Author: Deep Tide TechFlow

On May 19, 2025, four years after its IPO, Coinbase Global Inc. (Ticker: COIN) was officially included in the S&P 500 Index. Following this news, Coinbase's stock price surged 10% in after-hours trading. Dan Dolev, a senior payments analyst at the American investment bank Mizuho, stated, "This is a sign of the times, indicating that cryptocurrency stocks are entering the mainstream."

Data Source: TradingView

Considering the recent trends of crypto tech companies such as Antalpha, which saw a more than 70% surge on its first day of trading in the U.S., and Galaxy Digital (GLXY) going public on NASDAQ after restructuring, it appears that crypto stocks are becoming a unique "crypto hotspot": traditional market investors are beginning to pay attention to companies in the crypto industry, while those in the crypto space view the price changes of crypto stocks as one of the indicators of market fluctuations.

From exchanges to mining giants, from financial services to hardware pioneers, the stock market and crypto are moving towards each other. Deep Tide TechFlow has organized information on crypto-related listed companies across major global stock exchanges to present the current landscape of listed crypto enterprises.

Exchanges and Platforms (6 Companies)

Coinbase Global Inc. (COIN)

Listing Date: April 14, 2021 | Exchange: NASDAQ | Ticker: COIN | Monthly Increase: 28.83%

Crypto users are no strangers to Coinbase, which was founded in 2012 and is headquartered in San Francisco, serving over 120 million users across more than 100 countries. The platform supports trading of various crypto assets and provides retail and institutional services, including Coinbase Custody and Prime, managing assets exceeding $200 billion. Coinbase holds licenses in multiple U.S. states and continues to deepen its involvement in public chains, infrastructure, 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 Date: July 29, 2021 | Exchange: NASDAQ | Ticker: HOOD | Recent Weekly Increase: 13%

Robinhood was founded in 2013 and is headquartered in California, going public in 2021. In 2018, Robinhood launched its cryptocurrency trading service, allowing users to buy, sell, and hold Bitcoin, Ethereum, and several other mainstream cryptocurrencies without paying commissions.

Block, Inc. (XYZ)

Listing Date: November 19, 2015 | Exchange: NYSE | Ticker: SQ

Block (formerly Square) was founded in 2009 and is headquartered in San Francisco, going public in 2015, focusing on payment and crypto services. Its Cash App supports Bitcoin trading and storage, and Block promotes financial inclusion through peer-to-peer payments and blockchain technology (such as TBD's decentralized platform), serving small and medium-sized enterprises and individual users globally. The company invests in Bitcoin mining and hardware wallet development, leading in technological innovation.

Bakkt Holdings Inc. (BKKT)

Listing Date: October 18, 2021 | Exchange: NYSE | Ticker: BKKT

Bakkt, supported by the Intercontinental Exchange (ICE), was founded in 2018 and went public via SPAC in 2021, focusing on institutional-grade digital asset services. Headquartered in the U.S., it offers Bitcoin futures, spot trading, and crypto payment solutions, collaborating with Starbucks and Mastercard to promote the use of cryptocurrencies in retail scenarios. Bakkt's custody services are known for high security and compliance, serving banks and institutional investors.

OSL Group Ltd

Listing Date: April 27, 2012 | Exchange: HKEX | Ticker: 0863

OSL is a leading digital asset platform in Hong Kong, founded in 2018, holding a virtual asset service license from the Hong Kong Securities and Futures Commission. It provides brokerage, trading, and custody services, managing assets exceeding $5 billion. OSL focuses on the Asian market, serving institutional and high-net-worth clients with guaranteed compliance. OSL enhances competitiveness through API technology and secure storage solutions.

eToro Group Ltd (ETOR)

Listing Date: May 15, 2025 | Exchange: NASDAQ | Ticker: ETOR

eToro is a social trading platform founded in Israel in 2007, going public on NASDAQ on May 15, 2025. Its "copy trading" feature allows users to mimic professional traders, attracting over 30 million users globally. eToro supports trading of mainstream cryptocurrencies like Bitcoin and Ethereum, as well as diversified assets like stocks and ETFs, lowering the investment threshold for crypto through a user-friendly interface and community-driven model.

