Original Article Title: "Cryptocurrency Becomes a New Engine for Public Company Stock Prices: Analysis of 44 Giant's Layout"

Original Article Author: Ethan, Odaily Planet Daily

The cryptocurrency wave is sweeping through the global capital market!

From exchange 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 trend, what capital logic and evolutionary trends are hidden? To clear the fog, Odaily Planet Daily has thoroughly scanned 44 representative public companies worldwide and, based on their core crypto business attributes, distilled five key racing tracks:

· Cryptocurrency Exchange Platforms: The Market's Central Hub

· Stablecoin Issuers: The Bridge Connecting Traditional and Crypto

· Cryptocurrency Hodlers: The "Digital Gold" on the Balance Sheet

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

· Cryptocurrency Mining Companies: Guardians 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 bonuses in the crypto capital market and proactively lay out the crypto narrative wave.

Cryptocurrency Exchange Platforms: The Market's Central Hub

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 supporting the buying, selling, transferring, and storing of cryptocurrencies, serving retail investors, institutions, enterprises, and developers.

As of the first quarter of 2025 financial report, Coinbase, in partnership with Circle Internet Group, co-founded the USDC stablecoin 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 fundraising policy to allow for flexibility based on market conditions and anticipated liquidity needs of the business, allocating funds to Bitcoin and other digital assets as part of Bakkt's broader financial and corporate strategy. 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 for 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 to cryptocurrency trading and is actively exploring the realm of RWAs, 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 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 all-cash acquisition of Bitstamp, a cryptocurrency exchange based in Luxembourg. This acquisition added over 50 licenses and registrations to Robinhood's crypto business, along with a mature base of institutional clients.

OSL Group (HKEX: 0863)

The OSL Group is a licensed and compliant digital asset platform headquartered 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.

CICC International (Hong Kong Stock: 1788)

CICC International Holdings Ltd. is a Hong Kong-based financial services company established in 2007 and is a subsidiary of China's largest brokerage firm, China International Capital Corporation (CICC). Its business lines include brokerage, corporate financing, asset management, and wealth management. While primarily focused on traditional financial markets, the company has explored blockchain and digital asset opportunities to align with the growth of cryptocurrency in Asia, serving institutional and retail clients and leveraging its parent company's expertise to expand into international markets.

On June 24, officially approved by the Hong Kong Securities and Futures Commission, it upgraded its existing securities trading license to offer virtual asset trading services and related advice. After the upgrade, customers can directly trade cryptocurrencies like Bitcoin, Ether, and stablecoins such as Tether on its platform. CICC International thus became the first Hong Kong-based Chinese-funded securities firm to offer comprehensive virtual asset-related trading services, covering virtual asset trading, consulting, and the issuance and distribution of related products.

OKLink (Hong Kong Stock: 1499)

OKLink is a Chinese blockchain technology company under the OK Group, founded in 2016. It focuses on blockchain infrastructure, data analytics, and financial services, providing solutions such as a blockchain explorer, anti-money laundering (AML) tools, and a stablecoin settlement network. 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 (US Stock: CRCL)

Circle Internet Group is a US fintech company founded in 2013, collaborating with Coinbase in 2018 to issue the USD-pegged stablecoin USDC. In 2025, Circle raised $1.05 billion through an IPO, with the stock price soaring 168% on the first day of trading, reaching 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.

JD Coin Chain Technology (Hong Kong Stock: 9618)

JD Coin Chain Technology is a subsidiary of the 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 product traceability and anti-counterfeiting transparency and efficiency while also exploring global payments and JD stablecoin realms.

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

Rising-Tech (HKEX: 1647)

Rising-Tech is a Chinese company located in the Xiong'an New Area that focuses on blockchain and fintech solutions. Rising-Tech is engaged in developing a blockchain platform for smart city applications, financial services, and data management, aligning with China's strategic promotion of blockchain in government and enterprise applications while focusing on a secure and scalable blockchain solution. Its subsidiary, Xiongan Fund, has previously laid out stablecoin infrastructure.

