Cryptocurrency becomes a new engine for the stock prices of listed companies, a comprehensive analysis of the layout of 44 major players

Author: Ethan (@ethanzhang_web3)

The wave of cryptocurrency is sweeping across global capital markets!

From trading giants like Coinbase to "corporate Bitcoin buyers" such as Meitu and MicroStrategy, and to the "mining + on-chain financial complex" represented by Galaxy and Marathon—an increasing number of listed companies are forging a new narrative engine that drives stock prices soaring by integrating crypto assets with blockchain technology!

What capital logic and evolutionary trends lie behind this craze? To clear the fog, Odaily Planet Daily has conducted an in-depth scan of 44 representative listed companies worldwide and distilled five key tracks based on their core crypto business attributes:

• Crypto trading platforms: The core hub of the market
• Stablecoin issuers: The bridge connecting traditional finance and crypto
• Heavyweight crypto asset holders: "Digital gold" on the balance sheet
• Blockchain technology and DeFi pioneers: Building the future financial infrastructure
• Crypto mining companies: The cornerstone guardians of computing power and value

This article will dissect the representative players and core logic of these five camps one by one, helping users accurately identify the next wave of dividends in the crypto capital market and strategically position themselves in the crypto narrative wave.

Crypto Trading Platforms: The Core Hub of the Market

Coinbase Global (NASDAQ: COIN)

Coinbase Global, Inc. is a compliant cryptocurrency exchange based in the United States, founded in 2012 by Brian Armstrong and Fred Ehrsam. Coinbase provides a secure trading platform that supports the buying, selling, transferring, and storing of cryptocurrencies, serving retail investors, institutions, businesses, and developers.

As of the Q1 2025 financial report, Coinbase co-founded the USDC stablecoin with Circle Internet Group and holds 9,267 BTC and 137,334 ETH.

Bakkt (NASDAQ: BKKT)

Bakkt is a U.S. company launched by the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, in 2018, focusing on digital asset custody, trading, and infrastructure services primarily for institutional investors. Bakkt provides a trading and storage platform for Bitcoin and other cryptocurrencies, emphasizing compliance and security, while also offering merchants solutions to accept crypto payments.

In June 2025, Bakkt updated its previous plan to raise $1 billion in investments, allowing it to allocate funds to Bitcoin and other digital assets based on market conditions and liquidity needs as part of Bakkt's broader financial and corporate strategy. The statement also indicated that Bakkt plans to explore more opportunistic financing alternatives, including issuing convertible notes, bonds, or other debt instruments for acquiring Bitcoin or other digital assets or making other investments according to Bakkt's investment policy.

Robinhood (NASDAQ: HOOD)

Robinhood Markets, Inc. is an American financial services company founded in 2013, known for its commission-free trading platform that supports trading in stocks, ETFs, options, and cryptocurrencies. The company has expanded into cryptocurrency trading and is actively exploring the RWA direction, supporting assets like Bitcoin and Ethereum, and participating in the Global Dollar Network to promote the USDG stablecoin pegged to the U.S. dollar.

On May 20, Robinhood submitted a 42-page proposal to the U.S. Securities and Exchange Commission aimed at creating a federal framework for tokenized real-world assets to modernize the U.S. securities market.

On June 3, Robinhood completed a $200 million cash acquisition of Luxembourg-based cryptocurrency exchange Bitstamp. This acquisition added over 50 licenses and registrations to Robinhood's crypto business and brought in a mature institutional client base.

OSL Group (HKEX: 0863)

OSL Group is a licensed and compliant digital asset platform based in Hong Kong, founded in 2018, and is one of Asia's regulated cryptocurrency exchanges. OSL provides cryptocurrency trading, custody, and compliance solutions for institutional and retail clients, including secure digital asset storage, brokerage services, and software-as-a-service (SaaS) solutions for blockchain integration.

Guotai Junan International (HKEX: 1788)

Guotai Junan International Holdings Limited is a financial services company based in Hong Kong, founded in 2007, and is a subsidiary of Guotai Junan Securities, one of China's largest securities firms. Its business includes brokerage, corporate finance, asset management, and wealth management. Although primarily focused on traditional financial markets, the company has explored blockchain and digital asset opportunities to adapt to the growth trend of cryptocurrencies in Asia, providing services to institutional and retail clients while leveraging its parent company's expertise to expand into international markets.