Crypto Mining Related Companies (24 Companies)

Bit Digital Inc. (BTBT)

Listing Date: March 19, 2018 | Exchange: NASDAQ | Ticker: BTBT | Monthly Increase: 27.32%

Bit Digital was founded in 2015 and is headquartered in New York, going public in 2018, and is a leader in Bitcoin mining. It operates green energy mines in North America and Asia. The company reduces costs through renewable energy (such as hydroelectric power) and ranks among the industry's top in hash rate. Its AI computing services expansion (such as GPU leasing) brings new revenue sources.

Bitfarms Ltd (BITF)

Listing Date: June 21, 2021 | Exchange: NASDAQ | Ticker: BITF

Bitfarms is a Canadian Bitcoin mining giant, founded in 2017, operating mines in North and South America. The company utilizes low-cost hydro and wind energy to optimize mining efficiency, ranking among the industry's top in hash rate, with a modular data center design enhancing operational flexibility.

Cipher Mining Inc. (CIFR)

Listing Date: August 30, 2021 | Exchange: NASDAQ | Ticker: CIFR | Monthly Increase: 32.63%

Cipher Mining was founded in 2020 and is headquartered in New York, going public via SPAC in 2021. The company focuses on Bitcoin mining in the U.S., operating large mines in Texas and Ohio, using efficient ASIC miners and low-cost energy to optimize profitability.

CleanSpark Inc. (CLSK)

Listing Date: January 24, 2020 | Exchange: NASDAQ | Ticker: CLSK | Monthly Increase: 18.73%

CleanSpark was founded in 2014 and is headquartered in the U.S. The company focuses on green Bitcoin mining, operating 100% renewable energy mines in Georgia and Nevada. Its energy management software optimizes power usage and reduces costs.

Core Scientific Inc. (CORZ)

Listing Date: January 20, 2022 | Exchange: NASDAQ | Ticker: CORZ | Monthly Increase: 34.81%

Core Scientific is a leading blockchain infrastructure company in the U.S., founded in 2017 and going public in 2022. The company operates the largest mining facilities in North America, providing Bitcoin mining and hosting services to institutional and retail miners. Its AI computing business (such as GPU clusters) is rapidly expanding, diversifying revenue.

HIVE Digital Technologies Ltd (HIVE)

Listing Date: 2017 | Exchange: NASDAQ | Ticker: HIVE | Monthly Increase: 23.8%

HIVE was founded in 2017 and is headquartered in Canada, going public in 2017. The company operates Bitcoin and Ethereum mines, with facilities in Canada, Sweden, and Iceland. HIVE uses green energy and combines high-performance computing (HPC) services to serve AI and blockchain clients. HIVE diversifies risk through a currency mining strategy and plans to expand its data center network in the future.

Hut 8 Corp (HUT)

Listing Date: March 2018 (TSX) | Exchange: NASDAQ/TSX | Ticker: HUT | Monthly Increase: 36.72%

Hut 8 is a pioneer in mining and energy infrastructure in Canada, founded in 2011 and going public in 2018. The company operates mines in North America. Hut 8 combines energy management and AI computing to develop efficient mining facilities and expands its business through acquisitions (such as data centers). On May 12, Hut 8 announced that its subsidiary American Bitcoin would go public on NASDAQ through a stock merger with GRYP, expected to be completed in the third quarter of 2025, with the new company operating under the American Bitcoin brand. It is anticipated that 98% of the new company's shares will be held by existing American Bitcoin shareholders.

Gryphon Digital Mining, Inc. (GRYP)

Listing Date: February 26, 2018 | Exchange: NASDAQ | Ticker: GRYP | Monthly Increase: 446%

Gryphon Digital Mining was founded in 2019 and is headquartered in the U.S., going public before 2021. The company focuses on green Bitcoin mining, operating renewable energy mines in North America, enhancing profitability through low-cost energy and efficient ASIC miners. Gryphon also provides blockchain consulting services, diversifying its revenue. On the evening of May 12, GRYP experienced a surge after the U.S. stock market opened, with its stock price triggering multiple circuit breakers, rising over 440% at one point.

IRIS Energy Ltd (IREN)

Listing Date: November 17, 2021 | Exchange: NASDAQ | Ticker: IREN | Monthly Increase: 41%

IRIS Energy was founded in 2018 and is headquartered in Australia, going public in 2021. The company focuses on 100% renewable energy Bitcoin mining, operating facilities in Canada and the U.S. Its green mining strategy utilizes hydro and wind energy, attracting ESG investors, and ranks among the industry's top in hash rate.

