A Guide to Global Crypto-Linked Stocks

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The rise of cryptocurrency and blockchain technology has redefined financial markets and propelled the growth of related industries. Crypto-linked stocks offer investors an indirect way to participate in this dynamic sector, covering areas such as asset-driven strategies, mining, trading platforms, and infrastructure. This article provides a comprehensive analysis of the categories and representative companies within the global crypto stock universe.

Over the past decade, digital assets have evolved from niche experiments into a significant component of the global financial system. Recent innovations in blockchain technology have further driven market expansion and increased the market capitalization of related businesses. Growing institutional participation and the launch of Bitcoin ETFs have brought regulatory benefits, transforming cryptocurrencies from a小众 market into an emerging field integrated with traditional capital markets.

Understanding Bitcoin ETFs

Bitcoin Exchange-Traded Funds (ETFs) serve as a crucial bridge for traditional investors to enter the crypto market. Products like the Grayscale Bitcoin Trust (GBTC) allow everyday investors outside the crypto community to participate in this new financial landscape.

Data from Coinglass shows that as of early 2025, the total assets under management for Bitcoin ETFs reached approximately $113.6 billion, with a total trading volume of about $2.75 billion. Among these, the Grayscale Bitcoin Trust ETF (GBTC) managed around $20.2 billion in assets, while BlackRock's iShares Bitcoin Trust (IBIT) surpassed $54 billion in assets under management. These figures demonstrate the significant interest and confidence traditional investors have in cryptocurrency as an emerging asset class.

Beyond Bitcoin ETFs, the number of crypto-related stocks has increased as more companies recognize blockchain technology's tremendous potential. Businesses are actively incorporating this technology into their strategic planning, undoubtedly accelerating corporate digital transformation and creating greater development potential for capital markets driven by blockchain innovation.

Categories of Crypto-Linked Stocks

As of early 2025, the total market capitalization of the cryptocurrency market stands at approximately $3.15 trillion. According to data from BitcoinTreasuries, among the 160 entities holding Bitcoin, 79 are publicly traded companies—representing nearly half of all Bitcoin-holding entities.

Data from treasuries.bitbo.io further reveals that Bitcoin holdings are concentrated among ETFs, national reserves, and publicly listed companies. This trend underscores both institutional and governmental confidence in cryptocurrency and signals the ongoing convergence of digital assets with traditional finance.

Amidst these market structure changes, global crypto regulation has accelerated in 2025. Influenced by political shifts and AI development, investors are increasingly turning their attention to artificial intelligence, crypto payments, real-world assets (RWA), and decentralized finance (DeFi).

More companies are not only incorporating cryptocurrencies into their asset allocations but are also integrating innovative elements like AI, green energy, and payment solutions into their existing operations. Based on this evolution, we've reorganized 79 crypto-linked listed companies into six major categories, selecting representative enterprises from each to analyze their current status and characteristics.

Six Major Categories of Crypto Stocks

Based on business models and relationship to cryptocurrency, we've categorized crypto stocks into six types: asset-driven companies, cryptocurrency miners, trading platforms and payment services, blockchain technology and infrastructure, AI and crypto integration, and diversified hybrid businesses.

Asset-Driven Crypto Stocks

Asset-driven companies treat Bitcoin and other cryptocurrencies as significant asset allocations, leveraging their value appreciation to enhance corporate net worth and market position. These companies primarily utilize Bitcoin in two ways: as a core asset to increase capital value, and as a hedge against inflation.

MicroStrategy Inc. (MSTR): The Largest Bitcoin Treasury Company

MicroStrategy officially rebranded as "Strategy" in early 2025, changing its logo to Bitcoin orange to emphasize its identity as a "Bitcoin development company." Under founder Michael Saylor's leadership, the company began aggressively investing in Bitcoin in 2020, becoming the world's earliest and largest corporate BTC holder. Saylor has also emerged as a influential thought leader in the crypto space, with his statements closely watched by market participants.