On June 24, it was officially approved by the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services and related advice. After the upgrade, clients can directly trade cryptocurrencies like Bitcoin and Ethereum, as well as stablecoins like Tether on its platform. Guotai Junan International thus became the first Hong Kong-based Chinese broker to offer comprehensive virtual asset-related trading services, covering virtual asset trading, consulting, and related product issuance and distribution.

OKLink (HKEX: 1499)

OKLink is a Chinese blockchain technology company under the OK Group, founded in 2016. It focuses on blockchain infrastructure, data analysis, and financial services, providing solutions such as blockchain explorers, anti-money laundering (AML) tools, and stablecoin settlement networks. Its blockchain analysis platform supports transaction tracking and compliance checks. OKLink provides technical support for exchanges, institutions, and developers, promoting global cryptocurrency adoption while emphasizing secure and scalable blockchain solutions.

Stablecoin Issuers: The Bridge Connecting Traditional and Crypto

Circle Internet Group (NASDAQ: CRCL)

Circle Internet Group is an American fintech company founded in 2013, which partnered with Coinbase in 2018 to issue the USD-pegged stablecoin USDC. In 2025, Circle raised $1.05 billion through an IPO, with its stock price soaring 168% on the first day of trading, giving the company a valuation of $6.8 billion. Circle focuses on stablecoin payments and trading infrastructure in the crypto industry. USDC is the second-largest stablecoin after Tether USDT and is widely used as a bridging currency.

JD Coinchain Technology (HKEX: 9618)

JD Coinchain Technology is a subsidiary of Chinese e-commerce giant JD.com, focusing on the application of blockchain technology in supply chain management, finance, and data security. Leveraging JD's expertise in logistics and technology, the company develops blockchain applications to enhance the transparency and efficiency of product traceability and anti-counterfeiting, while also exploring global payments and the JD stablecoin sector.

On May 23, JD Coinchain Technology CEO Liu Peng stated that the first phase of the JD stablecoin is tentatively planned to issue stablecoins pegged to the Hong Kong dollar and the U.S. dollar, with specifics adjusted based on regulatory and market demand. The JD stablecoin has not yet been officially issued and is currently in the second phase of sandbox testing, with mobile and PC application products aimed at retail and institutional clients. The testing scenarios mainly include cross-border payments, investment transactions, and retail payments.

Xiong'an Technology (HKEX: 1647)

Xiong'an Technology is a Chinese company based in the Xiong'an New Area, focusing on blockchain and fintech solutions. Xiong'an Technology develops blockchain platforms for smart city applications, financial services, and data management, aligning with China's strategy to promote blockchain applications in government and enterprises while focusing on secure and scalable blockchain solutions. Additionally, its subsidiary "Xiong'an Fund" has laid out stablecoin infrastructure.

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

MicroStrategy (NASDAQ: MSTR)

MicroStrategy Incorporated is an American business intelligence company founded in 1989. Since August 2020, under the leadership of CEO Michael Saylor, the company has held nearly 580,000 Bitcoins, making it the largest corporate holder of Bitcoin globally. MicroStrategy views Bitcoin as an anti-inflation asset, with its stock price increasing by 4315.85% since its first BTC purchase. Although the company's core business is analytics software, its Bitcoin reserve strategy has reshaped its valuation and market image.

Tesla (NASDAQ: TSLA)

Tesla, Inc. is an American electric vehicle and clean energy company founded by Elon Musk in 2003, focusing on innovative electric vehicles, solar products, and energy storage solutions. In 2021, Tesla purchased $1.5 billion worth of Bitcoin and accepted it as a payment method, later selling most of its holdings. Tesla's foray into cryptocurrency sparked a wave of corporate adoption of crypto assets, but its primary business remains focused on vehicles and renewable energy, with a market capitalization exceeding $1 trillion.

GameStop Corp. (NASDAQ: GME)

GameStop Corp. is an American retail company founded in 1984, specializing in video games, electronics, and gaming peripherals. It became famous in 2021 due to a stock price surge driven by retail investors. In 2022, GameStop launched an NFT marketplace, exploring blockchain and digital collectibles, and holds Bitcoin as part of its crypto reserve strategy, emulating MicroStrategy to enhance market attention.

Meitu (HKEX: 1357)

Meitu, Inc. is a Chinese tech company that provides photo editing and social media application services, founded in 2008. In 2021, Meitu invested in Bitcoin and Ethereum to diversify its asset reserves. This move aligns with its strategy of embracing digital innovation, complementing its core business in AI-driven imaging and beauty technology.