Marathon Digital Holdings Inc. (MARA)

Listing Date: 2012 | Exchange: NASDAQ | Ticker: MARA | Monthly Increase: 21%

Marathon Digital is a global Bitcoin mining giant, founded in 2010 and going public in 2012. The company operates large-scale mines in North America, maintaining a top hash rate through acquisitions and equipment upgrades. Its low-cost energy strategy and large-scale operations are core competitive advantages.

Riot Platforms Inc. (RIOT)

Listing Date: 2003 | Exchange: NASDAQ | Ticker: RIOT | Monthly Increase: 23.34%

Riot Platforms is a leader in mining in the U.S., founded in 2000 and going public in 2003. The company operates large mines in Texas. Riot optimizes costs through its own power facilities and efficient ASIC miners.

TeraWulf Inc. (WULF)

Listing Date: June 2021 | Exchange: NASDAQ | Ticker: WULF | Monthly Increase: 41%

TeraWulf was founded in 2021 and is headquartered in the U.S., going public in 2021 with a valuation of $1.5 billion. The company focuses on zero-carbon Bitcoin mining, operating green mines in New York and Pennsylvania.

Applied Digital Corporation (APLD)

Listing Date: April 13, 2022 | Exchange: NASDAQ | Ticker: APLD

Applied Digital was founded in 2001. The company provides blockchain infrastructure and cloud computing services, operating data centers in the U.S. Its business combines traditional IT and blockchain, serving mining and AI clients.

Bitfufu Inc. (FUFU)

Listing Date: March 1, 2024 | Exchange: NASDAQ | Ticker: FUFU

Bitfufu was founded in 2020 and is headquartered in Singapore, providing cloud mining and mining machine hosting services. Its cloud mining platform lowers the industry threshold, serving global retail and institutional clients.

BIT Mining (BTCM)

Listing Date: November 12, 2013 | Exchange: NYSE | Ticker: BTCM

BIT Mining is a Chinese crypto mining company, founded in 2013 and listed on the NYSE in 2013, operating Bitcoin and Ethereum mines in North America and Asia. Previously, BIT Mining faced scrutiny for not meeting certain standards. In December 2024, BIT Mining announced that it had re-complied with the NYSE's continued listing standards.

Bit Origin (BTOG)

Listing Date: August 14, 2019 | Exchange: NASDAQ | Ticker: BTOG

Bit Origin was founded in 2018 and is headquartered in the U.S., going public in 2019. The company operates Bitcoin mines in the U.S., focusing on small to medium-scale mining with low operating costs. In February 2025, Bit Origin faced delisting risks from NASDAQ due to low stock prices.

Mawson Infrastructure Group Inc. (MIGI)

Listing Date: September 29, 2021 | Exchange: NASDAQ | Ticker: MIGI

Mawson was founded in 2012 and is headquartered in Australia, going public before 2021. The company operates mines in the U.S. and Australia, with modular data center designs enhancing efficiency and green energy usage boosting competitiveness.

Abits (ABTS)

Listing Date: November 15, 2016 | Exchange: NASDAQ | Ticker: ABTS

Abits was founded in 2016, providing crypto mining and investment services. Its small mining facilities and blockchain investment portfolio are competitive, enhancing profitability through low-cost operations.

The9 Limited (NCTY)

Listing Date: December 2004 | Exchange: NASDAQ | Ticker: NCTY

The9 was founded in 1998 and is headquartered in China, going public in 2004. Originally a gaming company, it transitioned to crypto mining in 2020, operating facilities in North America.

Greenidge Generation Holdings, Inc. (GREE)

Listing Date: September 14, 2021 | Exchange: NASDAQ | Ticker: GREE | Monthly Increase: 17.76%

Greenidge was founded in 2014 and is headquartered in the U.S., going public in 2021. It is a vertically integrated cryptocurrency mining and power generation company based in Dresden, New York. The company operates a natural gas power plant and a cryptocurrency mining facility. Greenidge leverages its power generation capacity to support its digital asset mining business, primarily focusing on Bitcoin mining.

