The global capital market is experiencing a crypto revolution! From trading giants like Coinbase to corporate Bitcoin buyers such as MicroStrategy and Meitu, and hybrid "mining + DeFi" entities like Galaxy and Marathon — publicly traded companies are increasingly leveraging crypto assets and blockchain technology as catalysts for stock price growth.
This report dissects 44 representative global companies actively shaping crypto's financial future, categorized into five pivotal sectors:
- Crypto Trading Platforms: Market liquidity hubs
- Stablecoin Issuers: Bridging traditional and crypto finance
- Heavy Crypto Asset Holders: Digital gold on balance sheets
- Blockchain & DeFi Pioneers: Building next-gen financial infrastructure
- Mining Enterprises: Guardians of decentralized networks
Crypto Trading Platforms: Market Liquidity Hubs
Coinbase Global (NASDAQ: COIN)
Founded in 2012, Coinbase operates the largest U.S.-regulated crypto exchange, serving retail and institutional clients. Key highlights:
- Holds 9,267 BTC and 137,334 ETH as of Q1 2025
- Co-founder of USDC stablecoin with Circle
- Revenue model: Trading fees, custody solutions, institutional services
Bakkt (NYSE: BKKT)
Launched by ICE (NYSE's parent), Bakkt specializes in institutional-grade digital asset custody and trading. Recent developments:
- Revised $1B fundraising plan in June 2025 to allocate capital to Bitcoin
- Expanding OTC trading desks and regulatory-compliant products
Robinhood (NASDAQ: HOOD)
The commission-free trading app has aggressively expanded into crypto:
- Acquired Bitstamp for $200M (June 2025), adding 50+ licenses
- Proposed SEC framework for tokenized real-world assets
- Supports BTC/ETH trading and USDG stablecoin integration
Asia-Pacific Leaders:
- OSL Group (HKEX: 0863): Hong Kong’s licensed exchange
- Guotai Junan International (HKEX: 1788): First Chinese broker approved for crypto trading in HK
Stablecoin Issuers: Bridging Traditional Finance
Circle Internet Group (NASDAQ: CRCL)
- Issuer of USDC (2nd largest stablecoin at $28B market cap)
- 2025 IPO raised $1.05B, valuation hit $6.8B
- Focus: Cross-border payments and institutional adoption
Emerging Players:
- JD CoinChain Tech (HKEX: 9618): Testing HKD/USD-pegged stablecoins
- Xiong'an Tech (HKEX: 1647): Blockchain infrastructure for China’s digital yuan
Heavy Crypto Asset Holders: Corporate Treasuries
MicroStrategy (NASDAQ: MSTR)
- Largest corporate BTC holder: 580,000 BTC ($39B at $67k/BTC)
- Stock surged 4,315% since 2020 Bitcoin strategy inception
Notable Adopters:
| Company | Holdings | Strategy |
|---|---|---|
| Tesla (TSLA) | 15K BTC sold | Early adopter, paused payments |
| Meitu (1357.HK) | BTC + ETH | Diversification from photo apps |
| Trump Media (DJT) | $23M target | Political-branded crypto pivot |
Meme Coin Gambit:
- ATIF Holdings plans $100M DOGE treasury
- SRM Entertainment adopted TRX, merging with Tron
Blockchain & DeFi Pioneers
Galaxy Digital (NASDAQ: GLXY)
- Full-spectrum crypto services: trading, mining, ETFs
- Holds 12,830 BTC ($1.37B), 26% unrealized gains
DeFi Technologies (NASDAQ: DEFT)
- Valour subsidiary issues BTC/ETH/SOL ETPs
- Holds 621,313 SOL ($107M) via Solana Treasury
Mining Enterprises: Securing Networks
Marathon Digital (NASDAQ: MARA)
- Second-largest BTC holder: 49,179 BTC ($3.3B)
- May 2025 production: 950 BTC (58.3 EH/s hash rate)
Global Mining Map:
- CleanSpark (CLSK): 50 EH/s, 100% renewable energy
- Bitdeer (BTDR): 1.6 GW capacity across Norway/Thailand
Key Takeaways
- Corporate Treasuries Dominate: MicroStrategy’s BTC holdings exceed many nations’ reserves.
- Institutionalization Accelerates: Galaxy Digital’s Nasdaq listing signals mainstream acceptance.
- Regional Expansion: Asian firms like OSL capitalize on Hong Kong’s crypto-friendly policies.
FAQ
Q: Which company holds the most Bitcoin?
A: MicroStrategy (580K BTC), followed by Marathon Digital (49K BTC).
Q: Are stablecoins profitable for issuers?
A: Circle’s USDC generates revenue via interest reserves and transaction fees.
Q: How do miners hedge volatility?
A: Firms like Hut 8 use BTC-collateralized loans and HPC diversification.
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Data as of June 2025. Excludes politically sensitive/regulated entities.