"Coin Stocks" Become a Hot Target in Global Stock Markets, Full Analysis of Layouts by 44 Major Players

The wave of cryptocurrency is sweeping across global capital markets!

From trading giants like Coinbase to "enterprise-level Bitcoin buyers" such as Meitu and MicroStrategy, and to the "mining company + on-chain finance complex" represented by Galaxy and Marathon—more and more listed companies are combining crypto assets with blockchain technology to forge a new narrative engine that drives stock prices soaring!

What kind of capital logic and evolution trends are hidden behind this wave? To clear the fog, we conducted an in-depth scan of 44 representative listed companies globally and distilled five key tracks based on their core cryptocurrency business attributes:

• Cryptocurrency trading platform: the core hub of the market
• Stablecoin Issuers: The Bridge Between Traditional and Crypto
• Crypto asset heavyweights: "digital gold" on the balance sheet
• Blockchain Technology and DeFi Pioneers: Building the Future Financial Infrastructure
• Crypto Mining Enterprises: Guardians of Computing Power and Value

This article will dissect the representative players and core logic of these five major camps one by one, helping readers accurately identify the next wave of dividends in the crypto capital market and prepare in advance for the wave of crypto narratives.

Cryptocurrency Trading Platform: The Core Hub of the Market

Coinbase Global (NASDAQ: COIN)

Coinbase Global, Inc. is a compliant cryptocurrency exchange based in the United States, founded in 2012. Coinbase provides a secure trading platform that supports the buying, selling, transferring, and storing of cryptocurrencies, catering to retail investors, institutions, enterprises, and developers.

As of the first quarter of 2025, the financial report shows that Coinbase co-founded the USDC stablecoin with a certain company and holds 9,267 BTC and 137,334 Ethereum.

Bakkt (NASDAQ: BKKT)

Bakkt is an American company launched by a certain exchange in 2018, focusing on digital asset custody, trading, and infrastructure services, primarily targeting institutional investors. Bakkt offers a trading and storage platform for Bitcoin and other cryptocurrencies, emphasizing compliance and security, while also providing merchants with solutions to accept cryptocurrency payments.

In June 2025, Bakkt updated its previous investment policy aimed at raising $1 billion, enabling it to allocate funds to Bitcoin and other digital assets based on market conditions and liquidity needs anticipated by the business, as part of Bakkt's broader financial and corporate strategy.

Robinhood (NASDAQ: HOOD)

Robinhood Markets, Inc. is a financial services company based in the United States, founded in 2013, known for its commission-free trading platform that supports trading in stocks, ETFs, options, and cryptocurrencies. The company has since expanded into cryptocurrency trading and is actively exploring the RWA direction, supporting assets such as Bitcoin and Ethereum, and participating in the Global Dollar Network to promote the USDG stablecoin, which is pegged to the US 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 cash acquisition of a cryptocurrency exchange based in Luxembourg. This acquisition added over 50 licenses and registrations to Robinhood's crypto business and brought a mature institutional client base.

A certain group (Hong Kong Stock: 0863)

A certain group is a licensed and compliant digital asset platform headquartered in Hong Kong, established in 2018, and is one of the regulated cryptocurrency exchanges in Asia. The company provides cryptocurrency trading, custody, and compliance solutions for institutional and retail clients, including secure digital asset storage, brokerage services, and software-as-a-service (SaaS) solutions for blockchain integration.

A certain company (Hong Kong Stock: 1788)

A certain company is a financial services firm headquartered in Hong Kong, established in 2007. Its business includes brokerage, corporate finance, asset management, and wealth management. Although it primarily focuses on traditional financial markets, the company has explored blockchain and digital asset opportunities to adapt to the growing trend of cryptocurrency in Asia, providing services for both institutional and retail clients, leveraging the expertise of its parent company to expand into international markets.

On June 24, it was officially approved by the Hong Kong Securities and Futures Commission to upgrade the existing securities trading license to provide virtual asset trading services and related advice. After the upgrade, customers can directly trade cryptocurrencies such as Bitcoin, Ethereum, and stablecoins like Tether on its platform. As a result, the company becomes the first Hong Kong-based Chinese brokerage to offer comprehensive virtual asset-related trading services, covering virtual asset trading, consulting, and the issuance and distribution of related products.

Some Technology (Hong Kong Stock: 1499)

Some Technology is a blockchain technology company in China, affiliated with a certain group, established in 2016. It focuses on blockchain infrastructure, data analysis, and financial services, providing solutions such as blockchain explorers, anti-money laundering (AML) tools, and stablecoin settlement networks. Its blockchain analysis platform supports transaction tracking and compliance checks. The company provides technical support to exchanges, institutions, and developers, promoting global cryptocurrency adoption while emphasizing secure and scalable blockchain solutions.

Stablecoin Issuers: Bridging Traditional and Crypto

A certain company (NASDAQ: CRCL)

The company is an American fintech company established in 2013, which partnered with Coinbase in 2018 to issue the USD-pegged stablecoin USDC. In 2025, the company raised $1.05 billion through an IPO, with its stock price soaring 168% on the first day of trading, bringing its valuation to $6.8 billion. The company focuses on stablecoin payments and trading infrastructure within the crypto industry. USDC is the second-largest stablecoin after Tether USDT and is widely used as a bridging currency.

Some Technology (HK Stock: 9618)

The company is affiliated with a certain Chinese e-commerce giant and focuses on the application of blockchain technology in supply chain management, finance, and data security. Leveraging the parent company's expertise in logistics and technology, the company develops blockchain applications to enhance the transparency and efficiency of product traceability and anti-counterfeiting, while also intentionally exploring the global payment and stablecoin sectors.

