Original | Odaily Planet Daily ( @OdailyChina )
Author | Ethan ( @ethanzhang_web3 )
The encryption wave is sweeping the global capital market!
From trading giants such as Coinbase, to enterprise-level Bitcoin buyers such as Meitu and MicroStrategy, to the mining companies + on-chain financial complexes represented by Galaxy and Marathon - more and more listed companies are turning crypto assets and blockchain technology into a new narrative engine that drives stock prices soaring!
What kind of capital logic and evolution trend are hidden behind this craze? In order to clear the fog, Odaily Planet Daily deeply scanned 44 representative listed companies around the world and extracted five key tracks based on their core encryption business attributes:
Crypto trading platforms: the core hub of the market
Stablecoin issuers: a bridge between traditional and cryptocurrencies
Crypto asset heavy holders: “digital gold” on the balance sheet
Blockchain technology and DeFi pioneers: building future financial infrastructure
Crypto mining companies: cornerstone guardians of computing power and value
This article will analyze the representative players and core logic of these five camps one by one to help users accurately lock in the next wave of dividends in the crypto capital market and plan ahead for the crypto narrative wave.
Crypto trading platforms: the core hub of the market
Coinbase Global (US stocks: COIN)
Coinbase Global, Inc. is a U.S.-based regulated cryptocurrency exchange 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 for retail investors, institutions, businesses, and developers.
As of the first quarter of 2025, the financial report shows that Coinbase co-founded the USDC stablecoin with Circle Internet Group and holds 9,267 BTC and 137,334 Ethereum.
Bakkt (BKKT)
Bakkt is an American company launched in 2018 by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. It focuses on digital asset custody, trading and infrastructure services, mainly for institutional investors. Bakkt provides a trading and storage platform for Bitcoin and other cryptocurrencies, emphasizing compliance and security, while also providing merchants with solutions for accepting crypto payments.
In June 2025, Bakkt updated its previous investment policy of raising $1 billion, enabling it to allocate funds to Bitcoin and other digital assets as part of Bakkts broader financial and corporate strategy based on market conditions and expected liquidity needs for the business. The statement added that Bakkt also plans to explore more opportunistic financing alternatives, including issuing convertible notes, bonds or other debt instruments to acquire Bitcoin or other digital assets, or make other investments in accordance with Bakkts investment policy.
Robinhood (HOOD)
Robinhood Markets, Inc. is an American financial services company founded in 2013. It is known for its commission-free trading platform, supporting stocks, ETFs, options and cryptocurrency trading. The company has now expanded into cryptocurrency trading and is actively exploring the RWA direction, supporting assets such as Bitcoin and Ethereum, and participating in the Global Dollar Network to promote the USDG stablecoin pegged to the US dollar.
On May 20, Robinhood submitted a 42-page proposal to the U.S. Securities and Exchange Commission to create a federal framework for tokenized real-world assets to modernize the U.S. securities markets.
On June 3, Robinhood completed its $200 million cash acquisition of Luxembourg-based cryptocurrency exchange Bitstamp. The acquisition added more than 50 licenses and registrations to Robinhoods crypto business and brought in a mature institutional client base.
OSL Group (HK: 0863)
OSL Group is a licensed and compliant digital asset platform headquartered in Hong Kong. Founded in 2018, it is one of the regulated cryptocurrency exchanges in Asia. OSL provides cryptocurrency trading, custody and compliance solutions for institutional and retail clients, including secure digital asset storage, brokerage services and blockchain-integrated Software as a Service (SaaS) solutions.
Guotai Junan International (HK: 1788)
Guotai Junan International Holdings Limited is a financial services company headquartered in Hong Kong. It was founded in 2007 and is a subsidiary of Guotai Junan Securities, one of the largest securities companies in China. Its businesses include brokerage, corporate finance, asset management and wealth management. Although it mainly focuses on traditional financial markets, the company has explored blockchain and digital asset opportunities to adapt to the growing trend of cryptocurrencies in Asia, serve institutional and retail clients, and expand into international markets by leveraging the expertise of its parent company.
On June 24, the Hong Kong Securities and Futures Commission officially approved the upgrade of the existing securities trading license to provide virtual asset trading services and related opinions. After the upgrade, customers can directly trade cryptocurrencies such as Bitcoin and Ethereum and stablecoins such as Tether on its platform. Guotai Junan International has thus become the first Chinese brokerage firm in Hong Kong to provide a full range of virtual asset-related trading services, covering virtual asset trading, consulting and related product issuance and distribution.
