Original Title: "Crypto Becomes a New Engine for Public Company Stock Prices, Analyzing the Map of 44 Giants"

Original Author: Ethan, Odaily Planet Daily

The crypto wave is sweeping through the global capital market!

From giants like Coinbase, to "enterprise-level Bitcoin buyers" like Meitu and MicroStrategy, and to the "mining company + on-chain finance complex" represented by Galaxy and Marathon—more and more public companies are integrating crypto assets and blockchain technology to forge a new narrative engine that drives stock price surges!

Behind this wave, what capital logic and evolutionary trends are hidden? To dispel the fog, Odaily Planet Daily has conducted an in-depth scan of 44 representative public companies worldwide, and based on their core crypto business attributes, distilled five key tracks:

· Crypto Exchange Platform: The core hub of the market

· Stablecoin Issuer: The bridge connecting traditional and crypto

· Crypto Asset Hodler: The "digital gold" on the balance sheet

· Blockchain Technology and DeFi Pioneer: Building the future financial infrastructure

· Crypto Mining Company: The cornerstone guardian of hash power and value

This article will dissect the representative players and core logics of these five major camps one by one, helping users accurately target the next wave of crypto capital market dividends and proactively layout for the crypto narrative wave.

Crypto Exchange Platform: The Core Hub of the Market

Coinbase Global (NYSE: COIN)

Coinbase Global, Inc. is a U.S.-based compliant cryptocurrency exchange founded in 2012 by Brian Armstrong and Fred Ehrsam. Coinbase provides a secure trading platform that supports buying, selling, transferring, and storing of cryptocurrencies, catering to retail investors, institutions, enterprises, and developers.

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

Bakkt (NYSE: BKKT)

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

In June 2025, Bakkt updated its previously announced $1 billion investment policy to be able to adjust based on market conditions and liquidity needs related to its business outlook and strategically allocate funds to Bitcoin and other digital assets as part of Bakkt's broader financial and corporate strategy. The statement also added 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 in line with Bakkt's investment policy.

Robinhood (NASDAQ: HOOD)

Robinhood Markets, Inc. is a U.S. financial services company founded in 2013, known for its commission-free trading platform supporting stocks, ETFs, options, and cryptocurrency trading. The company has expanded into cryptocurrency trading and is actively exploring the RWA direction, supporting assets like Bitcoin, 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 aiming to create a federal framework for tokenized real-world assets to modernize the U.S. securities market.

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

OSL Group (HKEX: 0863)

The OSL Group is a licensed and regulated digital asset platform based in Hong Kong, established in 2018, and is one of Asia's regulated cryptocurrency exchanges. OSL offers cryptocurrency trading, custody, and compliance solutions to institutional and retail clients, including secure digital asset storage, brokerage services, and blockchain-integrated Software as a Service (SaaS) solutions.

Guotai Junan International (HKEX: 1788)

Guotai Junan International Holdings Limited is a Hong Kong-based financial services company established in 2007 and is a subsidiary of China's largest brokerage firm, Guotai Junan Securities. Its business areas include brokerage, corporate finance, asset management, and wealth management. While primarily focused on traditional financial markets, the company has explored blockchain and digital asset opportunities to adapt to the growing trend of cryptocurrency in Asia, providing services to institutional and retail clients and expanding into international markets leveraging the expertise of its parent company.

On June 24, it officially received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to offer virtual asset trading and related services. Following the upgrade, clients can directly trade cryptocurrencies such as Bitcoin and Ethereum, as well as stablecoins like Tether on its platform. Guotai Junan International thus became the first Hong Kong-based Chinese-owned brokerage 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 OK Group, established in 2016. It focuses on blockchain infrastructure, data analytics, and financial services, providing solutions such as blockchain explorers, anti-money laundering (AML) tools, and stablecoin settlement networks. Its blockchain analytics platform supports transaction tracking and compliance checks. OKLink provides technical support to exchanges, institutions, and developers, driving global cryptocurrency adoption with an emphasis on secure and scalable blockchain solutions.

Stablecoin Issuers: Bridging Traditional and Crypto

Circle Internet Group (NYSE: CRCL)

Circle Internet Group is a US-based financial technology company founded in 2013 and collaborated 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, achieving 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 widely used as a bridge currency.

Jingdong FinTech (HKEX: 9618)

Jingdong FinTech, a subsidiary of Chinese e-commerce giant JD.com, focuses 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 product traceability and anti-counterfeiting transparency and efficiency, while also exploring global payments and JD's stablecoin initiatives.