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

MicroStrategy (NASDAQ: MSTR)

MicroStrategy Incorporated is a US business intelligence company founded in 1989. Since August 2020, under the leadership of CEO Michael Saylor, the company has accumulated nearly 580,000 bitcoins, making it the largest corporate holder of Bitcoin globally. MicroStrategy views Bitcoin as an inflation hedge, and its stock price has surged by 4,315.85% since its 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 US electric vehicle and clean energy company founded by Elon Musk in 2003, focusing on innovative electric cars, solar products, and energy storage solutions. In 2021, Tesla purchased $1.5 billion worth of Bitcoin and briefly accepted it as a payment method before selling most of its holdings. Tesla's foray into cryptocurrency sparked a trend of corporate adoption of crypto assets, but its primary business remains centered on cars and renewable energy, with a market cap exceeding $1 trillion.

GameStop Corp. (NYSE: GME)

GameStop Corp. is a US retail company established in 1984, specializing in video games, electronics, and gaming merchandise. It rose to fame 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 increase market attention.

Meitu (HKEX: 1357)

Meitu Corporation 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 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 a U.S. media company established in 2021, operating the Truth Social platform. The company has adopted a Bitcoin reserve strategy with the goal 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. Despite its less 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 betting 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 has become the largest publicly listed company holder of Ethereum, currently holding 188,478 ETH. SharpLink collaborated with ConsenSys, gaining Ethereum ecosystem support, showcasing the latest case of how a crypto reserve can revitalize struggling companies.

Cantor Equity Partners (NASDAQ: CEP)

Cantor Equity Partners is a U.S. financial services company that adopted a Bitcoin reserve strategy after merging with Twenty One Capital, 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 a crypto strategy and driving valuation growth.

NextTech Holding (NYSE: NXTT)

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

The company holds Bitcoin as part of its reserves. On March 12, 2025, the company completed a transaction involving 5,000 Bitcoins, issuing stock and warrants, increasing the total outstanding shares to 436 million. As of now, the total reserve stands at 5,833 Bitcoins.

Asset Entities (NYSE: ASST)

Asset Entities is a U.S.-based digital marketing and content creation company established on March 9, 2022, registered in Nevada, with headquarters in Dallas, Texas. It went public on the Nasdaq Stock Exchange on February 3, 2023. The company primarily offers social media marketing and content delivery services, with platforms including Discord and TikTok. Under the brand "AE.360.DDM," the company designs, develops, and manages Discord servers for clients, offering services such as Discord investment education and entertainment services, and social media marketing services.

On May 7, 2025, Asset Entities Inc. announced a definitive 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 per-share Bitcoin exposure, with the long-term goal of outperforming Bitcoin and maximizing value for 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 and Shenzhen, China. It is a comprehensive international service group that integrates Internet financial services platforms, investment and asset management, and listing advisory services. It primarily offers professional IPO listing consulting services, merger consulting, and post-IPO compliance services to small and medium-sized enterprises seeking listings on U.S. stock exchanges, with its business market mainly in Asia and North America.

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

Brooker Group Public Company (SET: BTC)

The Brooker Group is a Thai financial advisory and investment company listed on the Stock Exchange of Thailand. Brooker's core business is to provide consulting, real estate, and investment management services. It is also the first publicly traded company in Thailand to hold various cryptocurrencies such as Bitcoin and Ethereum (as disclosed on its website), 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 memorabilia, with a market capitalization of approximately $140 million, it specializes in custom plush toys, mugs, and other products. In 2025, it announced that TRON's TRX would be its core reserve asset, with the support of TRON's 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."

Upon this news, SRM's stock price surged over 500% at one point, with an intraday increase of over 600%, peaking near $11, followed by continued high volatility.

Jiuzi New Energy (NYSE: JZXN)

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

On May 22, 2025, the company's board approved a significant strategic move: to acquire 1,000 Bitcoins (BTC) within the next year, funded through stock issuance and cash payment. The purpose is to optimize the asset structure, diversify traditional operating risks, and leverage Bitcoin's liquidity and appreciation potential for asset allocation. The company's stock price subsequently soared by over 20%, briefly jumping 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 paid for by Medicare, Medicaid, and commercial insurance, aiming to reduce opioid dependency through personalized treatment. Interestingly, formerly known by the ticker symbol KDLY, on May 23, 2025, it was changed to "NAKA" to reflect alignment with a 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 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 was declared effective by the SEC, planning to raise up to $100 million through the issuance of various securities. The prospectus explicitly states that the raised funds 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 the Nasdaq, specializing 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, launching a staking mechanism for rewards, and hiring Chaince Securities as a strategic advisor. Following the announcement, the stock price plummeted by nearly 38%.