Canaan Inc. (CAN)

Listing Date: November 21, 2019 | Exchange: NASDAQ | Ticker: CAN

Canaan is a leading Bitcoin mining machine manufacturer in China, founded in 2013 and going public in 2019, producing the Avalon series of ASIC miners. The company expands its business through chip research and development, serving the global mining market. It is one of the three major mining companies in China, alongside Bitmain and Ebang.

Ebang International Holdings Inc. (EBON)

Listing Date: June 26, 2020 | Exchange: NASDAQ | Ticker: EBON

Ebang International was founded in 2010 and is headquartered in China. Initially focused on communication equipment, it later shifted to mining machine production. Ebang has strong capabilities in integrated circuits and ASIC chip design, being one of the earliest manufacturers to commercialize 10nm ASIC chips.

Intchains Group Ltd (ICG)

Listing Date: March 16, 2023 | Exchange: NASDAQ | Ticker: ICG | Monthly Increase: 16.83%

Intchains Group was founded in 2015, providing blockchain hardware and data center solutions. The company serves Asian mining and blockchain enterprises, aiming to provide high-performance, energy-efficient IC solutions to optimize the computational needs of cryptocurrency mining and other blockchain-related processes.

CoreWeave (CRWV)

Listing Date: March 28, 2025 | Exchange: NASDAQ | Ticker: CRWV

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

Crypto Investment and Financial Services (9 Companies)

Galaxy Digital Holdings Ltd (GLXY)

Listing Date: August 1, 2018 (TSX) / May 16, 2025 (NASDAQ) | Exchange: NASDAQ/TSX | Ticker: GLXY

Galaxy Digital is a giant in digital asset financial services, founded in 2018 and headquartered in New York. It provides crypto trading, asset management, and investment banking services. On August 1, 2018, Galaxy was listed on the Toronto Stock Exchange. After restructuring, it went public on NASDAQ on May 16, 2025.

CoinShares International Ltd (CS)

Listing Date: March 2021 | Exchange: NASDAQ | Ticker: CS

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

Strategy, formerly MicroStrategy (MSTR)

Listing Date: 1998 | Exchange: NASDAQ | Ticker: MSTR | Monthly Increase: 9.68%

MicroStrategy was founded in 1989 and is headquartered in the U.S., going public in 1998. In 2025, MicroStrategy rebranded as Strategy. Through debt financing, it has continuously increased its Bitcoin holdings, becoming the company with the largest Bitcoin holdings globally. As of May 2025, Strategy holds 576,230 Bitcoins, accounting for nearly 3% of the total Bitcoin supply.

Amber International Holding Limited (AMBR)

Listing Date: March 13, 2025 | Exchange: NASDAQ | Ticker: AMBR

Amber Group was founded in 2017 and is headquartered in Singapore, going public on NASDAQ on March 13, 2025. The company provides crypto trading, asset management, and lending services. Its algorithmic trading and high-frequency trading technologies are globally leading, serving institutional and high-net-worth clients.

Antalpha Platform Holding Company (ANTA)

Listing Date: May 14, 2025 | Exchange: NASDAQ | Ticker: ANTA

Antalpha was founded in 2018 and is headquartered in Singapore, focusing on upstream and downstream ecological services in Bitcoin mining, providing a range of ecological services such as equipment procurement and loan financing. On its first day of trading on May 14, 2025, it surged 70%, triggering a circuit breaker.

Strive, formerly Asset Entities (ASST)

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

Strive was founded in 2022 and is headquartered in the U.S. On May 7, 2025, Strive Asset Management announced a merger with Asset Entities (ASST). After the merger, the company will be renamed Strive and continue to be listed on NASDAQ, transforming into a public Bitcoin financial company.

Twenty One Capital (XXI)

Listing Date: April 23, 2025 | Exchange: NASDAQ | Ticker: XXI

Twenty One Capital, supported by Tether, Bitfinex, and SoftBank, went public on April 23, 2025. Twenty One Capital was established through a SPAC merger with Cantor Equity Partners, holding $3.6 billion worth of Bitcoin on its balance sheet at inception, making it the third-largest holder of Bitcoin globally.

