Source: MetaEra

Author: 0x9999in1

In the U.S. stock market, the "Magnificent 7" (abbreviated as M7) has become a well-known concept, referring to the seven tech giants composed of Apple, Microsoft, Amazon, Alphabet, Meta, NVIDIA, and Tesla. As of June 2025, the total market capitalization of M7 reached approximately $14 trillion, accounting for over 30% of the S&P 500 index's market value, with its global influence profoundly shaping the technological economic landscape.

At the same time, the cryptocurrency sector is nurturing a group of emerging giants that, relying on blockchain technology, occupy core positions in Web3 applications and infrastructure, with some publicly listed companies directly purchasing cryptocurrencies as strategic reserves. Although the market capitalization and influence of cryptocurrency-related listed companies currently lag behind that of the U.S. stock M7, their rapid growth and disruptive potential cannot be ignored. With the maturation of blockchain technology and the increase in global adoption rates, these companies are reshaping the future of finance and technology.

With the emergence of cryptocurrency-listed companies and an increasing number of firms incorporating cryptocurrencies into their strategic reserves, many companies are showing the potential to reshape the digital economy landscape. Can the "Crypto Stock M7" exhibit influence similar to that of the U.S. stock M7? In the following analysis, we will focus on cryptocurrency-related listed companies, dissecting their core businesses, market positioning, and impact on the digital economy. Let's see which companies have the potential to become the "Crypto Stock M7."

Note: Due to market fluctuations, the current market capitalization and prices mentioned may vary, and the relevant data is based on the market conditions as of the publication date "June 30, 2025, 19:00 (UTC+8)."

Strategic Reserves

MicroStrategy Incorporated (Nasdaq: MSTR)

Reserve Cryptocurrency: 582,345 BTC, valued at approximately $62.9 billion

Market capitalization is approximately $107.234 billion. MicroStrategy is an enterprise software company that has transformed into a cryptocurrency asset platform by holding around 592,345 bitcoins, aiming to promote corporate adoption of blockchain assets and solidify its position in decentralized finance.

In August 2020, MicroStrategy became the first publicly traded company to adopt Bitcoin as its primary reserve asset, initiating a "digital gold" strategy. In 2023, it invested over $6 billion in Bitcoin purchases and held a "Bitcoin for Corporations" event in May 2024 to promote corporate Bitcoin investment. In June 2025, it increased its holdings by 10,000 bitcoins and partnered with Chainlink to provide enterprise-level crypto data services.

Michael Saylor, the chairman and former CEO of MicroStrategy, is a staunch supporter of Bitcoin, believing it to be a superior store of value, often referring to it as "digital gold," capable of resisting inflation and currency devaluation. His strategic vision has propelled MicroStrategy's transformation to adopt Bitcoin as its primary reserve asset, setting a benchmark for corporate diversification of asset allocation.

XXI CEP (Nasdaq: XXI)

Reserve Cryptocurrency: 37,230 BTC, valued at approximately $4.019 billion

Reorganized and listed in July-August, currently valued at $12 billion. XXI CEP refers to Twenty One Company, originally listed under the stock code CEP, which will change to XXI on the Nasdaq after merging with its parent company. Currently, Twenty One Company has received investments from SoftBank and has acquired Bitcoin provided by Tether.

In April 2025, XXI Capital was established through a SPAC merger with Cantor Equity Partners, holding approximately 42,000 bitcoins, making it the third-largest Bitcoin reserve company globally. The merger included the purchase of 4,812 bitcoins through Tether (average price of approximately $95,320 per coin), totaling about $458.7 million. In June 2025, the company advanced the development of Bitcoin-native financial products and planned to enhance Bitcoin's popularity through content, media, and education.

Metaplanet Inc. (TSE: 3350)

Reserve Cryptocurrency: 12,345 BTC, valued at approximately $1.333 billion

Market capitalization is approximately $6.25 billion. Metaplanet Inc. is a Japanese investment company that has transformed into a Bitcoin reserve company by holding Bitcoin, aiming to enhance shareholder value and promote corporate adoption of blockchain assets, solidifying its position in decentralized finance. Founded in 1999, the company operates in hotel management, Web3-related businesses, and provides professional consulting services to help companies integrate Bitcoin strategies.