OKEx (HK: 1499)
OKLink is a Chinese blockchain technology company, affiliated with OK Group, founded in 2016. It focuses on blockchain infrastructure, data analysis and financial services, providing solutions such as blockchain browsers, anti-money laundering (AML) tools and stablecoin settlement networks. Its blockchain analysis platform supports transaction tracking and compliance checks. OKLink provides technical support to exchanges, institutions and developers, promotes global cryptocurrency adoption, and emphasizes secure and scalable blockchain solutions.
Stablecoin issuers: a bridge between traditional and cryptocurrencies
Circle Internet Group (CRCL)
Circle Internet Group is an American fintech company founded in 2013. In 2018, it partnered with Coinbase to issue the USDC stablecoin, which is pegged to the US dollar. In 2025, Circle raised $1.05 billion through its IPO, and its stock price soared 168% on the first day of listing, with the companys valuation reaching $6.8 billion. Circle focuses on stablecoin payment and trading infrastructure in the crypto industry. USDC is the second largest stablecoin after Tether USDT and is widely used as a bridge currency.
JD CoinChain Technology (Hong Kong Stock: 9618)
JD CoinChain Technology is affiliated to Chinese e-commerce giant JD.com and focuses on the application of blockchain technology in supply chain management, finance and data security. With JD.coms expertise in logistics and technology, the company develops blockchain applications to improve the transparency and efficiency of product traceability and anti-counterfeiting, and is also interested in exploring global payments and JD.coms stablecoin sector.
On May 23, Liu Peng, CEO of JD CoinChain Technology, said that the first phase of JD Stablecoin is tentatively scheduled to be issued with stablecoins anchored to Hong Kong dollars and US dollars, and the specific situation will be adjusted based on supervision and market demand. JD Stablecoin has not yet been officially issued, and has entered the second phase of sandbox testing. I will provide mobile and PC application products for retail and institutions. The test scenarios mainly include cross-border payments, investment transactions, retail payments, etc.
Xiongan Technology (Hong Kong Stock: 1647)
Xiongan Technology is a Chinese company located in Xiongan New Area that focuses on blockchain and financial technology solutions. Xiongan Technology is engaged in developing blockchain platforms for smart city applications, financial services and data management. It is in line with Chinas strategy to promote blockchain applications in government and enterprises while focusing on secure and scalable blockchain solutions. In addition, its Xiongan Fund has laid out stablecoin infrastructure.
Crypto asset heavy holders: “digital gold” on the balance sheet
MicroStrategy (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 worlds largest corporate Bitcoin holder. MicroStrategy regards Bitcoin as an inflation-resistant asset, and its stock price has risen 4315.85% since its first purchase of BTC. Although the companys core business is analytical software, its Bitcoin reserve strategy has reshaped its valuation and market image.
Tesla (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 means of payment, and later sold most of its holdings. Teslas cryptocurrency attempt has triggered a wave of corporate adoption of crypto assets, but its main business is still focused on automobiles and renewable energy, with a market value of more than $1 trillion.
GameStop Corp.
GameStop Corp. is an American retail company founded in 1984 that focuses on video games, electronics, and gaming peripherals. 2021 was known for its share price surge driven by retail investors. GameStop launched the NFT market in 2022, explored blockchain and digital collectibles, and held Bitcoin as part of its crypto reserve strategy, following MicroStrategy to increase market attention.
Meitu (HK: 1357)
Meitu is a Chinese technology company that provides photo editing and social media application services and was founded in 2008. In 2021, Meitu invested in Bitcoin and Ethereum to diversify its asset reserves. This move is consistent with its strategy of embracing digital innovation and complements its core business in AI-driven imaging and beauty technology.
Trump Media Technology Group (DJT)
Trump Media Technology Group (TMTG) is an American media company founded in 2021 that operates the Truth Social platform. The companys adoption of a Bitcoin reserve strategy and its goal of holding $2.3 billion worth of crypto assets may reshape TMTGs valuation narrative, although its main business is focused on social media and content creation.