As of early 2025, MicroStrategy holds 478,740 Bitcoin with a total value of approximately $46.33 billion, with an average acquisition cost of around $65,000 per BTC. The company firmly executes a Bitcoin-standard financial strategy, further increasing its BTC holdings through convertible bond offerings and additional financing, continuously enhancing its influence in the crypto market.

Metaplanet Inc.: The Japanese MicroStrategy

Metaplanet became Japan's first publicly listed company to adopt Bitcoin as a core asset, pivoting to a BTC-first strategy in April 2024 similar to MicroStrategy's capital model. Originally in the hotel business, the company has successfully attracted market attention through its "Bitcoin First Strategy" of continuous BTC accumulation, establishing itself as a representative yen hedge asset company.

Key Investment Considerations for Asset-Driven Stocks

Cryptocurrency Mining Stocks

Crypto mining companies operate large-scale mining facilities to acquire Bitcoin while continuously optimizing energy management, equipment efficiency, and financial strategies. As the market evolves, mining companies are entering a critical period of "scale expansion + cost control." Key factors affecting corporate competitiveness include:

Marathon Digital Holdings (MARA): US Mining Leader with HODL Strategy

Marathon Digital Holdings is one of the largest Bitcoin mining companies in the United States, holding over 45,000 BTC—the most among global mining companies. The company emphasizes a HODL strategy and raised funds through a $250 million convertible bond offering to expand mining capacity. As of early 2025, Marathon increased its mining production by 1,265 BTC, with a total market capitalization of $4.435 billion, demonstrating its strategy of leveraging operations to enhance asset value.

Riot Platforms Inc. (RIOT): Low-Cost Strategy with Cash Flow Focus

Riot Platforms is another major US Bitcoin mining company that employs a low-cost mining strategy with the industry's lowest power costs (3.1 cents/kWh), significantly reducing operational expenses. The company holds 18,200 BTC, and while this is lower than MARA's holdings, its cash flow and risk management approach is more稳健. 2024 Q3 revenue reached $84.8 million, a 65% year-over-year increase, showing continued improvement in operational efficiency and profitability.

Mining Market Trends and Future Challenges

  1. Following the 2024 Bitcoin halving, mining difficulty has increased, meaning only companies with high hashrate and low-cost advantages can survive the competition
  2. Energy costs remain a critical factor, with both MARA and RIOT partnering with renewable energy suppliers to reduce long-term electricity expenses
  3. Bitcoin market price volatility continues to directly impact miner financial conditions—HODL strategy companies like MARA may be more affected by bull markets, while cash flow management companies like RIOT demonstrate better defensive characteristics
  4. Institutional capital will influence market structure, with better-capitalized companies likely to acquire competitors and upgrade technology to increase market share

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Crypto Trading Platforms and Payment Services

With the launch of Bitcoin ETFs and influx of institutional funds, cryptocurrency trading platforms and payment service stocks have become market hotspots. These companies facilitate cryptocurrency trading, payments, asset management, and clearing, playing a key role in the integration of traditional finance and blockchain economy. Primary business models include exchange operations, payment solutions, institutional-grade asset management, and DeFi applications, promoting the circulation and adoption of digital assets.

Coinbase remains the preferred exchange for institutional investors, with 2024 Q4 revenue growing 137% primarily driven by Bitcoin ETF-related institutional trading volume. The company actively expands Coinbase Prime to serve institutional clients and has launched Ethereum L2 network Base to strengthen its decentralized ecosystem.

Bakkt Holdings focuses on enterprise and institutional-grade asset custody and payments. Despite facing market consolidation pressures, the company continues to explore digital asset applications in payments through partnerships with Bank of America, Wells Fargo, and Starbucks.

Block Inc. (SQ) promotes Bitcoin payments through its Cash App and has entered the Bitcoin mining equipment and self-custody wallet markets. Its Bitkey hardware wallet has begun shipments and integrates seamlessly with both Cash App and Coinbase trading platforms.