VivoPower International (NASDAQ: VVPR)

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

On May 28, 2025, the company completed a $121 million private placement financing, with participation from a Saudi prince and Adam Traidman, among others, and announced it would become the first publicly traded company with XRP as its core treasury. Recently, it 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 rewards.

Webus International (NYSE: WETO)

Webus International Ltd. is an intelligent mobility technology provider headquartered in Hangzhou, China, primarily operating the luxury travel platform "Wetour," covering custom buses, airport transfers, and long-distance travel markets globally. As of June 2025, the company had a market capitalization of approximately $56 million, with its business focused on AI-driven logistics optimization and passenger services.

In late May 2025, the company disclosed to the SEC its plans to raise up to $3 billion through debt and credit financing to establish an XRP-centered corporate treasury. It signed a custody delegation agreement with New York-based Samara Alpha, setting an activation threshold for custody upon asset transfer, which is still in the pre-activation framework stage.

Wellgistics Health (NYSE: WGRX)

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

Blockchain Technology and DeFi Pioneer: Building the Future Financial Infrastructure

Galaxy Digital (NYSE: 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 the Toronto Stock Exchange and NASDAQ. Its core business provides cryptocurrency trading, asset management, and advisory services, including trading, asset management, market making, lending, and Bitcoin and Ethereum staking.

In 2025, it received approval for a NASDAQ listing by the SEC, driving market expansion in the United States and obtaining a derivatives 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 GEM Board in 2000, renamed in 2011, current market value is approximately 2.4 billion Hong Kong dollars), mainly engages in information home appliance agency, distributed storage, IDC services, and digital asset business.

In 2021, it purchased mining equipment and placed an order of around 290 million Chinese yuan for mining equipment from Wuhan Allygrow, involving 2416 units of A10 Pro and other ASIC chips, used for mining ETH Classic, among others. At the same time, it participated in IPFS/Filecoin-related infrastructure construction, combining mining technology to build on-chain service ecology.

New Fire Technology (HKEX: 1611)

New Fire Technology (formerly known as Huobi Technology; stock code: 1611.HK) was founded by Huobi's 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 the upgrade of the bank account system to improve custody efficiency, established a strategic partnership with HashKey Exchange, promoting the integrated asset custody layout in the Hong Kong and Macau region, providing diverse 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 to provide institutional fiat + virtual asset custody services.

Defi Technologies (NASDAQ: DEFT)

Defi Technologies is headquartered in Canada, listed on 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, and ETC.

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

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

DeFi Development Corp (NASDAQ: DFDV)

DeFi Development Corp, formerly known as Janover Inc., specializes in real estate financial technology and transitioned to focus on the Solana Treasury in 2025. As of May 2025, it held approximately 621,313 SOL (with a market value of about 107 million USD) at an average cost per coin of around $139.66.

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

Upexi (NYSE: UPXI)

Upexi is a US e-commerce and consumer goods company focused on Amazon marketplace optimization. Headquartered in Tampa, US, it specializes in consumer products (functional foods, pet care, etc.) and aligned with DeFi Development Corp, underwent Solana treasury transformation in 2025.

Raised $100 million from multiple cryptocurrency venture capitalists in April 2025, with 95% of the funds allocated to purchasing SOL. Currently holding approximately 679,677 SOL tokens (acquisition cost around $142 per SOL).

In June 2025, further acquired 56,000 SOL tokens, bringing the total holding to around 735,692 SOL (market value approximately $105 million). The treasury's SOL holdings appreciated by about 39% per financial report, showing a 8% increase in holdings for the month.

BTCS Inc. (OTC: BTCS)

BTCS Inc. is a blockchain infrastructure company founded in 2014 and based in Washington, D.C. Its core activities include NodeOps node cloud, Staking-as-a-Service (covering multiple chain staking such as ETH, ADA, ATOM), and on-chain data analytics, focusing on digital asset management and DeFi solutions.

Currently holding 14,600 ETH, with an additional purchase of 1,000 ETH in June to expand its node operations business. In its Q1 2025 financial report, disclosed a cash + cryptocurrency 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 2011 and listed in the US, formerly engaged in cross-border e-commerce as Wowo Ltd. In 2020, it rebranded as Mercurity Fintech, transitioning to a "compliant fintech + blockchain payment and RWA market" platform.