In April 2024, Metaplanet launched a Bitcoin investment strategy, becoming the first publicly traded company in Japan to adopt Bitcoin as its primary reserve asset to hedge against yen depreciation and high government debt risks. In June 2025, the company increased its holdings by 1,088 bitcoins, bringing its total holdings to over 2,200, ranking among the top ten publicly traded companies holding Bitcoin globally. In 2025, the company's stock price surged by 255% due to the Bitcoin investment boom, reaching a historical high of 1,423 yen. Additionally, Metaplanet is collaborating with blockchain companies to develop enterprise-level crypto asset solutions, further promoting Bitcoin adoption in Japan.

SharpLink Gaming, Inc. (Nasdaq: SBET)

Reserve Cryptocurrency: 194,000 ETH, valued at $467 million

Market capitalization is approximately $581 million. SharpLink is an online gaming and crypto asset management company focused on integrating blockchain technology with gaming services to build a crypto financial ecosystem.

In October 2024, SharpLink launched an Ethereum reserve strategy, increasing its holdings to 188,478 ETH (approximately $474 million). In June 2025, all ETH was used for staking, generating 120 ETH in returns, and acquiring a 10% stake in CryptoCasino.com, launching an Ethereum-based gaming platform and collaborating with Arbitrum to develop an on-chain settlement system.

Nano Labs Ltd. (Nasdaq: NA)

Reserve Cryptocurrency: BNB strategic reserve, valued at $160 million in BNB and BTC

Market capitalization is approximately $235 million. A Web3 infrastructure service provider focused on high-performance computing solutions and committed to promoting innovation in the Bitcoin ecosystem.

By the end of 2024, Nano Labs purchased 400 bitcoins through HashKey, and on June 23, 2025, announced its active application for a Hong Kong dollar and offshore RMB stablecoin license. On June 24, Nano Labs announced a $500 million convertible bond financing plan for its BNB strategic reserve and plans to acquire $1 billion worth of BNB through convertible notes and private placements. In terms of long-term goals, Nano Labs aims to hold 5% to 10% of the total circulating supply of BNB.

SRM Entertainment, Inc. (Nasdaq: SRM)

Reserve Cryptocurrency: $210 million strategic reserve in TRX

Market capitalization is approximately $137 million. SRM is a toy and souvenir design company exploring the Web3 entertainment and digital collectibles space through crypto asset investment and blockchain technology.

On June 16, 2025, SRM secured a $100 million equity investment, initiating a TRON token (TRX) reserve strategy, collaborating with TRON to develop a digital collectibles platform, and planning to go public on Nasdaq through a reverse merger, with stock prices soaring over tenfold.

Web3 Industry Applications

Coinbase Global Inc. (Nasdaq: COIN)

Market capitalization is approximately $90.02 billion. Coinbase is a leading global cryptocurrency trading platform that provides buying and selling services for assets like Bitcoin and Ethereum to retail and institutional investors, lowering the entry barrier to the crypto market.

On April 14, 2021, Coinbase went public on Nasdaq, becoming the first publicly traded cryptocurrency exchange. In January 2024, it processed $4.6 billion in Bitcoin ETF trading volume. On May 13, 2025, it was included in the S&P 500, with stock prices rising by 8%, and launched an upgraded version of its Web3 wallet, supporting multi-chain NFT trading.

Robinhood Markets Inc. (Nasdaq: HOOD)

Market capitalization is approximately $73.271 billion. Robinhood is a retail investment platform that provides young users with convenient access to the crypto market through cryptocurrency trading and Web3 wallet services.

In December 2019, Robinhood launched cryptocurrency trading services, supporting Bitcoin and Ethereum. In August 2021, it acquired Say Technologies to enhance shareholder interaction. On March 26, 2025, it held a corporate event announcing the expansion of cryptocurrency trading pairs (including Solana and Cardano) and launched a beta version of its Web3 wallet, collaborating with Uniswap to optimize DeFi trading.

Block, Inc. (NYSE: XYZ)

Market capitalization is approximately $40.979 billion. Block is a payment and blockchain technology company that provides payment solutions through Square and Cash App, developing the TBD platform to promote decentralized finance.

In 2013, Block launched Cash App, supporting Bitcoin transactions. In 2021, it acquired Afterpay to expand its buy-now-pay-later services. In March 2025, the TBD platform launched a Web3 payment protocol supporting USDC and Bitcoin settlements, integrating oracles with Chainlink, and developing a mobile crypto payment application with Solana.