Trump Media & Technology Group (NASDAQ: DJT)

Trump Media & Technology Group (TMTG) is an American media company founded in 2021, operating the Truth Social platform. The company employs a Bitcoin reserve strategy, aiming to hold $2.3 billion in crypto assets, which may reshape TMTG's valuation narrative, although its primary business focuses on social media and content creation.

Metaplanet (TSE: 3350)

Metaplanet is a Japanese listed company that has adopted a Bitcoin-centric strategy similar to MicroStrategy. In 2024, the company allocated $5 billion to its U.S. subsidiary, planning to acquire 210,000 BTC by 2027, currently holding 12,345 BTC. In the context of its core business not being particularly prominent, its crypto reserves have successfully dominated its market narrative.

SharpLink Gaming (NASDAQ: SBET)

SharpLink Gaming is an American online gaming and betting technology company. After facing delisting risks in 2024 due to poor performance, it announced Ethereum as its primary reserve asset and secured a $425 million financing agreement, leading to a stock price surge of 1747.62%, making it the largest publicly listed holder of Ethereum, currently holding 188,478 ETH. SharpLink partnered with ConsenSys to gain support from the Ethereum ecosystem, potentially becoming a recent case study on how crypto reserves can revitalize struggling companies.

Cantor Equity Partners (NASDAQ: CEP)

Cantor Equity Partners is an American financial services company that adopted a Bitcoin reserve strategy after merging with Twenty One Capital, aiming to hold $3 billion in crypto assets. With support from Tether, SoftBank, and Brandon Lutnick, it continues to focus on investment and consulting services, attracting capital market attention and driving valuation growth through its crypto strategy.

NextTech Holding (NASDAQ: NXTT)

Next Technology Holding Inc. is a diversified SaaS technology service company based in Beijing, founded in 2019, primarily providing technology services and solutions through its social e-commerce platform in mainland China. The company also offers AI software development and technical support services to clients in the U.S., Hong Kong, and Singapore.

The company holds Bitcoin as a reserve, and on March 12, 2025, completed a transaction of 5,000 Bitcoins, issuing stocks and warrants, increasing the total circulating shares to 436 million. As of now, the total reserve is 5,833 Bitcoins.

Asset Entities (NASDAQ: ASST)

Asset Entities is an American digital marketing and content creation company founded on March 9, 2022, registered in Nevada and headquartered in Dallas, Texas. It went public on the NASDAQ on February 3, 2023. Its main services include social media marketing and content delivery, covering platforms like Discord and TikTok. The company also designs, develops, and manages Discord servers for clients under the "AE.360.DDM" brand, with services categorized into Discord investment education and entertainment services.

On May 7, 2025, Asset Entities Inc. announced a final merger agreement with Strive Asset Management. The merged company will operate under the Strive brand, continue to be listed on NASDAQ, and become a publicly traded Bitcoin financial company. The new company will focus on maximizing Bitcoin exposure per share, with a long-term goal of outperforming Bitcoin and maximizing value for common stock shareholders.

ATIF Holdings Limited (NASDAQ: ATIF)

ATIF Holdings Limited is an American financial consulting company founded in 2015, headquartered in Los Angeles, California, with overseas business centers in Hong Kong and Shenzhen. It is a comprehensive international service group integrating internet financial services, investment and asset management, and listing advisory services. It primarily provides professional IPO listing consulting services, merger consulting, and post-IPO compliance services for small and medium-sized enterprises seeking to list on U.S. stock exchanges, with its business market mainly distributed in Asia and North America.

In June 2025, ATIF Holdings Ltd announced a stock issuance plan to raise $100 million to purchase Dogecoin (DOGE) as a financial reserve investment. If successful, it will become the first major U.S. listed company to invest in and hold meme coins. Additionally, the company plans to continue purchasing mainstream meme coins as part of its long-term digital asset strategy.

Brooker Group Public Company (SET: BTC)

Brooker Group is a Thai financial consulting and investment company listed on the Thai Stock Exchange. Brooker's core business is providing consulting, real estate, and investment management services. It is also the first listed company in Thailand to hold various crypto assets such as Bitcoin and Ethereum (source from official disclosure), although the specific numbers have not been disclosed.

SRM Entertainment, Inc. (NASDAQ: SRM)

SRM Entertainment, Inc. is a U.S. company listed on NASDAQ. Originally a manufacturer of toys and theme park souvenirs, with a market capitalization of approximately $140 million, it specializes in customized plush toys, cups, and other products. In 2025, it announced TRON's TRX as its core reserve asset, receiving support from TRON founder Justin Sun.

