Author:Shenchao TechFlow

Four years after it went public, on May 19, 2025, Coinbase Global Inc. (Stock Code: COIN) was officially included in the S&P 500 Index. Affected by this news, Coinbase's stock price soared 10% in after-hours trading. " This is a sign of the times, meaning cryptocurrency stocks are being mainstreamed , " said Dan Dolev, senior payment analyst at U.S. investment bank Mizuho.

Source: TradingView

Combined with the recent new trends of crypto-tech company Antalpha in the U.S. stock market, Antalpha, which rose by more than 70% on the first day of listing in the U.S. stock market, triggered circuit breaker and Galaxy Digital (GLXY) and went public directly after the restructuring. Nasdaq and other new trends in the U.S. stock market, crypto-company stocks are becoming a special "crypto hot spot": traditional market investors have begun to pay attention to companies in the crypto industry, while people in the currency circle regard the changes in the stock price of crypto stocks as one of the weather vanes of market changes.

From exchanges to mining giants, from financial services to hardware pioneers, the stock market and encryption are heading for both directions. Shenchao TechFlow organizes crypto-related listed companies on major stock exchanges around the world to unfold the currently listed crypto-related corporate map for you.

Exchanges and platforms (6 companies)

Coinbase Global Inc. (COIN)

Listing time : April 14, 2021 | Exchange : NASDAQ | Stock code : COIN | Monthly increase: 28.83%

Encrypted users are no strangers to Coinbase. Founded in 2012, Coinbase is headquartered in San Francisco, serving more than 120 million users and covering more than 100 countries. The platform supports a variety of crypto asset transactions, while providing retail and institutional services, including Coinbase Custody and Prime, with assets under management of over US$200 billion. Coinbase holds licenses in many states in the United States, and continues to deepen its efforts in crypto fields such as public chains, infrastructure facilities, and payments. On May 19, 2025, Coinbase was officially included in the S&P 500 Index, becoming the first crypto concept stock to enter the S&P Index.

Robinhood Markets, Inc. (HOOD)

Listing time : July 29, 2021 | Exchange : NASDAQ | Stock code : HOOD | Last week 's increase: 13%

Founded in 2013, Robinhood is headquartered in California and will be listed in 2021. Robinhood first launched its cryptocurrency trading service in 2018, allowing users to buy and sell and hold digital assets such as Bitcoin, Ethereum and several other mainstream cryptocurrencies without paying commissions.

Block, Inc. (XYZ)

Listing date : November 19, 2015 | Exchange : NYSE | Stock code : SQ

Block (formerly Square) was founded in 2009 and headquartered in San Francisco. It was listed in 2015, focusing on payment and encryption services. Its Cash App supports Bitcoin transactions and storage, and Block promotes financial inclusion through peer-to-peer payments and blockchain technologies such as TBD's decentralized platform, serving small and medium-sized enterprises and individual users around the world. The company invests in Bitcoin mining and hardware wallet research and development, and leads in technological innovation.

Bakkt Holdings Inc. (BKKT)

Listing time : October 18, 2021 | Exchange : NYSE | Stock code : BKKT

Supported by InterContinental Exchange (ICE), Bakkt was established in 2018 and listed through SPAC in 2021, focusing on institutional-level digital asset services. Headquartered in the United States, it provides Bitcoin futures, spot trading and crypto payment solutions, and cooperates with Starbucks and Mastercard to promote the application of cryptocurrencies in retail scenarios. Bakkt's custodial services are known for their high security and compliance, serving banking and institutional investors.

