"Coin Stock" Becomes a Hot Target in the Global Stock Market, Analysis of the Layout of 44 Major Players

Cryptographic assets are sweeping the global capital markets. From trading platform giants to enterprise-level Bitcoin buyers, as well as mining companies and on-chain financial complexes, more and more publicly listed companies are using cryptographic assets and blockchain technology as a new engine to drive up stock prices.

What kind of capital logic and development trend is behind this wave? This article deeply analyzes 44 representative listed companies globally and summarizes five key tracks based on their core crypto business attributes.

• Cryptocurrency trading platform: the core hub of the market
• Stablecoin Issuer: A Bridge Connecting Traditional and Crypto
• Crypto asset heavyweights: "digital gold" on the balance sheet
• Blockchain Technology and DeFi Pioneer: Building the Future Financial Infrastructure
• Crypto Mining Enterprises: Guardians of Hash Power and Value

Cryptocurrency Exchange Platform: The Core Hub of the Market

Coinbase Global

Coinbase is a compliant cryptocurrency exchange based in the United States, established in 2012. As of the first quarter of 2025, Coinbase holds 9,267 BTC and 137,334 ETH.

Bakkt

Bakkt was launched by ICE, the parent company of the New York Stock Exchange, in 2018, focusing on digital asset custody, trading, and infrastructure services. In June 2025, Bakkt updated its investment policy, planning to allocate funds to digital assets such as Bitcoin.

Robinhood

Robinhood is an American financial services company founded in 2013. The company has now expanded into cryptocurrency trading, supporting the trading of assets like Bitcoin and Ethereum, and promoting the USDG stablecoin. In June 2025, it completed a $200 million acquisition of Bitstamp.

OSL Group

OSL Group is a licensed compliant digital asset platform headquartered in Hong Kong, established in 2018. It provides cryptocurrency trading, custody, and compliance solutions for institutional and retail clients.

Guotai Junan International

Guotai Junan International is a financial services company headquartered in Hong Kong. In June 2025, it received approval from the Hong Kong Securities and Futures Commission to upgrade to a license that allows it to provide virtual asset trading services.

OK Blockchain

OKChain is a Chinese blockchain technology company, part of the OK Group. It focuses on blockchain infrastructure, data analysis, and financial services, providing technical support to exchanges, institutions, and developers.

Stablecoin Issuers: Bridging Traditional and Crypto

Circle Internet Group

Circle is an American fintech company that collaborated with Coinbase to issue the USDC stablecoin in 2018. In 2025, it raised $1.05 billion through an IPO, and its stock price soared 168% on the first day of trading.

JD Coin Chain Technology

JD Coin Chain Technology is a subsidiary of China's e-commerce giant JD.com, focusing on the application of blockchain technology. It is currently testing stablecoins pegged to the Hong Kong dollar and the US dollar.

Xiongan Technology

Xiong'an Technology is a blockchain and fintech solution company located in the Xiong'an New Area. Its subsidiary "Xiong'an Fund" has previously laid out stablecoin infrastructure.

Crypto Asset Holders: "Digital Gold" on the Balance Sheet

MicroStrategy

MicroStrategy is an American business intelligence company that currently holds nearly 580,000 Bitcoins, making it the largest corporate Bitcoin holder in the world.

Tesla

Tesla once purchased $1.5 billion worth of Bitcoin and accepted it as a payment method, later selling off most of its holdings.

GameStop Corp.

GameStop launched its NFT marketplace in 2022 and holds Bitcoin as part of its crypto reserve strategy.

Meitu

Meitu invested in Bitcoin and Ethereum in 2021 to diversify its asset reserves.

Trump Media & Technology Group

TMTG adopts a Bitcoin reserve strategy, aiming to hold $2.3 billion worth of cryptocurrency assets.

Metaplanet

Metaplanet imitates MicroStrategy's Bitcoin-centered strategy, planning to acquire 210,000 BTC by 2027.

SharpLink Gaming

SharpLink Gaming announced that Ethereum is its primary reserve asset, becoming the largest publicly traded company holding Ethereum, with a holding of 188,478 ETH.

Cantor Equity Partners

Cantor Equity Partners adopts a Bitcoin reserve strategy, aiming to hold $3 billion worth of crypto assets.

NextTech Holding

NextTech Holding holds Bitcoin as reserves, with a total reserve of 5833 coins as of now.

Asset Entities

Asset Entities announced a merger agreement with Strive Asset Management, and after the merger, it will become a publicly listed Bitcoin financial company.

ATIF Holdings Limited

ATIF Holdings announced a stock issuance plan, intending to raise $100 million to purchase Dogecoin as a financial reserve investment for the company.

Brooker Group Public Company

Brooker Group is the first listed company in Thailand to hold various cryptocurrencies such as Bitcoin and Ethereum.