On June 16, 2025, SRM announced a reverse merger with the Tron blockchain group led by Justin Sun, planning to rename the company "Tron Inc."

As a result of this news, SRM's stock price surged over 500%, with intraday gains exceeding 600%, reaching around $11, followed by continued high volatility.

Jiuzi New Energy (NASDAQ: JZXN)

Jiuzi New Energy (JZXN) is a new energy vehicle dealer headquartered in Hangzhou, Zhejiang, selling electric vehicles through its subsidiaries in China's third and fourth-tier cities, with fiscal year 2024 revenue of approximately $46 million, still in a loss-making state.

On May 22, 2025, the company's board approved a major strategy: to purchase 1,000 Bitcoins (BTC) within the next year, funded by stock issuance and cash payments, aimed at optimizing asset structure, diversifying traditional business risks, and utilizing Bitcoin's liquidity and appreciation potential for asset allocation. The company's stock price subsequently surged over 20%, briefly jumping to about $4.78.

Kindly MD (NASDAQ: NAKA)

Kindly MD is a U.S. integrated healthcare service provider covering medical, pain management, behavioral health, and alternative medicine. Its core business is medical services paid for by Medicare, Medicaid, and commercial insurance, aiming to reduce opioid dependence through personalized treatment. Interestingly, its previous stock code was KDLY, which was changed to "NAKA" on May 23, 2025, to reflect alignment with its Bitcoin strategy.

On May 18, 2025, the company's shareholders approved a merger with the Bitcoin-native company Nakamoto Holdings, aiming to create a publicly listed "Bitcoin treasury platform."

Siebert Financial Corp. (NASDAQ: SIEB)

Siebert Financial Corp. is an American financial services company founded in 1967, providing retail and institutional securities brokerage, investment consulting, insurance services, and fintech products.

On June 9, 2025, the company's S-3 shelf registration statement became effective with the SEC, planning to raise up to $100 million through the issuance of various securities. The prospectus explicitly stated that the raised funds would be used to purchase digital assets such as BTC, ETH, and Solana, as well as to invest in AI technology or pursue strategic acquisitions.

Trident Digital Tech Holdings (NASDAQ: TDTH)

Trident Digital Tech Holdings is a Singapore-registered digital technology optimization service and Web 3.0 platform listed on NASDAQ, primarily engaged in online technology consulting and digital transformation solutions.

On June 12, 2025, the company announced plans to raise up to $500 million to build an XRP treasury and initiate a staking mechanism for revenue, hiring Chaince Securities as a strategic advisor. Following the announcement, the stock price plummeted nearly 38%.

VivoPower International (NASDAQ: VVPR)

VivoPower International is a sustainable energy solutions company headquartered in London, focusing on solar and electric vehicle infrastructure, listed on NASDAQ.

On May 28, 2025, it completed a $121 million private placement, with investments from a Saudi prince and Adam Traidman, announcing it would become the first publicly listed company with XRP as its core treasury. Recently, it established OTC trading and custody cooperation with BitGo, planning to invest $100 million in XRP and stake it on the Flare network through the F-Assets mechanism for revenue.

Webus International (NASDAQ: WETO)

Webus International Ltd. is a smart mobility technology provider headquartered in Hangzhou, China, primarily operating the high-end mobility platform "Wetour," covering the global custom bus, airport transfer, and long-distance travel markets. As of June 2025, the company has a market capitalization of approximately $56 million, with its business centered on AI-driven logistics optimization and passenger services.

In late May 2025, the company disclosed to the SEC that it would raise up to $300 million through debt and credit financing to build an XRP-centric corporate treasury. It signed a custody delegation agreement with Samara Alpha, registered in New York, setting a threshold for custody activation after asset transfer, still in the activation framework stage.

Wellgistics Health (NASDAQ: WGRX)

Wellgistics Health is a pharmaceutical wholesale and healthcare logistics technology platform based in Tampa, Florida, connecting manufacturers, wholesalers, and independent pharmacies, with revenue of approximately $180 million in 2024.

On May 8, 2025, the company announced the launch of an XRP payment network + treasury reserve model to support rapid real-time settlement of supply chain transactions across segments.

Blockchain Technology and DeFi Pioneers: Building Future Financial Infrastructure

Galaxy Digital (NASDAQ: GLXY)

Galaxy Digital is a global digital asset financial services group founded by Mike Novogratz in 2018, headquartered in New York, and listed on both Toronto and NASDAQ. Its core business provides cryptocurrency trading, asset management, and consulting services, including trading, asset management, market making, lending, and staking of Bitcoin and Ethereum.