On May 23, the company's CEO stated that the first phase of the company's stablecoin is tentatively set to issue stablecoins pegged to the Hong Kong dollar and the US dollar, with specific circumstances adjusted based on regulatory and market demand. The company's stablecoin has not been officially issued yet and is currently in the second phase of sandbox testing, targeting both retail and institutional users with mobile and PC applications. The testing scenarios mainly include cross-border payments, investment trading, and retail payments.

Some Technology (Hong Kong Stock: 1647)

The company is a Chinese firm located in Xiong'an New Area that focuses on blockchain and fintech solutions. It is engaged in developing blockchain platforms for smart city applications, financial services, and data management, aligning with China's strategy to promote the application of blockchain in government and enterprises while focusing on secure and scalable blockchain solutions. Additionally, one of its funds has invested in stablecoin infrastructure.

Crypto Asset Heavyweights: "Digital Gold" on the Balance Sheet

A certain company (NASDAQ: MSTR)

The company is an American business intelligence firm founded in 1989. Since August 2020, under the leadership of the CEO, the company has held nearly 580,000 coins, making it the largest corporate holder of Bitcoin in the world. The company views Bitcoin as an inflation-resistant asset, and its stock price has increased by 4315.85% since its first purchase of BTC. Although the company's core business is analytics software, its Bitcoin reserve strategy has reshaped its valuation and market image.

A company (NASDAQ: TSLA)

The company is an American electric vehicle and clean energy company focused on engaging in and providing innovative electric vehicles, solar products, and energy storage solutions. In 2021, the company purchased $1.5 billion worth of Bitcoin and accepted it as a method of payment, later selling off most of its holdings. The company's cryptocurrency attempts sparked a wave of corporate adoption of crypto assets, but its primary business remains focused on automobiles and renewable energy, with a market capitalization exceeding $1 trillion.

A company (US stock: GME)

The company is an American retail company founded in 1984, focusing on video games, electronics, and gaming peripherals. It became known in 2021 due to a stock price surge driven by retail investors. The company launched an NFT marketplace in 2022, exploring blockchain and digital collectibles, and holds Bitcoin as part of its crypto reserve strategy, following the example of a certain company to enhance market attention.

A certain company (Hong Kong Stock: 1357)

The company is a Chinese technology firm that provides photo editing and social media application services, established in 2008. In 2021, the company invested in Bitcoin and Ethereum, diversifying its asset reserves. This move aligns with its strategy of embracing digital innovation and complements its core business in AI-driven imaging and beauty technology.

A certain company (NASDAQ: DJT)

The company is an American media company, founded in 2021, operating a certain social platform. The company adopts a Bitcoin reserve strategy, aiming to hold $2.3 billion worth of crypto assets, which may reshape the company's valuation narrative, even though its main business focuses on social media and content creation.

A company (Japan Stock: 3350)

The company is a publicly listed Japanese firm that has adopted a Bitcoin-centered strategy similar to that of another company. In 2024, the company allocated $5 billion to its U.S. subsidiary, planning to acquire 210,000 BTC by 2027, and currently holds 12,345 BTC. In the context of its core business not being particularly outstanding, its crypto reserves have successfully dominated its market narrative.

A Company (NASDAQ: SBET)

The company is an American online gaming and betting technology firm. In 2024, facing the risk of delisting due to poor performance, it announced Ethereum as its primary reserve asset and secured a $425 million financing agreement, resulting in a stock price surge of 1747.62%, making it the largest publicly listed holder of Ethereum, with a current holding of 188,478 ETH. The company has partnered with another company to gain support from the Ethereum ecosystem, potentially becoming a new case study on how crypto reserves can revitalize struggling companies.

A company (NYSE: CEP)

The company is an American financial services company that adopted a Bitcoin reserve strategy after merging with a certain company, aiming to hold $3 billion worth of crypto assets. With the support of certain companies, it continues to focus on investment and consulting services, attracting capital market attention and driving valuation growth through crypto strategies.

A certain company (NASDAQ: NXTT)

The company is a diversified SaaS technology service provider based in Beijing, China, founded in 2019. It mainly 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 reserves. On March 12, 2025, the company completed a transaction of 5,000 Bitcoins, issued stocks and warrants, increasing the total circulating shares to 436 million. As of now, the total reserve is 5,833 Bitcoins.

A company (NASDAQ: ASST)

The company is an American digital marketing and content creation company that was established on March 9, 2022, registered in Nevada, and headquartered in Dallas, Texas, USA. It went public on the Nasdaq Stock Exchange on February 3, 2023. Its main services include social media marketing and content delivery, covering platforms such as Discord and TikTok. The company also designs, develops, and manages Discord servers for clients, with services categorized into Discord investment education and entertainment services, social media marketing services, and more.

On May 7, 2025, the company announced that it had reached a final merger agreement with a certain company. The merged company will continue to be listed on NASDAQ and will become a publicly traded Bitcoin financial company. The new company will focus on maximizing Bitcoin exposure per share, with the long-term goal of outperforming Bitcoin performance and maximizing value for common stock shareholders.

A certain company (NASDAQ: ATIF)

The company is an American financial consulting firm, established in 2015, headquartered in Los Angeles, California, with overseas business centers in Hong Kong and Shenzhen. It is a comprehensive international service group that integrates three major business segments: internet financial services platform, investment and asset management, and listing advisory services. It mainly serves those seeking to trade in the US securities market.