Metaplanet (Japanese stock: 3350)
Metaplanet is a Japanese public company that has followed MicroStrategys Bitcoin-centric strategy. In 2024, the company allocated $5 billion to its US subsidiary, plans to acquire 210,000 BTC by 2027, and currently holds 12,345 BTC. In the context of its core business not being outstanding, its crypto reserves have successfully dominated its market narrative.
SharpLink Gaming (US stock: SBET)
SharpLink Gaming is an American online gaming and gambling technology company. After facing the risk of delisting in 2024 due to poor performance, it announced Ethereum as its main reserve asset and obtained a $425 million financing agreement, causing its stock price to surge by 1747.62%, becoming the largest listed corporate holder of Ethereum, with a current holding of 188,478 ETH. SharpLink cooperated with ConsenSys to obtain support from the Ethereum ecosystem, which may become the latest practical example of how crypto reserves can revive troubled companies.
Cantor Equity Partners (CEP)
Cantor Equity Partners is an American financial services company that has adopted a Bitcoin reserve strategy after merging with Twenty One Capital, aiming to hold crypto assets worth $3 billion. With the support of Tether, SoftBank and Brandon Lutnick, it continues to focus on investment and consulting services, attracting capital market attention and driving valuation growth through crypto strategies.
NextTech Holding (NXTT)
Next Technology Holding Inc. is a diversified SaaS technology service company headquartered in Beijing, China. Founded in 2019, Next Technology Holding Inc. provides technology services and solutions primarily in mainland China through its social e-commerce platform. The company also provides AI software development and technical support services to customers in the United States, Hong Kong, China, and Singapore.
The company holds bitcoins for reserves. On March 12, 2025, the company completed a 5,000 bitcoin transaction, issued stocks and warrants, and increased the total outstanding shares to 436 million shares. As of now, the total reserve is 5,833 bitcoins.
Asset Entities (US stocks: ASST)
Asset Entities is an American digital marketing and content creation company. It was established on March 9, 2022, registered in Nevada, and headquartered in Dallas, Texas, USA. It was listed on the Nasdaq Stock Exchange on February 3, 2023. It mainly provides social media marketing and content delivery services, and its service platforms include Discord, TikTok, etc. The company also designs, develops and manages Discord servers for customers under the brand AE.360.DDM. Its services can be divided into categories such as Discord investment education and entertainment services, and social media marketing 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 the Nasdaq, and become a listed 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 shareholders.
ATIF Holdings Limited (US: ATIF)
ATIF Holdings Limited is an American financial consulting company. It was founded in 2015 and is headquartered in Los Angeles, California, USA. It has overseas business centers in Hong Kong, Shenzhen, China, etc. It is a comprehensive international service group integrating three business sectors: Internet financial service platform, investment and asset management, and listing advisory services. It mainly provides professional IPO listing consulting services, MA consulting services and post-IPO compliance services for small and medium-sized enterprises seeking to be listed on the US stock exchange. Its business market is mainly distributed in Asia and North America.
In June 2025, ATIF Holdings Ltd announced a plan to issue additional shares, intending to raise $100 million to purchase Dogecoin (DOGE) as a companys financial reserve investment. If the plan is achieved, it will become the first US-listed company to invest primarily in and hold Meme coins. In addition, the company plans to continue purchasing mainstream Meme coins as part of its long-term digital asset strategy in the future.
Brooker Group Public Company (Thai: BTC)
Brooker Group is a Thai financial consulting and investment company listed on the Stock Exchange of Thailand. Brookers core business is to provide consulting, real estate and investment management services. It is also the first listed company in Thailand to hold multiple crypto assets such as Bitcoin and Ethereum (source from official website disclosure), the specific number of which has not yet been announced.
SRM Entertainment, Inc. (US stock: SRM)
SRM Entertainment, Inc. is an American company listed on NASDAQ. It was originally a toy and theme park souvenir manufacturer with a market value of approximately US$140 million. It mainly sells customized plush toys, water cups and other products. In 2025, it announced that TRONs TRX would be its core reserve asset, and was supported by 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.
SRMs stock price soared by more than 500% due to this news, and the intraday increase exceeded 600%, reaching around US$11, and then high volatility continued.
Jiuzi New Energy (US stock: JZXN)
Jiuzi New Energy (JZXN) is a new energy vehicle distributor headquartered in Hangzhou, Zhejiang. It sells electric vehicles in Chinas third- and fourth-tier cities through its subsidiaries. Its revenue in fiscal 2024 was approximately US$46 million and it is still in a loss-making state.