In 2025, it received SEC approval for NASDAQ listing, promoting expansion in the U.S. market while obtaining a derivative brand license from the UK's FCA. As of now, it publicly holds approximately 12,830 Bitcoins (nearly $1.37 billion), with an unrealized gain of about 26%.

Yuxing Technology (HKEX: 8005)

Yuxing Technology Investment Holding Limited (listed on the Hong Kong Growth Enterprise Market in 2000, renamed in 2011, currently valued at approximately HKD 2.4 billion) focuses on information appliance agency, distributed storage, IDC services, and digital asset business.

In 2021, it purchased mining equipment, ordering approximately RMB 290 million worth of mining equipment from Wuhan Quanyaocheng, involving 2,416 A10 Pro ASIC chips for mining ETH Classic and others. During the same period, it participated in the construction of IPFS/Filecoin-related infrastructure, combining mining technology to build an on-chain service ecosystem.

New Fire Technology (HKEX: 1611)

New Fire Technology (formerly Huobi Technology; stock code: 1611.HK) was founded by Huobi co-founder Du Jun, focusing on digital asset compliance services, including asset management, custody, mining, trading, and blockchain technology solutions.

In June 2025, it announced an upgrade to its banking account system to enhance custody efficiency and established a strategic partnership with HashKey Exchange to promote integrated asset custody in the Hong Kong-Macau region, providing diverse services such as CeFi lending, mining pools, and trading, becoming one of Hong Kong's major virtual asset service platforms. Meanwhile, Huobi Hong Kong Trust holds a TCSP license, allowing it to provide fiat + virtual asset custody services for institutions.

DeFi Technologies (NASDAQ: DEFT)

DeFi Technologies is headquartered in Canada and listed on both Toronto and NASDAQ (with stock codes DEFT/DEFI). Its subsidiary Valour is one of Europe's leading digital asset ETP (exchange-traded product) issuers, covering assets such as BTC, ETH, SOL, and ETC.

Public information shows that as of the end of May, the company held approximately 208.8 BTC, 121 ETH, and 14,375 SOL; it also participates in ETH staking.

In June 2025, DeFi Technologies appointed former Deutsche Bank CEO Manfred Knof as a strategic advisor, potentially strengthening institutional influence on the company's future development.

DeFi Development Corp (NASDAQ: DFDV)

DeFi Development Corp, formerly known as Janover Inc., primarily focused on real estate fintech and transitioned to focus on Solana treasury in 2025. As of May 2025, it held approximately 621,313 SOL (valued at about $10.7 million), with an acquisition cost of approximately $139.66.

In June 2025, it became the first company to issue its tokenized stock (DFDVx) on the Solana chain, collaborating with Kraken to launch xStocks circulation.

Upexi (NASDAQ: UPXI)

Upexi is an American e-commerce and consumer goods company focused on optimizing the Amazon marketplace. Headquartered in Tampa, Florida, it specializes in consumer goods (functional foods, pet care, etc.) and, like DeFi Development Corp, initiated a Solana treasury transformation in 2025.

In April 2025, it raised $100 million from several crypto venture capital firms, with 95% of the funds allocated to purchasing SOL, currently holding approximately 679,677 SOL (with an acquisition cost of about $142).

In June 2025, it continued to increase its holdings by 56,000 SOL, totaling approximately 735,692 SOL (valued at about $10.5 million), with a financial report indicating a 39% appreciation in the SOL treasury, and an 8% increase in holdings for the month.

BTCS Inc. (NASDAQ: BTCS)

BTCS Inc. is a blockchain infrastructure company founded in 2014, headquartered in Washington, D.C., specializing in NodeOps cloud nodes, Staking-as-a-Service (covering multi-chain staking for ETH, ADA, ATOM, etc.), and on-chain data analysis, focusing on digital asset management and DeFi solutions.

As of now, it holds 14,600 ETH and purchased an additional 1,000 ETH in June specifically for expanding its node business. Additionally, in its Q1 2025 financial report, it disclosed a cash + crypto asset liquid balance of $38.5 million, an 88% increase from the end of last year.

Mercurity Fintech Holding Inc. (NASDAQ: MFH)

Mercurity Fintech Holding Inc. is a blockchain technology company founded in 2011 and listed in the U.S., originally a cross-border e-commerce company Wowo Ltd.; it rebranded to Mercurity Fintech in 2020, transforming into a "compliance fintech + blockchain payment and RWA market" platform.