Additionally, Ripple Labs expands banking payment and cross-border clearing cooperation through XRP. Despite regulatory challenges, the company continues to gain adoption from major financial institutions, promoting the fusion of DeFi and traditional payments.

Three Key Trends in Crypto Trading and Payments

  1. Accelerated institutional adoption: Bitcoin ETF approvals have catalyzed institutional capital inflows, significantly increasing trading volume on compliant exchanges like Coinbase (137% YoY growth in Q4 2024), requiring platforms to develop more institutional-grade products to maintain competitiveness
  2. Payment ecosystem expansion: Major payment companies like PayPal, Visa, and Block Inc. are actively launching blockchain payment solutions as Bitcoin and stablecoin payment applications become increasingly common, accelerating the fusion of digital assets with traditional finance
  3. Regulatory divergence effects: Increasing SEC scrutiny is reshaping the market landscape, with compliant exchanges like Coinbase (which obtained licenses in Hong Kong and the EU) gaining competitive advantages while smaller exchanges face survival pressures—investors should closely monitor platform compliance and DeFi/L2 technology development trends

Blockchain Technology and Infrastructure Stocks

Blockchain technology and infrastructure companies focus on core areas including underlying technology development, smart contracts, security solutions, decentralized storage, data verification, and Blockchain-as-a-Service (BaaS). These companies drive scalability, security, and efficiency in the blockchain industry, playing crucial supporting roles in traditional finance, enterprise applications, Web3 ecosystems, and digital asset infrastructure.

DMG Blockchain Solutions Inc. (DMGI.V): Blockchain Solutions and Cybersecurity

DMG Blockchain Solutions is a Canadian blockchain technology company providing infrastructure management, mining support, cybersecurity, and compliance services. The company focuses on carbon-neutral mining technology and Mining-as-a-Service (MaaS), enabling institutions to participate securely in Bitcoin mining.

As of early 2025, DMG holds 423 Bitcoin and has launched Terra Pool—the world's first carbon-neutral mining pool—in partnership with North American renewable energy providers to reduce carbon footprint. The company actively participates in blockchain data forensics and regulatory technology, assisting governments and enterprises with risk monitoring while collaborating with the US SEC and Canadian OSC to enhance market transparency and compliance.

DeFi Technologies (NEO: DEFI): Bridging Traditional Finance and Blockchain

DeFi Technologies focuses on developing decentralized financial infrastructure, providing blockchain financial solutions for institutional investors. Through subsidiary Valour Inc., the company offers compliant digital asset ETP products that enable traditional investors to participate in cryptocurrency investments through stock markets.

In January 2025, the company partnered with a Swiss bank to launch a Bitcoin ETP, holding 204.3 BTC as reserve. Valour ETP products are already listed on major exchanges in Germany, Switzerland, and Nordic countries, successfully accessing European institutional investment markets. Facing regulatory challenges, the company is developing DeFi products that meet traditional financial standards, positioning itself as a bridge for institutional capital entering blockchain finance.

Market Trends and Investment Considerations

AI and Crypto Integration Stocks

The convergence of artificial intelligence and blockchain is accelerating, with companies leveraging AI for blockchain data analysis, smart contract optimization, and exploring AI-driven decentralized applications (dApps). This combination enhances network security, computational efficiency, and enables innovative applications in decentralized identity verification (DID), financial analysis, and supply chain management.

Nano Labs Ltd. (NA): Blockchain and AI Computing Infrastructure Provider

Nano Labs focuses on IC design for blockchain hashrate and AI computing, with core products encompassing high-throughput computing (HTC), high-performance computing chips (HPC), and distributed storage solutions that promote the integration of AI and Web3.

Its Cuckoo 3.0 chip is optimized for both PoW mining and AI computing, effectively improving computational efficiency while reducing energy consumption. The company is also actively developing zero-knowledge proof (ZK Proof) acceleration technology and exploring blockchain-driven AI training and data storage, demonstrating strong competitiveness in the AI+Web3 field.