On May 23, Liu Peng, CEO of JD Coin Chain Technology, stated that the first phase of JD Coin's stablecoin issuance is tentatively anchored to the Hong Kong Dollar and the U.S. Dollar. The specific details will be adjusted based on regulatory requirements and market demand. JD Coin's stablecoin has not been officially issued yet and is currently in the sandbox testing phase. The platform will provide mobile and PC applications for retail and institutional users. The testing scenarios mainly include cross-border payments, investment transactions, and retail payments.

Xiongan Technology (HKEX: 1647)

Xiongan Technology is a Chinese company based in Xiong'an New Area that focuses on blockchain and financial technology solutions. The company is engaged in developing blockchain platforms for smart city applications, financial services, and data management. It aligns with China's strategy to promote blockchain applications in government and enterprises while focusing on secure and scalable blockchain solutions. Its subsidiary, Xiongan Fund, has previously invested in stablecoin infrastructure.

Crypto Asset Hodler: The "Digital Gold" on the Balance Sheet

MicroStrategy (NASDAQ: MSTR)

MicroStrategy Incorporated is a U.S.-based business intelligence company founded in 1989. Since August 2020, under the leadership of CEO Michael Saylor, the company has been holding nearly 580,000 bitcoins, making it the largest corporate Bitcoin holder globally. MicroStrategy views Bitcoin as an inflation hedge, and its stock price has risen by 4315.85% since the initial BTC purchase. While 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 a U.S.-based electric vehicle and clean energy company founded by Elon Musk in 2003. It focuses 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 form of payment, later selling most of its holdings. Tesla's cryptocurrency endeavors sparked a trend of corporate adoption of crypto assets, but its primary focus remains on cars and renewable energy, with a market capitalization exceeding $1 trillion.

GameStop Corp. (NYSE: GME)

GameStop Corp. is a U.S.-based retail company established in 1984, specializing in video games, electronics, and gaming merchandise. It became famous in 2021 for a stock price surge driven by retail investors. In 2022, GameStop launched an NFT marketplace to explore blockchain and digital collectibles. The company holds Bitcoin as part of its crypto reserve strategy, mirroring MicroStrategy to increase market attention.

Meitu (HKEX: 1357)

Meitu, Inc. is a Chinese technology company that provides photo editing and social media app services, founded in 2008. In 2021, Meitu invested in Bitcoin and Ethereum, diversifying its asset reserves. This move is in line with its strategy of embracing digital innovation, complementing its core business in AI-driven imaging and beauty technology. (BlockBeats Note: Meitu liquidated all its cryptocurrency holdings, including around 31,000 Ether and 940 Bitcoin, on December 4, 2024)

Trump Media & Technology Group (NASDAQ: DJT)

Trump Media & Technology Group (TMTG) is a U.S.-based media company established in 2021, operating the Truth Social platform. The company has adopted a Bitcoin reserve strategy with a target of holding $2.3 billion worth of crypto assets, potentially reshaping TMTG's valuation narrative, despite its primary focus on social media and content creation.

Metaplanet (TSE: 3350)

Metaplanet is a publicly traded Japanese company following MicroStrategy's lead in adopting a Bitcoin-centric strategy. 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. Amid a backdrop of no prominent core business, the crypto reserve has successfully driven its market narrative.

SharpLink Gaming (NASDAQ: SBET)

SharpLink Gaming is a U.S.-based online gaming and iGaming technology company. Faced with delisting risk due to poor performance in 2024, it announced Ethereum as its primary reserve asset and secured a $425 million financing agreement, leading to a 1747.62% stock price surge. It became the largest listed company holder of Ethereum to date, holding 188,478 ETH. SharpLink partnered with ConsenSys to receive Ethereum ecosystem support, becoming the latest case study of how a crypto reserve can revitalize a struggling company.

Cantor Equity Partners (NASDAQ: CEP)

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

NextTech Holding (NYSE: NXTT)

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

The company holds Bitcoin as part of its reserves. On March 12, 2025, the company completed a transaction of 5,000 bitcoins, issued stocks and warrants, increasing the total outstanding shares to 436 million. As of now, the total reserve is 5,833 bitcoins.

Asset Entities (NYSE: ASST)

Asset Entities is a US digital marketing and content creation company established on March 9, 2022, registered in Nevada, and headquartered in Dallas, Texas. It went public on the NASDAQ stock exchange on February 3, 2023. The company mainly provides social media marketing and content delivery services, with platforms including Discord and TikTok. The company also designs, develops, and manages Discord servers for clients under the brand "AE.360.DDM," offering services such as Discord investment education and entertainment services, and social media marketing services.