On May 22, 2025, the companys board of directors approved a major strategy: to purchase 1,000 Bitcoins (BTC) within the next year, with the funds coming from additional stock issuance and cash payments, in order to optimize the asset structure, diversify traditional operating risks, and use Bitcoins liquidity and value-added potential for asset allocation. The companys stock price subsequently soared by more than 20%, once jumping to about $4.78.
Kindly MD (NASDAQ: NAKA)
Kindly MD is an American comprehensive healthcare service provider, covering medical care, pain management, behavioral health and alternative medicine. Its core business is medical services paid for by Medicare, Medicaid and commercial insurance, and its goal is to reduce opioid dependence through personalized treatment. Interestingly, the stock code was previously KDLY, and it was changed to NAKA on May 23, 2025 to reflect consistency with the Bitcoin strategy.
On May 18, 2025, the company’s shareholders approved a merger with Bitcoin-native company Nakamoto Holdings, with the goal of creating a listed “Bitcoin Treasury Platform.”
Siebert Financial Corp. (US stock: SIEB)
Siebert Financial Corp. is an American financial services company founded in 1967 that provides retail and institutional securities brokerage, investment advisory, insurance services, and financial technology products.
On June 9, 2025, the companys S-3 shelf registration statement was approved by the SEC, planning to raise up to $100 million by issuing a variety of securities. The prospectus also clearly stated that the funds raised would be used to purchase digital assets such as BTC, ETH, Solana, as well as invest in AI technology or make strategic acquisitions.
Trident Digital Tech Holdings (TDTH)
Trident Digital Tech Holdings is a digital technology optimization service and Web3.0 platform registered in Singapore and listed on Nasdaq. It mainly provides online technology consulting and digital transformation solutions.
On June 12, 2025, the company announced that it would raise up to $500 million to build an XRP treasury and launch a staking mechanism to earn returns, hiring Chaince Securities as a strategic advisor. The stock price plummeted by nearly 38% after the announcement.
VivoPower International (VVPR)
VivoPower International is a London-based, Nasdaq-listed UK sustainable energy solutions company specializing in solar and electric vehicle infrastructure.
On May 28, 2025, it completed a $121 million private placement financing, with participation from Saudi princes and Adam Traidman, and announced that it would become the first listed company with XRP as its core treasury. Recently, it established OTC trading and custody cooperation with BitGo, and will invest the first $100 million in XRP and pledge it on the Flare chain through the F-Assets mechanism to earn income.
Webus International (US stock: WETO)
Webus International Ltd. is a smart mobility technology provider headquartered in Hangzhou, China. It mainly operates the high-end mobility platform Wetour, covering the global customized bus, airport transfer and long-distance travel markets. In June 2025, the companys market value was approximately US$56 million, and its business was centered on AI-driven logistics optimization and passenger services.
The company disclosed to the SEC at the end of May 2025 that it would raise up to $300 million through debt and credit financing to build a corporate treasury with XRP as the core. It signed a custody entrustment agreement with Samara Alpha, registered in New York, and set a custody launch threshold that requires asset transfer before activation. It is still in the framework stage to be activated.
Wellgistics Health (WGRX)
Wellgistics Health is a pharmaceutical wholesale and healthcare logistics technology platform headquartered in Tampa, Florida, USA, connecting manufacturers, wholesalers and independent pharmacies, with revenue of approximately US$180 million in 2024.
On May 8, 2025, the company announced the launch of the XRP payment network + treasury reserve model to support rapid and real-time settlement of cross-link transactions in the supply chain.
Blockchain technology and DeFi pioneers: building future financial infrastructure
Galaxy Digital (GLXY)
Galaxy Digital is a global digital asset financial services group founded by Mike Novogratz in 2018. Headquartered in New York, it is listed in Toronto and Nasdaq. Its core business provides cryptocurrency trading, asset management and consulting services, including trading, asset management, market making, lending and Bitcoin and Ethereum staking.
In 2025, it will obtain SEC Nasdaq listing approval to promote the expansion of the US market, and obtain the UK FCA derivative brand license. As of now, it publicly holds about 12,830 bitcoins (nearly US$1.37 billion), with a paper profit of about 26%.