Circle Internet Group Inc. (NYSE: CRCL)

Market capitalization is approximately $40.153 billion. Circle is a leading company in the stablecoin sector, with its USDC being a widely used dollar-pegged stablecoin globally, applied in cross-border payments, smart contracts, and decentralized trading.

In July 2021, Circle announced plans to go public through a SPAC, with a valuation of $4.5 billion. In June 2024, it partnered with Visa to launch a USDC payment solution. On June 5, 2025, Circle went public on the NYSE (ticker CRCL), with its stock price soaring by 168% on the first day, and on June 17, it benefited from the GENIUS Act stablecoin legislation, collaborating with Fiserv to optimize global merchant payments.

Galaxy Digital Holdings Ltd (TSX: GLXY)

Market capitalization is approximately $2.614 billion. Galaxy Digital is a digital asset investment company that provides crypto trading, asset management, and consulting services, promoting the application of blockchain technology.

In 2021, Galaxy went public on the TSX (ticker GLXY). In 2024, it launched a $100 million Web3 fund to invest in NFT and Layer 2 projects. In May 2025, it increased its holdings by 5,000 bitcoins and partnered with Polygon to develop enterprise-level blockchain services.

BC Technology Group Limited (SEHK: 0863)

Market capitalization is approximately $1.235 billion. BC Technology is a cryptocurrency trading platform company, with its OSL exchange providing Bitcoin and Ethereum trading services, dedicated to the development of the Asian crypto market.

On December 15, 2020, OSL became the first cryptocurrency platform in Hong Kong to obtain an SFC license. In November 2023, BGX acquired a 30% stake in OSL. In June 2025, OSL upgraded its platform to support multi-chain trading and tested the digital Hong Kong dollar with the Hong Kong Monetary Authority.

Amber International Holding Limited (Nasdaq: AMBR)

Market capitalization is approximately $1.029 billion. Amber is an institutional crypto financial services company that provides crypto trading, wealth management, and custody services through its Amber Premium platform.

In November 2024, Amber merged with Amber DWM to enhance its digital wealth management capabilities. On March 28, 2025, it went public on Nasdaq (ticker AMBR), launching a $100 million crypto fund in May to invest in Bitcoin, XRP, and other assets, and obtained a Hong Kong SFC license.

Sinohope Technology Holdings Limited (SEHK: 01611)

Market capitalization is approximately $233 million. Sinohope Technology Holdings Limited provides one-stop digital asset services, including data centers, SaaS, virtual asset management, trust and custody, OTC trading, and strategic investments.

In 2020, Huobi Exchange obtained a Hong Kong SFC license. In November 2024, it merged with Amber DWM to enhance its wealth management capabilities. In May 2025, it launched a multi-chain trading platform supporting Bitcoin, Ethereum, and USDT, and applied for a Hong Kong SFC virtual asset license.

Web3 Infrastructure & Service Providers

Marathon Digital Holdings Inc. (Nasdaq: MARA)

Market capitalization is approximately $5.289 billion. Marathon is a Bitcoin mining company that supports blockchain network security through large-scale mining and holding Bitcoin.

In March 2021, Marathon changed its name to Marathon Digital Holdings, focusing on Bitcoin mining. In December 2023, it acquired two mining facilities from Generate Capital ($178.6 million). In May 2025, it deployed 15 EH/s of computing power, purchased Canaan Avalon A1566 mining machines, and collaborated with CleanSpark to develop green mining facilities.

Marathon's shareholders include large institutional investors such as BlackRock (holding approximately 15%) and Vanguard, indicating strong institutional interest in cryptocurrencies. The participation of shareholders enhances Marathon's market credibility, promoting the acceptance of Bitcoin as a corporate asset.

Riot Platforms Inc. (Nasdaq: RIOT)

Market capitalization is approximately $3.769 billion. Riot is a Bitcoin mining company that supports blockchain network security through efficient mining technology, committed to promoting the development of the cryptocurrency ecosystem.

In 2020, Riot transformed into a Bitcoin mining company, acquiring the Whinstone data center. In December 2024, it acquired E4A Solutions to enhance engineering capabilities. In May 2025, it expanded its Texas mining facilities, adding 5 EH/s of computing power, and collaborated with Bitfarms to develop renewable energy mining projects.