On June 5th, announced a strategic partnership with SBIDigitalMarkets to jointly issue and distribute compliant RWA tokenized products. Concurrently in June, its platform integrated with FranklinTempleton BENJI money market fund, bringing a $1.53 trillion asset manager into the on-chain ecosystem.

Crypto Mining Companies: Guardians of Hashpower and Value

Bitdeer Technologies (NASDAQ: BTDR)

Bitdeer Technologies is a global Bitcoin mining and hashpower solutions provider founded by Wu Jihan, co-founder of Bitmain, in 2018. The company went public via a SPAC merger on Nasdaq in 2023. Bitdeer offers efficient and scalable mining solutions to institutional and retail clients through its infrastructure.

Public data shows that, thanks to the launch of the SEALMINERA 1/A 2 model, Bitdeer mined 196 BTC in May, a 18% increase from April. The company is expected to reach a power capacity of 1.6 GW in June and has data centers for HPC+AI in multiple locations such as Norway, Thailand, and Bhutan.

Canaan Inc. (NASDAQ: CAN)

Canaan Inc., established in 2013 and headquartered in Singapore, was one of the first global manufacturers to launch ASIC Bitcoin miners. Its main products include the Avalon series miners, and it operates both self-operated and third-party miner leasing businesses. The company has expanded its global presence to the U.S., Kazakhstan, Canada, and other regions, offering high-performance hardware and venturing into AI and blockchain technology solutions.

CleanSpark (NASDAQ: CLSK)

CleanSpark is a U.S.-based Bitcoin mining company focused on sustainable energy solutions. It powers its mining operations with renewable energy and has mining facilities in Georgia, Mississippi, Tennessee, Wyoming, among others, while also owning and operating its own energy infrastructure.

By June 2025, the company's hashpower has exceeded 50 EH/s, ranking among the top mining companies globally, with self-mined BTC exceeding 12,500, approximately 694 BTC per month, all from self-operated miners.

DMG Blockchain Solutions (Canada: DMGI)

DMG Blockchain Solutions is a Canadian full-stack blockchain company that claims ESG compliance and utilizes clean energy technology. It combines Bitcoin mining, blockchain software, hosting services, and data center operations. Its subsidiary, Systemic Trust, focuses on compliant BTC transactions and custody. The company also operates mining facilities and provides mining-as-a-service and blockchain software (Helm, Petra, Breeze, etc.).

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

Hut 8 Corp. (NASDAQ: HUT)

Established in 2017 and 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 has self-mined 10,273 BTC, with a total treasury exceeding $1.1 billion. In addition, its American Bitcoin subsidiary plans to go public independently to raise dedicated mining capital; Hut 8 obtained a $130 million loan from Coinbase in a revolving credit manner to expand capacity.

Marathon Digital (NASDAQ: MARA)

Marathon Digital Holdings is a US-based Bitcoin mining company established 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 and has become the second-largest BTC reserve company after MicroStrategy (only behind MSTR).

With stable output for several consecutive months, it set a historical high output of 950 BTC in May 2025, with a self-operated BTC reserve of about 49,179 coins. At the same time, the Energized hash rate has reached 58.3 EH/s, contributing to approximately 6.5% of the global Bitcoin network's daily block rewards, and continuously expanding its immersion cooling technology mining farm.

Riot Blockchain (NASDAQ: RIOT)

Riot Blockchain (formerly Riot Blockchain) is a US-based Bitcoin mining company established in 2003, headquartered in Castle Rock, Colorado, focusing on Bitcoin mining as its core business, while also possessing high-power electrical substations and AI data center transformation potential.

Public information shows that as of January 2025, the hash rate was 33.5 EH/s, self-mined BTC was 527 coins, the BTC reserve for the month was about 18,221 coins, and in May, 514 coins were mined, reflecting a year-on-year increase of 139%.

Conclusion

From Strategy's transformation into the "Bitcoin Treasury" through its radical strategy, to SharpLink Gaming's ambitious shift to build the "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 pace and with an innovative posture. This is no longer just a technical 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 comes from the broad acceptance and revaluation of crypto assets in traditional capital markets. Discovering these "narrative niches" is likely to be the most alpha-generating investment direction this summer. The unstoppable wave of integration between crypto assets and traditional equity is reshaping the landscape. Those who grasp the rules of this "dual game" early on will seize the opportunity in the wave of revaluation of value.

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