Semler Scientific, Inc. (SMLR)

Listing Date: September 28, 2021 | Exchange: NASDAQ | Ticker: SMLR | Monthly Increase: 30%

Semler Scientific was founded in 2007 and is headquartered in California, focusing on medical technology and Bitcoin investment. Its core product is cardiovascular diagnostic equipment, and in recent years, it has attracted attention through its Bitcoin treasury strategy while increasing its Bitcoin holdings through cash flow and convertible bond financing.

Metalpha Technology Holding Limited (MATH)

Listing Date: October 20, 2017 | Exchange: NASDAQ | Ticker: MATH

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

Crypto Ecosystem Asset Related Companies (6 Companies)

Exodus Movement Inc. (EXOD)

Listing Date: December 18, 2024 | Exchange: NYSE | Ticker: EXOD | Monthly Increase: -11.6%

Exodus was founded in 2015 and is headquartered in the U.S., primarily 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 Date: February 9, 2022 | Exchange: NASDAQ | Ticker: FLD | Monthly Increase: 10.59%

Fold was founded in 2019 and is headquartered in the U.S. The company provides a Bitcoin rewards platform, allowing users to earn Bitcoin through debit cards and payment services. Fold attracts retail users through a "crypto cashback" model, integrating payment networks like Visa.

Mercurity Fintech Holding Inc. (MFH)

Listing Date: April 8, 2015 | Exchange: NASDAQ | Ticker: MFH

Mercurity was founded in 2011 and is headquartered in the U.S., a digital fintech company based in New York. It provides AI infrastructure, blockchain, and digital asset solutions. Its three core businesses include 1. Blockchain and digital asset solutions; 2. AI and HPC infrastructure, developing liquid cooling solutions for AI data centers; 3. Comprehensive financial services through Chaince Securities, LLC (a FINRA-registered broker-dealer) and RIA.

Sol Strategies, Inc. (CYFRF)

Listing Date: 1998 | Exchange: TSXV | Ticker: CYFRF | Monthly Increase: 30%

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

BTCS Inc. (BTCS)

Listing Date: September 14, 2021 | Exchange: NASDAQ | Ticker: BTCS

BTCS was founded in 2013 and is headquartered in the U.S. BTCS operates an online e-commerce marketplace platform where consumers can purchase goods using digital assets (including Bitcoin). The company focuses on the blockchain and digital asset ecosystem. It operates a testing phase e-commerce marketplace platform that accepts various digital currencies and has designed a testing phase secure digital currency storage solution, BTCS Wallet. The company's blockchain infrastructure business includes two main revenue-generating activities: Ethereum block building and validator node operations.

DeFi Development Corp (DFDV)

Listing Date: July 25, 2023 | Exchange: NASDAQ | Ticker: DFDV

DeFi Development Corp (formerly Janover) was founded in 2018. This real estate tech company has transformed into a publicly listed company focused on Solana, currently holding 609,190 SOL tokens worth over $107 million. Last Friday, DFDV's stock price rose by 30%, having increased by 2800% since its pivot to Solana.

Conclusion

In terms of composition, the currently listed crypto enterprises reflect the complete upstream, midstream, and downstream chains of the crypto world, mirroring the trajectory of blockchain from the fringe to the mainstream.

Upstream, 24 mining and hardware companies operate mines, produce mining machines, or provide mining services. Many early mining companies are transitioning from being single Bitcoin producers to diversified computing infrastructure providers, such as Core Scientific and CleanSpark, which have expanded their businesses into AI training and high-performance computing sectors.

Crypto trading platforms like Coinbase and Robinhood firmly occupy the midstream, focusing on facilitating trades and payment services while continuously expanding compliance boundaries through public listings, establishing a foothold in mainstream financial markets.

Downstream, companies focused on crypto asset management services connect resources inside and outside the crypto sphere through coin accumulation and the provision of crypto derivative financial products, guiding more users to engage with crypto. Meanwhile, ecosystem-native companies nurture the crypto environment through investment and research and development, driving the expansion of crypto applications. As the nodes with the most abundant liquidity in the crypto market, exchanges are also exploring ways to connect U.S. stocks with crypto. For example, Bybit recently launched a trading channel for U.S. stock assets, allowing users to trade popular U.S. stocks and financial products like gold and crude oil using USDT through CFD (Contract for Difference) tools.

With the potential IPOs of crypto giants like Circle and Kraken approaching, the "crypto market entry" spark has already gained momentum, and "token prices" are no longer the sole standard for judging the crypto market.