On June 5, it announced a strategic partnership with SBIDigitalMarkets to jointly issue and distribute compliant RWA token products. In June, its platform connected with Franklin Templeton's BENJI money market fund, bringing a $15.3 trillion asset manager into the on-chain ecosystem.

Crypto Mining Companies: The Cornerstone Guardians of Computing Power and Value

Bitdeer Technologies (NASDAQ: BTDR)

Bitdeer Technologies is a global Bitcoin mining and computing power operator founded by Jihan Wu, co-founder of Bitmain, in 2018; it went public on NASDAQ via SPAC in 2023. Bitdeer provides efficient and scalable mining solutions for institutional and retail clients through its infrastructure.

Public data shows that thanks to the launch of the SEALMINERA 1/A 2 model, it mined 196 BTC in May, an 18% increase from April. It expects its power capacity to reach 1.6 GW in June and is establishing HPC+AI data centers in Norway, Thailand, Bhutan, and other locations.

Canaan Inc. (NASDAQ: CAN)

Canaan Inc. was founded in 2013 and is headquartered in Singapore, being one of the first manufacturers to launch ASIC Bitcoin miners globally. Its main products include the Avalon series of miners, and it operates both self-owned and third-party mining rental businesses; its global operations extend to the U.S., Kazakhstan, Canada, and other regions, providing high-performance hardware and expanding into AI and blockchain technology solutions.

CleanSpark (NASDAQ: CLSK)

CleanSpark is an American Bitcoin mining company focused on sustainable energy solutions. It powers its mining operations with renewable energy, primarily establishing mining sites in Georgia, Mississippi, Tennessee, and Wyoming, while owning and operating its energy infrastructure.

As of June 2025, the company’s computing power exceeded 50 EH/s, ranking among the top mining companies globally, having mined over 12,500 BTC, approximately 694 BTC per month, all sourced from its self-operated mining machines.

DMG Blockchain Solutions (TSX: DMGI)

DMG Blockchain Solutions is a Canadian full-stack blockchain company, claiming ESG compliance, utilizing clean energy technology, and combining Bitcoin mining, blockchain software, custody services, and data center operations; its subsidiary Systemic Trust focuses on compliant BTC trading and custody. It also operates mining sites, providing mining-as-a-service and blockchain software (Helm, Petra, Breeze, etc.).

As of now, the company has accumulated approximately 351 BTC (valued at about $3.76 million), representing 110% of its market capitalization.

Hut 8 Corp. (NASDAQ: HUT)

Hut 8 Corp. was founded in 2017 and is headquartered in Miami, Florida, and Canada. Hut 8 is one of North America's largest energy infrastructure operators, holding a substantial BTC reserve. Hut 8 also provides high-performance computing services and explores blockchain technology applications.

Continuously expanding its Bitcoin self-mining and treasury scale, as of March 31, 2025, it mined 10,273 BTC, with a total treasury exceeding $1.1 billion. Additionally, its subsidiary American Bitcoin plans to go public to raise dedicated mining capital; Hut 8 secured a $130 million loan from Coinbase through a liquidity credit facility to expand its capacity.

Marathon Digital (NASDAQ: MARA)

Marathon Digital Holdings is an American Bitcoin mining company founded in 2010, headquartered in Florida, listed on NASDAQ, and formerly known as Marathon Patent Group, now focusing on Bitcoin mining and related infrastructure, becoming the second-largest BTC reserve company after MicroStrategy (only behind MSTR).

As of recent months, production has stabilized, with May 2025 setting a historical high output of 950 BTC, holding approximately 49,179 BTC in self-operated reserves, while its energized hash rate has reached 58.3 EH/s, contributing about 6.5% of the Bitcoin network's daily block production, and continuously expanding its immersion cooling technology mining sites.

Riot Platforms (NASDAQ: RIOT)

Riot Platforms (formerly Riot Blockchain) is an American Bitcoin mining company founded in 2003, headquartered in Castle Rock, Colorado, with Bitcoin mining as its core business, while also having high-power substation and AI data center transformation potential.

Public information shows that in January 2025, its computing power was 33.5 EH/s, mining 527 BTC, with BTC reserves of approximately 18,221 BTC; it produced 514 BTC in May, a year-on-year increase of 139%.

Conclusion

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

This bull market is far from a simple fluctuation in coin prices. Its deeper dynamics stem from the traditional capital market's large-scale acceptance and revaluation of the crypto asset narrative. Discovering these "narrative valleys" could 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" earlier will seize the opportunity in the tide of value revaluation.