OSL Group Ltd

Listing date : April 27, 2012 | Exchange : HKEX | Stock code : 0863

OSL is a leading digital asset platform in Hong Kong. It was established in 2018 and holds a virtual asset service license for the Hong Kong Securities Regulatory Commission. Provide brokerage, trading and custody services, and manage assets of over US$5 billion. OSL focuses on Asian markets, service agencies and high net worth customers, and compliance is guaranteed. OSL enhances competitiveness with API technology and secure storage solutions.

eToro Group Ltd (ETOR)

Listing time : May 15, 2025 | Exchange : NASDAQ | Stock code : ETOR

eToro is a social trading platform founded in Israel in 2007 and landed on Nasdaq on May 15, 2025. Its “copy trading” function allows users to imitate professional traders and attract more than 30 million users around the world. eToro supports mainstream cryptocurrency trading such as Bitcoin and Ethereum, and provides diversified assets such as stocks and ETFs. The platform lowers the threshold for crypto investment through user-friendly interfaces and community-driven models.

Crypto mining-related companies (24 companies)

Bit Digital Inc. (BTBT)

Listing time : March 19, 2018 | Exchange : NASDAQ | Stock code : BTBT | Monthly increase: 27.32%

Founded in 2015, Bit Digital is headquartered in New York and listed in 2018, and is a leader in Bitcoin mining. Operate green energy mines in North America and Asia. The company reduces costs through renewable energy (such as hydropower), and hash rates rank among the top in the industry. Its AI computing service extensions, such as GPU rentals, bring new revenue streams.

Bitfarms Ltd (BITF)

Listing time : June 21, 2021 | Exchange : NASDAQ | Stock code : BITF

Bitfarms is a Canadian Bitcoin mining giant founded in 2017 and operates North and South American mining farms. The company uses low-cost hydropower and wind energy to optimize mining efficiency, with a hash rate at the forefront of the industry, and the design of modular data centers improves operational flexibility.

Cipher Mining Inc. (CIFR)

Listing time : August 30, 2021 | Exchange : NASDAQ | Stock code : CIFR | Monthly increase: 32.63%

Founded in 2020, Cipher Mining is headquartered in New York and is listed on SPAC in 2021. The company focuses on Bitcoin mining in the United States, operates large mines in Texas and Ohio, and uses efficient ASIC mining machines and low-cost energy to optimize profitability.

CleanSpark Inc. (CLSK)

Listing time : January 24, 2020 | Exchange : NASDAQ | Stock code : CLSK | Monthly increase: 18.73%

CleanSpark was founded in 2014 and is headquartered in the United States. The company focuses on green bitcoin mining and operates 100% renewable energy mines in Georgia and Nevada. Its energy management software optimizes power usage and reduces costs.

Core Scientific Inc. (CORZ)

Listing time : January 20, 2022 | Exchange : NASDAQ | Stock code : CORZ | Monthly increase: 34.81%

Core Scientific is the leader in blockchain infrastructure in the United States. It was founded in 2017 and was launched in 2022. The company operates the largest mining facility in North America. Provides Bitcoin mining and custody services, with clients including institutional and retail miners. Its AI computing business (such as GPU clusters) expands rapidly and diversifies revenue.

HIVE Digital Technologies Ltd (HIVE)

Listing time : 2017 | Exchange : NASDAQ | Stock code : HIVE | Monthly increase: 23.8%

HIVE was founded in 2017 and is headquartered in Canada and is listed in 2017. The company operates Bitcoin and Ethereum mines, with facilities throughout Canada, Sweden and Iceland. HIVE uses green energy, combining high-performance computing (HPC) services to serve AI and blockchain customers. HIVE spreads risks through currency mining strategies and plans to expand its data center network in the future.

Hut 8 Corp (HUT)

Listing time : March 2018 (TSX) | Exchange : NASDAQ/TSX | Stock code : HUT | Monthly increase: 36.72%

Hut 8 is a pioneer in mining and energy infrastructure in Canada, founded in 2011 and went public in 2018. The company operates North American mining farms. Hut 8 combines energy management and AI computing to develop efficient mining facilities and expand business through mergers and acquisitions (such as data centers). On May 12, Hut 8 issued a statement saying that its subsidiary American Bitcoin (“US Bitcoin”) will be listed on the Nasdaq Exchange through a stock merger with GRYP, which is expected to be completed in the third quarter of 2025, and the new company will operate under the American Bitcoin brand after the merger. The 98% stake in the new company is expected to be held by existing American Bitcoin shareholders.