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

ATIF Holdings Limited (NYSE: ATIF)

ATIF Holdings Limited is a U.S.-based financial consulting company founded in 2015, headquartered in Los Angeles, California, with overseas business centers in Hong Kong, Shenzhen, and others. It is a comprehensive international service group that integrates three major business segments: an Internet financial service platform, investment and asset management, and IPO advisory services, mainly serving small and medium-sized enterprises seeking listings on U.S. stock exchanges, providing professional IPO advisory, M&A consulting, and post-IPO compliance services. Its business market is 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 corporate treasury investment. If successful, it will become the first major U.S. publicly traded company to invest in and hold a Meme coin. In addition, 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 Stock Exchange of Thailand. Its core businesses include providing consulting, real estate, and investment management services. It is also the first publicly traded company in Thailand to hold various crypto assets such as Bitcoin and Ethereum (source: official website disclosure), although the specific amounts have not been disclosed.

SRM Entertainment, Inc. (NASDAQ: SRM)

SRM Entertainment, Inc. is a U.S.-based company listed on the Nasdaq. Originally a manufacturer of toys and theme park souvenirs, with a market capitalization of approximately $140 million, it primarily engages in customized plush toys, water bottles, and other products. In 2025, it announced TRON's TRX as its core reserve asset, with the support of 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 to "Tron Inc."

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

Jiuzi Xineng (NASDAQ: JZXN)

Jiuzi Xineng (JZXN) is a new energy vehicle distributor headquartered in Hangzhou, Zhejiang, selling electric vehicles through its subsidiaries in third- and fourth-tier cities in China. In the 2024 fiscal year, its revenue was approximately $46 million, but it is still operating at a loss.

On May 22, 2025, the company's board of directors approved a significant strategic move: to acquire 1,000 bitcoins (BTC) within the next year, funded through stock issuance and cash payments. The purpose of this move is to optimize the asset structure, diversify from traditional operational risks, and utilize the liquidity and appreciation potential of Bitcoin for asset allocation. Subsequently, the company's stock price surged over 20%, briefly spiking to around $4.78.

Kindly MD (NASDAQ: NAKA)

Kindly MD is a U.S.-based comprehensive healthcare service provider, covering medical, pain management, behavioral health, and alternative medicine. Its core business is medical services reimbursed by Medicare, Medicaid, and commercial insurance, aiming to reduce opioid reliance through personalized treatment. Interestingly, the stock ticker was previously KDLY and was changed to "NAKA" on May 23, 2025, to align with the Bitcoin strategy.

On May 18, 2025, the company's shareholders approved a merger with the Bitcoin-native company Nakamoto Holdings, with the goal of establishing a publicly traded "Bitcoin Treasury Platform."

Siebert Financial Corp. (NASDAQ: SIEB)

Siebert Financial Corp. is a U.S. financial services company founded in 1967, providing retail and institutional securities brokerage, investment advisory, insurance services, and financial technology 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 states that the funds raised will be used to purchase BTC, ETH, Solana, and other digital assets, 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 Web3.0 platform listed on Nasdaq, primarily engaged in online tech consulting and digital transformation solutions.

On June 12, 2025, the company announced a fundraising of up to $500 million to build an XRP treasury, initiate staking mechanisms for yield generation, and appointed Chaince Securities as a strategic advisor. Following the announcement, the stock price experienced a sharp decline of nearly 38%.

VivoPower International (NASDAQ: VVPR)

VivoPower International is a UK-based sustainable energy solutions company headquartered in London, with a focus on solar and electric vehicle infrastructure, listed on the Nasdaq.

On May 28, 2025, it completed a $121 million private placement, with participation from a Saudi prince and Adam Traidman, announcing that it would become the first publicly traded company with XRP as its core treasury. Recently, it has established an OTC trading and custody partnership with BitGo, initially allocating $100 million in XRP and staking it on the Flare chain through the F-Assets mechanism to earn returns.

Webus International (NASDAQ: WETO)

Webus International Ltd. is an intelligent mobility technology provider based in Hangzhou, China, operating the upscale mobility platform "Wetour," covering global custom bus, airport transfer, and long-distance travel markets. As of June 2025, the company is valued at around $56 million, with a business focusing on AI-driven logistics optimization and passenger services.

At the end of May 2025, the company disclosed to the SEC its plan to raise up to $300 million through debt and credit financing to build an XRP-centric corporate treasury. It has signed a custody delegation agreement with New York-registered Samara Alpha, setting the custody activation threshold post-asset transfer, still in the pending activation framework.