In December 2024, the company purchased 360 Bitcoin, which it continues to hold, showing long-term confidence in digital assets. Financially, the company achieved revenue of 24.7 million RMB (approximately $3.5 million) in the first half of 2024, with positive gross margin and reduced net loss to 59.1 million RMB. With rising demand for AI and blockchain computing power, Nano Labs possesses strong technological innovation and market development potential.

KULR Technology Group (KULR): Sustainable Energy Storage and Thermal Management Pioneer

KULR is a leading US thermal management and energy solutions company focused on AI computing, high-performance computing, blockchain infrastructure, and aerospace electric vehicle sectors. Utilizing NASA technology, the company developed vibration-free fans (KULR Xero Vibe™), carbon fiber cooling technology, and intelligent battery management systems that provide efficient thermal management and energy solutions for AI data centers and Bitcoin mining equipment.

KULR actively promotes the integration of AI and blockchain technology, enhancing energy efficiency through intelligent battery management and supply chain tracking while collaborating with data center and AI chip companies to expand Web3 applications.

Regarding digital asset allocation, KULR began accumulating Bitcoin in December 2024, acquiring 610 BTC within three months and achieving a 167.3% yield through its BTC Yield program. The company supports its Bitcoin investments through cash and ATM equity plans, demonstrating long-term confidence in crypto assets.

Market Trends and Investment Considerations

  1. Computing power and technology convergence: Deep integration of AI and blockchain computing infrastructure, with companies like Nano Labs and Nvidia developing specialized high-performance chips that simultaneously serve AI training and PoW mining, significantly improving computational efficiency while reducing energy consumption
  2. Sustainable infrastructure: Intelligent energy management becomes a key competitive differentiator, with companies like KULR providing cooling and battery management systems that optimize energy usage for AI computing and mining while promoting Web3 application commercialization
  3. Security and efficiency improvements: AI-driven financial innovation is accelerating, including automated smart contract review, decentralized identity verification (DID) improvements, and AI applications in predictive analytics and risk management that combine with blockchain to create new investment opportunities

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Diversified Hybrid Business Stocks

"Diversified hybrid crypto stocks" refer to companies involved in multiple fields beyond Bitcoin mining or blockchain technology, expanding into AI computing, high-performance cloud computing, machine learning, and energy management. These companies possess robust infrastructure that enables flexibility in responding to market changes, with diversified revenue sources helping to reduce exposure to crypto market volatility while actively exploring emerging technology applications.

Among 160 publicly traded crypto概念股 companies, Hut 8 Mining (HUT)—with over 500 Bitcoin—represents the most typical example. Beyond Bitcoin mining, the company has actively entered AI computing and high-performance computing cloud services, receiving investment support from Coatue and demonstrating strong growth momentum.

Hut 8 Mining (HUT): Transition from Mining to AI Computing Leader

As a leading North American Bitcoin mining company, Hut 8 has successfully diversified into AI computing, machine learning (ML), visual effects rendering (VFX), and cloud computing. Through AI computing services, the company has established a more robust business model that reduces dependence on Bitcoin market volatility.

As of early 2025, Hut 8 holds 10,208 Bitcoin (approximately $990 million), ranking among the top publicly traded crypto概念股 companies. 2024 Q3 revenue reached $43.7 million (a 101.38% year-over-year increase), with net income of $900,000 representing a successful turnaround to profitability. EBITDA reached $5.6 million, indicating significantly improved financial conditions that reflect the growth potential of AI computing and cloud services.

Diversified Business布局

In late 2024, Hut 8 received investment from Coatue, further consolidating its position in the AI computing market. Moving forward, the company will deepen cooperation with AI enterprises, expand AI cloud computing services, and reduce operational costs through renewable energy while improving its ESG (environmental, social, governance) performance. As the AI industry continues growing, Hut 8 is well-positioned to further expand its business scope and achieve diversified revenue sources.