Gryphon Digital Mining, Inc. (GRYP)

Listing time : February 26, 2018 | Exchange : NASDAQ | Stock code : GRYP | Monthly increase: 446%

Gryphon Digital Mining was founded in 2019 and is headquartered in the United States and will be listed by 2021. Focusing on green Bitcoin mining and operating North American renewable energy mines, the company improves profitability through low-cost energy and efficient ASIC mining machines. Gryphon also provides blockchain consulting services to diversify revenue. On the evening of May 12, GRYP surged after the opening of the US stock market, and the stock price triggered circuit breakers several times, once rising by more than 440%.

IRIS Energy Ltd (IREN)

Listing time : November 17, 2021 | Exchange : NASDAQ | Stock code : IREN | Monthly increase: 41%

Founded in 2018, IRIS Energy is headquartered in Australia and will be listed in 2021. The company focuses on 100% renewable energy Bitcoin mining, operating facilities in Canada and the United States. Its green mining strategy uses hydropower and wind energy to attract ESG investors, with a hash rate at the forefront of the industry.

Marathon Digital Holdings Inc. (MARA)

Listing time : 2012 | Exchange : NASDAQ | Stock code : MARA | Monthly increase: 21%

Marathon Digital is a global Bitcoin mining giant founded in 2010 and listed in 2012. The company operates large-scale mining farms in North America, and through mergers and acquisitions and equipment upgrades, the hash rate is firmly at the forefront of the industry. Its low-cost energy strategy and large-scale operations are core competitiveness.

Riot Platforms Inc. (RIOT)

Listing time : 2003 | Exchange : NASDAQ | Stock code : RIOT | Monthly increase: 23.34%

Riot Platforms is a leader in mining in the United States. It was founded in 2000 and went public in 2003. The company operates large mines in Texas. Riot optimizes costs with its own power facilities and efficient ASIC miners.

TeraWulf Inc. (WULF)

Listing time : June 2021 | Exchange : NASDAQ | Stock code : WULF | Monthly increase: 41%

Founded in 2021, TeraWulf is headquartered in the United States and is listed in 2021 with a valuation of US$1.5 billion. The company focuses on zero-carbon Bitcoin mining and operates green mines in New York and Pennsylvania.

Applied Digital Corporation (APLD)

Listing Date : April 13, 2022 | Exchange : NASDAQ | Stock Code : APLD

Applied Digital was founded in 2001. The company provides blockchain infrastructure and cloud computing services to operate American data centers. Its business combines traditional IT and blockchain to serve mining and AI customers.

Bitfufu Inc.

Listing date : March 1, 2024 | Exchange : NASDAQ | Stock code : FUFU

Founded in 2020, Bitfufu is headquartered in Singapore and provides cloud mining and mining machine hosting services. Its cloud mining platform lowers industry thresholds and serves global retail and institutional customers.

BIT Mining (BTCM)

Listing date : November 12, 2013 | Exchange : NYSE | Stock code : BTCM

BIT Mining is a Chinese crypto mining company founded in 2013 and listed on the New York Stock Exchange in 2013. It operates Bitcoin and Ethereum mining farms in North America and Asia. Previously, BIT Mining was under scrutiny for not meeting certain standards. In December 2024, BIT Mining announced that it had re-complied with the New York Stock Exchange's continued listing standards.

Bit Origin Bit Origin (BTOG)

Listing date : August 14, 2019 | Exchange : NASDAQ | Stock code : BTOG

Founded in 2018, Bit Origin is headquartered in the United States and is listed in 2019. The company operates a US Bitcoin mining farm, focusing on small and medium-sized mining, with low operating costs. In February 2025, Bit Origin faced the risk of delisting of Nasdaq due to its low share price.