Yuxing Technology (Hong Kong Stock: 8005)
Yuxing Technology Investment Holdings Co., Ltd. (listed on the Hong Kong Growth Enterprise Market in 2000, renamed in 2011, with a current market value of approximately HK$2.4 billion) is mainly engaged in information appliance agency, distributed storage, IDC services and digital asset businesses.
In 2021, it purchased mining equipment and ordered about RMB 290 million of mining equipment from Wuhan Quan Yaocheng, involving 2,416 A 10 Pro and other ASIC chips for mining ETH Classic, etc. At the same time, it participated in the construction of IPFS/Filecoin related infrastructure and built an on-chain service ecosystem in combination with mining technology.
New Fire Technology (Hong Kong Stock: 1611)
Xinhuo Technology (formerly Huobi Technology; stock code: 1611.HK) was founded by Huobi co-founder Du Jun and focuses on digital asset compliance services. Its businesses include asset management, custody, mining, trading and blockchain technology solutions.
In June 2025, it announced the upgrade of the bank account system to improve custody efficiency, established strategic cooperation with HashKey Exchange, promoted the integrated asset custody layout in Hong Kong and Macau, provided CeFi lending, mining pools, trading and other diversified services, and became one of the major virtual asset service platforms in Hong Kong. At the same time, Huobi Hong Kong Trust has a TCSP license and can provide institutions with fiat currency + virtual asset custody services.
Defi Technologies (US stock: DEFT)
DeFi Technologies is headquartered in Canada and listed on Toronto and Nasdaq (stock codes DEFT/DEFI respectively). Its subsidiary Valour is one of the leading issuers of digital asset ETPs (Exchange Traded Products) in Europe, with products covering BTC, ETH, SOL, ETC and other assets.
Public data shows that as of the end of May, the company held approximately 208.8 BTC, 121 ETH, and 14,375 SOL; and participated in ETH staking.
In June 2025, DeFi Technologies appointed former Deutsche Bank CEO Manfred Knof as a strategic advisor, which may further strengthen the institutional influence on the companys future development.
DeFi Development Corp（DFDV）
DeFi Development Corp, formerly known as Janover Inc., is mainly engaged in real estate financial technology. In 2025, it transformed to focus on Solana Treasury. As of May 2025, it has held approximately 621,313 SOL (market value of approximately US$107 million), and the cost of opening a position is approximately US$139.66.
In June 2025, it became the first U.S. treasury stock to issue its tokenized shares (DFDVx) on the Solana chain, and cooperated with Kraken to open the circulation of xStocks.
Upexi (U.S. stocks: UPXI)
Upexi is an American e-commerce and consumer goods company focused on Amazon market optimization. Headquartered in Tampa, USA, it mainly deals in consumer products (functional foods, pet care, etc.). In line with DeFi Development Corp, it launched the Solana Treasury transformation in 2025.
In April 2025, it raised $100 million from multiple crypto venture capitals, 95% of which was used to purchase SOL. It now holds approximately 679,677 SOL (the cost of opening a position is approximately $142).
In June 2025, it continued to increase its holdings by 56,000 SOL, with a total holding of approximately 735,692 SOL (market value of approximately US$105 million). The SOL treasury value increased by approximately 39% in the financial report, and the holdings increased by 8% this month.
BTCS Inc. (US stocks: BTCS)
BTCS Inc. is a blockchain infrastructure company founded in 2014 and headquartered in Washington, DC. It mainly provides NodeOps node cloud, Staking‑as‑a‑Service (covering multi-chain staking such as 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 for the expansion of node business. At the same time, its first quarter 2025 financial report disclosed that the cash + crypto asset liquidity balance was US$38.5 million, an increase of 88% from the end of last year. .
Mercurity Fintech Holding Inc. (US: MFH)
Mercurity Fintech Holding Inc. is a blockchain technology company founded in 2011 and listed in the United States. It was formerly the cross-border e-commerce company Wowo Ltd.; in 2020, it was renamed Mercurity Fintech and transformed into a compliant financial technology + blockchain payment and RWA market platform.
On June 5, it announced a strategic partnership with SBI Digital Markets to jointly issue and distribute compliant RWA token products. In June of the same period, its platform connected with Franklin Templeton BENJI Money Fund, introducing a $1.53 trillion asset manager into the on-chain ecosystem.