Wellgistics Health (NASDAQ: WGRX)

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

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

Blockchain Technology and DeFi Pioneer: Building the 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, with listings on both the Toronto Stock Exchange and the Nasdaq. Its core businesses include cryptocurrency trading, asset management, and advisory services, encompassing trading, asset management, market-making, lending, and Bitcoin and Ethereum staking.

In 2025, obtained SEC approval for Nasdaq listing, driving market expansion in the United States, while also securing a UK FCA Derivatives License. As of now, publicly holds approximately 12,830 Bitcoins (almost $13.7 billion), with an unrealized gain of about 26%.

Yuxing Technology (HK Stock: 8005)

Yuxing Technology Investment Holdings Limited (Listed on the Hong Kong GEM in 2000, renamed in 2011, current market value around 2.4 billion Hong Kong dollars), primarily engaged in information home appliance agency, distributed storage, IDC services, and digital asset business.

In 2021, it purchased mining equipment, ordering about 290 million RMB worth of mining equipment from Wuhan Allytech, involving 2416 units of A10 Pro and other ASIC chips for mining ETH Classic. Simultaneously, it participated in the IPFS/Filecoin-related infrastructure construction, combining mining technology to build an on-chain service ecosystem.

NewFire Technology (HK Stock: 1611)

NewFire Technology (formerly Huobi Technology; stock code: 1611.HK) 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, announced an upgrade to the banking account system to enhance custody efficiency, established a strategic partnership with HashKey Exchange, promoting the integrated asset custody layout in the Hong Kong and Macau area, providing various services such as CeFi lending, mining pools, and trading, becoming one of the major virtual asset service platforms in Hong Kong. At the same time, Huobi Hong Kong Trust holds a TCSP license, enabling it to provide fiat + virtual asset custody services to institutions.

Defi Technologies (US Stock: DEFT)

Defi Technologies, headquartered in Canada, is listed on both the Toronto Stock Exchange and Nasdaq (stock codes DEFT/DEFI). Its subsidiary Valour is one of Europe's leading digital asset ETP (Exchange-Traded Product) issuers, with products covering assets such as BTC, ETH, SOL, ETC, etc.

Public information shows that as of the end of May, the company holds approximately 208.8 BTC, 121 ETH, and 14,375 SOL; and is involved 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 (NYSE: DFDV)

DeFi Development Corp, formerly known as Janover Inc., is mainly engaged in real estate fintech and transitioned to focus on the Solana treasury in 2025. As of May 2025, it held approximately 621,313 SOL tokens (with a market value of around $107 million) at an average cost of $139.66 per token.

In June 2025, it became the first US stock treasury stock to issue its tokenized stock (DFDVx) on the Solana blockchain, partnering with Kraken to kick off xStocks trading.

Upexi (NYSE: UPXI)

Upexi is a US e-commerce and consumer goods company focused on Amazon marketplace optimization. Headquartered in Tampa, USA, it specializes in consumer products (such as functional foods, pet care, etc.) and, like DeFi Development Corp, initiated the Solana treasury transition in 2025.

In April 2025, it raised $100 million from various crypto VC firms, with 95% of the funds used to purchase SOL. It currently holds around 679,677 SOL tokens (at an average cost of around $142 per token).

In June 2025, it further acquired 56,000 SOL tokens, bringing the total holdings to approximately 735,692 SOL tokens (with a market value of around $105 million). The financial report shows a 39% appreciation in the SOL treasury value, with an 8% increase in holdings for the month.

BTCS Inc. (NYSE: BTCS)

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

As of now, it holds 14,600 ETH tokens, with an additional purchase of 1,000 ETH in June to expand its node operations business. In its Q1 2025 earnings report, it disclosed a cash plus crypto asset liquid balance of $38.5 million, an 88% increase from the end of the previous year.

Mercurity Fintech Holding Inc. (NYSE: MFH)

Mercurity Fintech Holding Inc. is a blockchain technology company founded in the U.S. in 2011 and originally operated as the cross-border e-commerce company Wowo Ltd.; in 2020, it rebranded as Mercurity Fintech, transforming into a platform focusing on "compliant fintech + blockchain payments and the RWA market."

On June 5, it was announced that a strategic partnership was formed with SBIDigitalMarkets to jointly issue and distribute compliant RWA token products. In the same month, the platform integrated with the FranklinTempleton BENJI Money Market Fund, bringing a $15.3 trillion asset manager into the on-chain ecosystem.