Mawson Infrastructure Group Inc (MIGI)

Listing time : September 29, 2021 | Exchange : NASDAQ | Stock code : MIGI

Founded in 2012, Mawson is headquartered in Australia and will be listed by 2021. The company operates mining sites in the United States and Australia, and its modular data center design improves efficiency and green energy use enhances competitiveness.

Abits (ABTS)

Listing date : November 15, 2016 | Exchange : NASDAQ | Stock code : ABTS

Founded in 2016, Abits provides crypto mining and investment services, with its small mining facilities and blockchain portfolio that are competitive and enhance profitability through low-cost operations.

Ninth City (NCTY)

Listing time : December 2004 | Exchange : NASDAQ | Stock code : NCTY

Founded in 1998, the Ninth City is headquartered in China and was listed in 2004. Originally a game company, it has transformed into crypto mining and operated North American facilities since 2020.

Greenidge Generation Holdings, Inc. (GREE)

Listing time : September 14, 2021 | Exchange : NASDAQ | Stock code : GREE | Monthly increase: 17.76%

Founded in 2014, Greenidge is headquartered in the United States and will be listed in 2021. is a vertically integrated cryptocurrency mining and power generation company headquartered in Dresden, New York. The company operates a natural gas power plant and a cryptocurrency mining facility. Greenidge uses its power generation capabilities to support its digital asset mining business, focusing mainly on Bitcoin mining.

Canaan Inc Canaan Technology (CAN)

Listing date : November 21, 2019 | Exchange : NASDAQ | Stock code : CAN

Canaan is a leading Bitcoin mining machine manufacturer in China. It was founded in 2013 and launched in 2019 to produce the Avalon series ASIC mining machines. The company expands its business through chip research and development to serve the global mining market. It is known as the three major domestic mining companies, along with Bitmain and Yibang International.

EBON

Listing date : June 26, 2020 | Exchange : NASDAQ | Stock code : EBON

Yibang International was founded in 2010 and is headquartered in China. When Yibang International was established, it started with communication equipment-based business, and then turned to mining machine production. Yibang International is strong in integrated circuits and has ASIC chip design capabilities. It is one of the earliest mining machine manufacturers to use 10nm ASIC chips for commercial use.

Intchains Group Ltd Conglian Group (ICG)

Listing time : March 16, 2023 | Exchange : NASDAQ | Stock code : ICG | Monthly increase: 16.83%

Founded in 2015, Conglian Group provides blockchain hardware and data center solutions. The company serves Asian mining and blockchain companies and is committed to providing high-performance, energy-efficient IC solutions to optimize the computing needs of cryptocurrency mining and other blockchain-related processes.

CoreWeave (CRWV)

Listing time : March 28, 2025 | Exchange : NASDAQ | Stock code : CRWV

CoreWeave was founded in 2017 and was formerly a cryptocurrency mining company called Atlantic Crypto. In 2019, it transformed into a cloud infrastructure provider for GPU-based computing, renting out computing power to customers in the cloud. Customers use company servers for demanding workloads such as AI model training and inference, graph rendering, and other high-performance computing tasks. The company provides access to these high-power chips (mostly from Nvidia) as well as related data center resources, and charges customers based on capacity and usage.

Crypto Investment and Financial Services (9 companies)

Galaxy Digital Holdings Ltd (GLXY)

Listing time : August 1, 2018 (TSX) / May 16, 2025 (NASDAQ) | Exchange : NASDAQ/TSX | Stock code : GLXY

Galaxy Digital is a digital asset financial services giant founded in 2018 and headquartered in New York. Providing crypto trading, asset management and investment banking services On August 1, 2018, Galaxy was listed on the Toronto Stock Exchange. After reorganization, it landed on Nasdaq on May 16, 2025.