SRM Entertainment, Inc.

SRM Entertainment announced that it will use TRX from TRON as its core reserve asset and plans to rename itself "Tron Inc.".

Nine Purple New Energy

Jiuzixinneng plans to purchase 1,000 coins of Bitcoin within the next year to optimize its asset structure and diversify traditional operational risks.

Kindly MD

Kindly MD plans to merge with the Bitcoin native company Nakamoto Holdings, aiming to create a publicly listed "Bitcoin treasury platform".

Siebert Financial Corp.

Siebert Financial plans to raise funds by issuing securities to purchase digital assets such as BTC, ETH, and Solana.

Trident Digital Tech Holdings

Trident Digital Tech Holdings announced fundraising of up to $500 million to build the XRP treasury.

VivoPower International

VivoPower International announced that it will become the first publicly listed company with XRP as its core treasury, having held approximately 735,692 XRP.

Webus International

Webus International plans to raise up to $300 million in funding to build an enterprise treasury centered around XRP.

Wellgistics Health

Wellgistics Health announces the launch of the XRP payment network + treasury reserve model.

Blockchain Technology and DeFi Pioneers: Building the Financial Infrastructure of the Future

Galaxy Digital

Galaxy Digital is a global digital asset financial services group that provides cryptocurrency trading, asset management, and consulting services. As of now, it publicly holds approximately 12,830 coins.

Yuxing Technology

Yuxing Technology specializes in information appliances agency, distributed storage, IDC services, and digital asset business. In 2021, it purchased mining equipment and participated in the construction of IPFS/Filecoin related infrastructure.

New Fire Technology

New Fire Technology focuses on compliance services for digital assets, with business including asset management, custody, mining, trading, and blockchain technology solutions.

Defi Technologies

DeFi Technologies is one of the leading digital asset ETP issuers in Europe. As of the end of May, the company holds approximately 208.8 BTC, 121 ETH, and 14,375 SOL.

DeFi Development Corp

DeFi Development Corp focuses on the Solana treasury. As of May 2025, it holds approximately 621,313 SOL.

Upexi

Upexi launched the Solana treasury transformation in 2025. As of June, the total holding is approximately 735,692 SOL.

BTCS Inc.

BTCS Inc. focuses on NodeOps node cloud, Staking-as-a-Service, and on-chain data analysis. As of now, it holds 14,600 ETH.

Mercurity Fintech Holding Inc.

Mercurity Fintech Holding Inc. is a blockchain technology company that has transformed into a "compliance fintech + blockchain payment and RWA market" platform.

Crypto Mining Companies: Guardians of Hashrate and Value

Bitdeer Technologies

Bitdeer Technologies is a global Bitcoin mining and computing power operator. In May, they self-mined 196 BTC, an increase of 18% compared to April.

Canaan Inc.

Jianan is one of the first manufacturers in the world to launch ASIC Bitcoin mining machines. Its main products include the Avalon series of mining machines, and it also operates self-owned and third-party mining machine rental businesses.

CleanSpark

CleanSpark is an American Bitcoin mining company focused on sustainable energy solutions. As of June 2025, the company's hash rate exceeded 50 EH/s.

DMG Blockchain Solutions

DMG Blockchain Solutions is a Canadian full-stack blockchain company that utilizes clean energy technology, combining Bitcoin mining, blockchain software, hosting services, and data center operations.

Hut 8 Corp.

Hut 8 Corp. is one of the largest energy infrastructure operators in North America. As of March 31, 2025, it has mined 10,273 BTC, with total reserves exceeding $1.1 billion.

Marathon Digital

Marathon Digital Holdings is an American Bitcoin mining company. As of May 2025, it has a self-owned BTC reserve of approximately 49,179 coins, and an energized hash rate of 58.3 EH/s.

Riot Platforms

Riot Platforms focuses on Bitcoin mining as its core business. In May 2025, it produced 514 BTC, a year-on-year increase of 139%.

Conclusion

From MicroStrategy's radical strategy of becoming a "Bitcoin treasury" to SharpLink Gaming's transformative ambition of creating an "ETH battleship", and then to pioneers like Metaplanet and Valour packaging on-chain assets into compliant financial products—publicly listed companies around the world are integrating crypto assets into their value engines at an unprecedented speed and innovative posture. This is no longer just a technical experiment, but a profound revolution concerning balance sheet reconstruction and future valuation logic.

This round of the bull market is far from a simple fluctuation in coin prices. Its deep-seated driving force comes from the large-scale acceptance and value reassessment of the narrative of crypto assets by traditional capital markets. Uncovering these "narrative valleys" may very well become the most alpha-generating investment direction this summer. The wave of integration between crypto assets and traditional equity is unstoppable; those who understand the rules of this "dual game" first will be able to seize opportunities in the tidal wave of value reassessment.