“Risk on!” was the theme of the third quarter in Canadian equity markets, as niche and smallish-cap stocks shot to the top of the performance table. Of the top 10 mid- and large-capitalization performers in Q3, eight more than doubled in value.
The best stock to have in your portfolio was data centre operator Bitfarms Ltd., with an eye-popping 247.8% return over the 90 days to September 30, followed by cannabis producer Curaleaf Holdings Inc. (233%) and uranium miner Energy Fuels Inc. (171.5%).
The 213-member S&P/TSX Composite—the standard index of Canadian stocks—gained 11.8% over the period. Its total return, including dividends, was 12.5%. These numbers compared favourably with the S&P 500 in the U.S., which returned 7.8% (8.1% total return) in Q3.
Of the 296 mid- to large-capitalization stocks in Canada (with a market value of $2 billion or more), the standouts included technology, cannabis, uranium, fast fashion, and gold companies—the domain of risk-takers. One of the top 10 performers (listed below), Cresco Labs Inc., started the quarter as a penny stock.
Bitfarms has benefited lately from gains in the value of bitcoin, which it “mines,” and demand for data centres due to the artificial intelligence (AI) boom. The Toronto-headquartered company’s second-quarter revenue was up 87% year over year.
Curaleaf, which is based in Wakefield, Mass., joined the S&P/TSX Composite in September, becoming the only cannabis producer on the index. Inclusion in a major index usually boosts a company’s stock price as index funds are forced to add it to their portfolios. Curaleaf has also been buoyed by social media posts by U.S. President Donald Trump apparently in favour of wider cannabis legalization and Medicare funding for medical applications.
Lakewood, Colo.-based Energy Fuels’ growth has been driven by rising uranium prices and the Trump administration’s determination to boost nuclear energy use and supply chains in the United States. The company also has a sideline in rare earth elements, a market currently dominated by China but in which the U.S. seeks to develop its own supplies.
Here are Canada’s top 10 best performing mid- to large-cap momentum stocks for Q3 2025:
| Rank | Company name | Ticker | Jun 30 close ($) | Sep 30 close ($) | % gain |
|---|---|---|---|---|---|
| 1 | Bitfarms Ltd. | BITF | 1.13 | 3.93 | 247.8 |
| 2 | Curaleaf Holdings Inc. | CURA | 1.15 | 3.83 | 233.0 |
| 3 | Energy Fuels Inc. | EFR | 7.87 | 21.37 | 171.5 |
| 4 | Cresco Labs Inc. | CL | 0.70 | 1.82 | 160.0 |
| 5 | Groupe Dynamite Inc. | GRGD | 26.25 | 59.72 | 127.5 |
| 6 | Novagold Resources Inc. | NG | 5.60 | 12.30 | 119.6 |
| 7 | Trulieve Cannabis Corp. | TRUL | 5.16 | 11.21 | 117.3 |
| 8 | China Gold International Resources Corp. Ltd. | CGG | 12.37 | 24.93 | 101.5 |
| 9 | Equinox Gold Corp. | EQX | 7.86 | 15.59 | 98.4 |
| 10 | SSR Mining Inc. | SSRM | 17.37 | 33.98 | 95.6 |
A hot streak in one three-month period is no guarantee of continued gains, especially for smaller or unprofitable companies in volatile industries. But momentum has been demonstrated to be a positive factor in investing, more often than not. There is no consensus on the optimal holding period for further price growth, though. Some investors say just a few months; others, a year or more.
Momentum investing can be complemented with other factors such as value, growth, or dividend investing, helping ensure investors don’t end up simply buying stocks at high prices, only to see them fall thereafter.
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