Crypto mining companies: cornerstone guardians of computing power and value
Bitdeer Technologies (BTDR)
Bitdeer Technologies is a global Bitcoin mining and computing power operator founded by Bitmain co-founder Jihan Wu in 2018; it will be listed on Nasdaq via SPAC in 2023. Bitdeer provides efficient and scalable mining solutions for institutional and retail customers through its infrastructure.
Public data shows that thanks to the launch of SEALMINERA 1/A 2 models, 196 BTC were mined in May, an increase of 18% from April. It is expected that the power capacity will reach 1.6 GW in June; and HPC+AI data centers will be deployed in Norway, Thailand, Bhutan and other places.
Canaan Inc. (US stock: CAN)
Canaan Inc. was founded in 2013 and is headquartered in Singapore. It 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-operated and third-party mining machine rental businesses; its global business has expanded to the United States, Kazakhstan, Canada and other places, providing high-performance hardware and expanding to AI and blockchain technology solutions.
CleanSpark (CLSK)
CleanSpark is an American Bitcoin mining company that focuses on sustainable energy solutions. It uses renewable energy to power its mining operations, mainly in Georgia, Mississippi, Tennessee, Wyoming, etc., while also owning and operating its own energy infrastructure.
As of June 2025, the companys computing power exceeded 50 EH/s, ranking among the top mining companies in the world. At the same time, it produced more than 12,500 BTC, about 694 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, uses clean energy technology, and combines Bitcoin mining, blockchain software, hosting services, and data center operations; its subsidiary Systemic Trust focuses on compliant BTC transactions and hosting. It also operates mining farms, provides mining as a service, and blockchain software (Helm, Petra, Breeze, etc.)
As of now, the company has accumulated about 351 BTC (about 37.6 million US dollars), accounting for 110% of the market value.
Hut 8 Corp. (HUT)
Hut 8 Corp. was founded in 2017 and is headquartered in Miami, USA and Canada. Hut 8 is one of the largest energy infrastructure operators in North America and holds a large amount of BTC reserves. Hut 8 also provides high-performance computing services and explores the application of blockchain technology.
Continue to expand the scale of Bitcoin self-mining and treasury. As of March 31, 2025, 10,273 BTC have been mined and the total treasury exceeds US$1.1 billion. In addition, its American Bitcoin subsidiary plans to go public independently to raise dedicated mining capital; Hut 8 obtained a US$130 million loan from Coinbase in the form of liquid credit to expand production capacity.
Marathon Digital (MARA)
Marathon Digital Holdings is an American Bitcoin mining company founded in 2010. It is headquartered in Florida and listed on the Nasdaq main board. It was formerly known as Marathon Patent Group. It later focused on Bitcoin mining and related infrastructure and has become the second largest BTC reserve company after MicroStrategy (second only to MSTR).
As of several consecutive months of stable output, the highest output in history was 950 BTC in May 2025, and the self-operated BTC reserves are about 49,179 pieces. At the same time, the Energized hash rate has reached 58.3 EH/s, contributing about 6.5% of the global Bitcoin networks daily block output, and continuing to expand the immersion cooling technology mine.
Riot Platforms (US stock: RIOT)
Riot Platforms (formerly Riot Blockchain) is an American Bitcoin mining company founded in 2003 and headquartered in Castle Rock, Colorado. It focuses on Bitcoin mining and has the potential for high-power substation and AI data center transformation.
Public data shows that in January 2025, the computing power was 33.5 EH/s, 527 BTC were mined, and the BTC reserve this month was about 18,221; 514 were produced in May, a year-on-year increase of 139%.
Conclusion
From Strategys radical strategy of turning into a Bitcoin treasury, to SharpLink Gamings ambition to transform into an ETH battleship, to Metaplanet, Valour and other pioneers packaging on-chain assets into compliant financial products - global listed companies are deeply integrating crypto assets into their value engines at an unprecedented speed and innovative attitude. This is not just a technical experiment, but a profound revolution in the reconstruction of balance sheets and future valuation logic.
This round of bull market is far from a simple fluctuation of currency prices. Its deep driving force comes from the large-scale acceptance and value revaluation of crypto asset narratives by the traditional capital market. Discovering these narrative depressions is likely to become the investment direction with the highest alpha returns this summer. The wave of integration of crypto assets and traditional equity is unstoppable. Whoever understands the rules of this double game earlier will be able to seize the initiative in the huge wave of value revaluation.