Crypto Mining Companies: Guardians of Hashrate and Value

Bitdeer Technologies (NYSE: BTDR)

Bitdeer Technologies is a global Bitcoin mining and hashrate operation founded by the co-founder of Bitmain, Wu Jihan, in 2018; it is set to go public on Nasdaq in 2023 through a SPAC. Bitdeer provides efficient and scalable mining solutions for institutional and retail clients through its infrastructure.

Public data shows that, benefiting from the launch of the SEALMINER A1/A2 model, it mined 196 BTC in May, a month-over-month increase of 18%. The expected power capacity for June is projected to reach 1.6 GW; and it has established HPC+AI data centers in multiple locations such as Norway, Thailand, and Bhutan.

Canaan Inc. (NYSE: CAN)

Canaan Inc., founded in 2013 and headquartered in Singapore, is one of the world's first manufacturers to introduce ASIC Bitcoin mining machines. Its main products include the Avalon series miners, and it also operates a self-operated and third-party mining machine leasing business; its global expansion has reached the United States, Kazakhstan, Canada, among other locations, providing high-performance hardware and expanding into AI and blockchain technology solutions.

CleanSpark (NYSE: CLSK)

CleanSpark is a U.S.-based Bitcoin mining company focused on sustainable energy solutions. It powers its mining operations with renewable energy sources, primarily located in Georgia, Mississippi, Tennessee, Wyoming, among other areas, and it owns and operates its own energy infrastructure.

As of June 2025, the company's hashrate has surpassed 50 EH/s, ranking among the top global mining companies, and its self-mined BTC has exceeded 12,500 coins, approximately 694 coins per month, all from its own mining machines.

DMG Blockchain Solutions (Canada: DMGI)

DMG Blockchain Solutions is a Canadian full-stack blockchain company that claims to be ESG compliant, utilizing clean energy technology, combining Bitcoin mining, blockchain software, custody services, and data center operations; its subsidiary, Systemic Trust, focuses on compliant BTC transactions and custody. It operates mining facilities, provides mining-as-a-service, and offers blockchain software (Helm, Petra, Breeze, etc.)

As of now, the company has accumulated approximately 351 BTC (about $37.6 million), representing 110% of its market cap.

Hut 8 Corp. (NYSE: HUT)

Established in 2017, Hut 8 Corp. is headquartered in Miami, USA, and Canada. Hut 8 is one of North America's largest energy infrastructure operators, holding a significant 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 self-mined 10,273 BTC, and the total treasury exceeds $1.1 billion. In addition, its American Bitcoin subsidiary plans to independently list to raise dedicated mining capital; Hut 8 has obtained a $130 million loan from Coinbase through a revolving credit facility to expand its capacity.

Marathon Digital (NASDAQ: MARA)

Marathon Digital Holdings is a US-based Bitcoin mining company founded in 2010, headquartered in Florida, and listed on the Nasdaq main board. Formerly known as Marathon Patent Group, it later focused on Bitcoin mining and related infrastructure, becoming the second-largest BTC reserve company after MicroStrategy (only second to MSTR).

With stable production for consecutive months, it set a record high production of 950 BTC in May 2025. It has a self-held BTC reserve of approximately 49,179 coins. The Energized hash rate has reached 58.3 EH/s, contributing about 6.5% of the global Bitcoin network's daily block rewards and continuously expanding its immersion cooling technology mining facilities.

Riot Blockchain (NASDAQ: RIOT)

Riot Platforms (formerly known as Riot Blockchain) is a US-based Bitcoin mining company, founded in 2003, headquartered in Castle Rock, Colorado. It focuses on Bitcoin mining as its core business, while also having the potential for high-power substations and AI data center transformation.

Public data shows that in January 2025, its hash rate was 33.5 EH/s, self-mined 527 BTC, with a BTC reserve of about 18,221 coins this month. In May, 514 coins were produced, a 139% annual increase.

Conclusion

From Strategy's transformation into a "Bitcoin Treasury" with aggressive strategies, to SharpLink Gaming's ambition to build an "ETH Battleship," and then to pioneers like Metaplanet and Valour packaging on-chain assets into compliant financial products—global publicly traded companies are deeply integrating crypto assets into their value engines at an unprecedented pace and with innovative postures. This is no longer just a technological experiment but a profound revolution concerning balance sheet restructuring and future valuation logic.

This bull market is far more than simple price fluctuations. Its underlying drive stems from the large-scale adoption and revaluation of crypto assets' narrative in the traditional capital markets. Discovering these "narrative niches" could likely be the most alpha-generating investment direction this summer. The unstoppable wave of integration between crypto assets and traditional equities is underway. Those who understand the rules of this "dual game" early on can seize the initiative in the wave of revaluation.

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