CoinShares International Ltd(CS)

Listing time : March 2021 | Exchange : NASDAQ | Stock code : CS

CoinShares is the largest and longest-running digital asset investment company in Europe. It was founded in 2017 and is headquartered in London. The company provides crypto ETP and asset management services. Its Bitcoin and Ethereum ETP products lead in Europe, serving institutional and retail investors.

Strategy, former MicroStrategy (MSTR)

Listing time : 1998 | Exchange : NASDAQ | Stock code : MSTR | Monthly increase: 9.68%

MicroStrategy was founded in 1989 and headquartered in the United States and was listed in 1998. In 2025, MicroStrategy was renamed Strategy. Through debt financing, Strategy has become the company with the largest holdings of Bitcoin in the world. As of May 2025, Strategy held 576,230 Bitcoins, accounting for nearly 3% of the global Bitcoin total.

Amber International Holding Limited (AMBR)

Listing date : March 13, 2025 | Exchange : NASDAQ | Stock code : AMBR Amber Group was founded in 2017 and is headquartered in Singapore and landed on Nasdaq on March 13, 2025. The company provides crypto trading, asset management and lending services. Its algorithmic trading and high-frequency trading technology are leading the world, serving institutions and high-net-worth customers.

Antalpha Platform Holding Company (ANTA)

Listing date : May 14, 2025 | Exchange : NASDAQ | Stock code : ANTA

Founded in 2018, Antalpha is headquartered in Singapore, focusing on upstream and downstream ecological services of Bitcoin mining, and providing a series of ecological services such as equipment procurement and loan financing. The surge of 70% on the first day of listing on May 14, 2025 triggered a circuit breaker.

Strive, former Asset Entities (ASST)

Announced Merger Listing Date : February 3, 2023/May 7, 2025 | Exchange : NASDAQ | Stock Code : ASST

Strive was founded in 2022 and is headquartered in the United States. On May 7, 2025, Strive Asset Management announced a merger with Asset Entities (ASST). After the merger, the company will be renamed Strive, continue to be listed on Nasdaq, and transform into a listed Bitcoin finance company.

Twenty One Capital (XXI)

Listing date : April 23, 2025 | Exchange : NASDAQ | Stock code : XXI

Twenty One Capital is powered by Tether, Bitfinex and SoftBank and is available on April 23, 2025. Twenty One Capital was formed through a merger with Cantor Equity Partners' SPAC, which was established with a balance sheet holding $3.6 billion worth of Bitcoin, making it the third largest company in the world to hold Bitcoin.

Semler Scientific, Inc. (SMLR)

Listing time : September 28, 2021 | Exchange : NASDAQ | Stock code : SMLR | Monthly increase: 30%

Founded in 2007, Semler Scientific is headquartered in California, focusing on medical technology and Bitcoin investment. Its core product is a cardiovascular diagnostic device, which has attracted attention in recent years through Bitcoin’s treasury strategy, and has increased its holdings in Bitcoin through cash flow and convertible bond financing.

Metalpha Technology Holding Limited (MATH)

Listing Date : October 20, 2017 | Exchange : NASDAQ | Stock Code : MATH

Metalpha Technology Holding Ltd is a wealth management company focused on digital assets. The company generates revenue primarily through the execution of cryptocurrency-related transactions, including issuing derivative products and their proprietary trading activities to over-the-counter trading (OTC) customers. It partnered with a cryptocurrency exchange to provide its clients with cryptocurrency derivatives market-making services to facilitate the trading of cryptocurrency derivatives.

Crypto-ecological asset-related enterprises (6)

Exodus Movement Inc. (EXOD)

Listing time : December 18, 2024 | Exchange : NYSE | Stock code : EXOD | Monthly increase: -11.6%

Founded in 2015, Exodus is headquartered in the United States and is known for developing wallet applications that support multiple cryptocurrencies. The company's core business revolves around the Exodus wallet, a non-custodial wallet that allows users to securely store, manage and trade various cryptocurrencies.