Bitdeer Technologies (Nasdaq: BTDR)

Market capitalization is approximately $2.182 billion. Bitdeer Technologies is a leading blockchain and high-performance computing technology company focused on cryptocurrency mining and related services. The company operates its own mining data centers, providing computing power sharing solutions (cloud computing and computing power markets), and offers one-stop mining machine hosting services, including deployment, maintenance, and management for efficient cryptocurrency mining.

In 2023, Bitdeer expanded its global operations in Norway and Bhutan, adding new data centers. In 2024, the company advanced the SEALMINER roadmap, achieving large-scale production of SEALMINER A1 and A2 mining machines. In 2025, Bitdeer made significant progress, managing a total computing power of 27.4 EH/s, planning to reach 40 EH/s by October 2025, and launched AI cloud services supporting various large language models (LLMs). Additionally, the company raised funds through the issuance of $330 million in convertible bonds for ASIC expansion and infrastructure projects in Norway, Ohio, Bhutan, and Ethiopia.

Hut 8 Mining Corp (Nasdaq: HUT)

Market capitalization is approximately $1.841 billion. Hut 8 is a Bitcoin mining and blockchain infrastructure company providing efficient mining, AI computing power leasing, and hosting services.

In 2021, Hut 8 went public on Nasdaq (ticker HUT). In 2024, it collaborated with Nvidia to develop AI blockchain tools. In June 2025, it deployed 10 EH/s of computing power and launched institutional custody services with Coinbase.

Bitfarms Ltd. (Nasdaq: BITF)

Market capitalization is approximately $415 million. Bitfarms is a Bitcoin mining company focused on efficient mining and renewable energy, supporting the decentralized operation of blockchain networks.

In 2023, Bitfarms added new data centers in Canada and Paraguay, acquiring Stronghold Digital Mining in 2024. In March 2025, it deployed 8 EH/s of computing power, collaborated with Riot to develop renewable energy mining projects, and launched institutional Bitcoin custody services.

Canaan Inc. (Nasdaq: CAN)

Market capitalization is approximately $282 million. Canaan is a Bitcoin mining equipment manufacturer focused on the research and development and sales of the Avalon series of ASIC chips and devices, supporting global blockchain network security.

In November 2019, Canaan went public on Nasdaq. In 2024, it launched the Avalon A1466 mining machine. In June 2025, it provided A1566 equipment to Marathon Digital, increasing computing power by 185 TH/s, and collaborated with Bitmain to develop liquid-cooled mining equipment.

The9 (Nasdaq: NCTY)

Market capitalization is approximately $107 million. The9 is an internet company based in China, initially known for operating online games, such as the Chinese agency for "World of Warcraft." In recent years, the company has gradually transformed, focusing on blockchain technology and cryptocurrency-related businesses, including digital asset management and blockchain technology development, aiming to explore innovative applications in Web3 and the metaverse.

Since 2018, The9 has been laying out its blockchain and cryptocurrency strategy, establishing a subsidiary, NBTC, focusing on blockchain technology research and digital asset investment. In 2021, The9 collaborated with several Bitcoin mining machine manufacturers to enter the cryptocurrency mining business. In 2024, The9 announced investments to build green energy mining facilities, aiming to enhance sustainable computing power.

Industry Trends and Outlook

Just like the U.S. stock M7, which defines the wealth legend of the tech era, the rise of cryptocurrencies will reshape the M7 version of the digital economy era. For example, Coinbase lowers market entry barriers with its leading trading platform, Circle promotes the global application of stablecoins through USDC, Block integrates blockchain technology into the payment system, Galaxy Digital leads institutional-level crypto financial services, and MicroStrategy and Nano Labs build corporate reserve strategies centered around cryptocurrencies. These companies employ various strategies in trading, payments, asset management, and mining in the crypto space, which will greatly enhance the recognition and credibility of the cryptocurrency industry within the mainstream financial system.

As crypto finance and traditional finance deeply integrate, who will ultimately claim the title of "Crypto Stock M7"? The answer may depend on the interplay of market fluctuations, regulatory environments, and technological innovations, and we need to leave it to time. However, their strategic layouts and continuous innovation will determine whether they can sustain their pace in the crypto race and rank among the leaders. With the maturation of the Web3 ecosystem, these companies are expected to become new pillars of the global economy, leading investors and users into a new era of the digital economy.