Fold Holdings, Inc. (FLD)

Listing time : February 9, 2022 | Exchange : NASDAQ | Stock code : FLD | Monthly increase: 10.59%

Founded in 2019, Fold is headquartered in the United States. The company provides a Bitcoin reward platform, allowing users to earn Bitcoin through debit cards and payment services. Fold attracts retail users through the "encrypted cashback" model and integrates payment networks such as Visa.

Mercurity Fintech Holding Inc (MFH)

Listing Date : April 8, 2015 | Exchange : NASDAQ | Stock Code : MFH

Founded in 2011 and headquartered in the United States, Mercurity is a New York-based digital fintech company. Provides artificial intelligence infrastructure, blockchain and digital assets. The three core businesses include 1. Blockchain and digital asset solutions; 2. Artificial intelligence and HPC infrastructure to develop liquid cooling solutions for AI data centers; 3. Provide comprehensive financial services through Chaince Securities, LLC (FINRA-registered brokerage dealer) and RIA.

Sol Strategies, Inc. (CYFRF)

Listing time : 1998 | Exchange : TSXV | Stock code : CYFRF | Monthly increase: 30%

Sol Strategies Inc. (formerly Cypherpunk Holdings Inc.) is a Canadian publicly traded company focusing on investment in the Solana blockchain ecosystem. The company was renamed Sol Strategies in September 2024, and its core investment strategy shifted to focus on the Solana ecosystem, including pledging Solana (SOL) tokens and investing in Solana-based projects and infrastructure.

BTCS Inc (BTCS)

Listing date : September 14, 2021 | Exchange : NASDAQ | Stock code : BTCS

Founded in 2013, BTCS is headquartered in the United States. BTCS is engaged in the operation of an online e-commerce market platform, and consumers can purchase goods by using digital assets, including Bitcoin. The company focuses on the blockchain and digital asset ecosystem. The company operates a test-stage e-commerce marketplace platform that accepts multiple digital currencies and designs a test-stage secure digital currency storage solution BTCS Wallet. The company's blockchain infrastructure business includes two major revenue-generating activities: Ethereum block building and validator node operation.

DeFi Development Corp (DFDV)

Listing date : July 25, 2023 | Exchange : NASDAQ | Stock code : DFDV

Founded in 2018, DeFi Development Corp (formerly Janover) has transformed into a Solana-focused public company and currently holds 609,190 SOL tokens worth over $107 million. DFDV shares rose 30% last Friday, up 2,800% since turning to Solana.

Conclusion

From the perspective of composition, the currently listed crypto companies have reflected the complete up, mid- and downstream chains of the crypto world, and mapped the trajectory of blockchain from the edge to the mainstream.

Upstream, 24 mining and hardware companies operate mining farms, produce mining machines or provide mining services. At the same time, many early mining companies are transforming from a single bitcoin producer to a diversified computing infrastructure provider. Companies such as Core Scientific and CleanSpark have expanded their business to AI training and high-performance computing tracks.

Crypto trading platforms such as Coinbase and Robinhood are firmly in the middle of the chain. While focusing on matching transactions and payment services, they also continue to expand compliance boundaries by ringing the bell and listing, and stand firm in the mainstream financial market.

Downstream, companies focusing on crypto asset management services connect resources inside and outside the circle by hoarding coins and providing crypto-derived financial products, guiding more users to touch on encryption. Endogenous enterprises of the crypto ecosystem nourish the crypto native environment in the form of investment and research and development, and promote the expansion of encryption applications outward. As the node with the most liquidity in the crypto market, the exchange is also exploring a path to connect US stocks and encryption. For example, Bybit recently launched a US stock asset trading channel. Through the CFD (Stock CFD) tool, users can directly use USDT to trade popular US stock targets and financial products such as gold, crude oil and foreign exchange.

With the approaching potential IPOs of crypto giants such as Circle and Kraken, the spark of "crypto market entry" has become a prairie fire, and "token price" is no longer the only criterion for the world to judge the crypto market.