Other Companies Expanding and Transforming: Bit Digital (BTBT), Cango Inc. (CANG)

While Bit Digital is also exploring AI and Web3 services, it currently remains focused on Bitcoin mining as its core business, with AI operations yet to form a stable revenue model. Thus, it remains categorized as a cryptocurrency mining stock. If AI business shows significant growth in the future, it may potentially transition to a diversified hybrid business stock.

As for Cango Inc., its primary business remains automotive transactions and supply chain management. Although the company entered Bitcoin mining in November 2024, the scale remains limited. Currently, it more closely resembles a traditional enterprise experimenting with cryptocurrency rather than a true diversified hybrid business stock, and thus isn't included in this category.

Frequently Asked Questions

What are crypto-linked stocks?
Crypto-linked stocks are shares of publicly traded companies that have significant exposure to cryptocurrency or blockchain technology through their business operations, investments, or strategic focus. These can include Bitcoin mining companies, crypto exchanges, blockchain infrastructure providers, and traditional companies that hold substantial cryptocurrency reserves or integrate blockchain technology into their operations.

How do Bitcoin ETFs differ from crypto stocks?
Bitcoin ETFs are investment funds that track the price of Bitcoin and trade on traditional stock exchanges, providing indirect exposure to Bitcoin without requiring investors to directly purchase or store cryptocurrency. Crypto stocks, meanwhile, represent ownership in companies that operate within the crypto ecosystem, offering exposure to the industry's growth potential through equity investments in businesses rather than direct cryptocurrency ownership.

What are the main risks of investing in crypto概念股?
The primary risks include high volatility tied to cryptocurrency prices, regulatory uncertainty across different jurisdictions, technological disruption and competition, execution risks associated with business model transitions, and market sentiment shifts. Additionally, companies heavily invested in Bitcoin face concentration risk, while those pursuing emerging technologies like AI and blockchain integration face technological implementation challenges.

How has institutional adoption affected crypto stocks?
Institutional adoption has significantly benefited crypto stocks by increasing market legitimacy, driving higher trading volumes, attracting substantial capital inflows, and creating new revenue opportunities through products like Bitcoin ETFs and institutional custody services. This adoption has also accelerated regulatory clarity in some regions and pushed companies toward greater compliance and professionalization of their operations.

What role does AI play in crypto companies?
AI plays multiple roles in crypto companies, including optimizing mining operations through improved energy management and hardware efficiency, enhancing security through advanced threat detection, improving trading strategies via algorithmic analysis, enabling smarter smart contract execution, and creating new revenue streams through AI-as-a-service offerings and computational power provision for AI training.

How important is regulatory compliance for crypto stocks?
Regulatory compliance is critically important for crypto stocks as it directly impacts their ability to operate, access banking services, list on exchanges, and attract institutional investors. Companies with strong compliance frameworks tend to have better long-term viability, while those operating in regulatory gray areas face potential business disruption, legal challenges, and limited growth opportunities in regulated markets.

Conclusion

Three Key Characteristics of Crypto-Linked Stocks

1. Industry Diversification and Integration Trends

Crypto-linked stocks have expanded beyond单一的 mining, exchange, and blockchain technology companies to include AI computing, data centers, Web3 infrastructure, and energy management. This diversification not only enhances business resilience but also promotes deeper integration between Web3 and traditional technology industries. For example, Canaan has transformed from an ASIC miner manufacturer to an AI chip and computing equipment company, while Hut 8 Mining has entered the high-performance AI computing market—this diversified approach enriches the investment universe of crypto stocks.

2. Rise of Corporate Bitcoin Financial Strategies

Many crypto-linked companies no longer rely solely on trading or mining revenue but instead hold Bitcoin directly as a corporate financial strategy to hedge against inflation and manage capital liquidity. MicroStrategy has become the world's largest corporate Bitcoin holder, while Metaplanet has replicated a similar strategy using BTC to hedge against yen depreciation. The growth potential and financial stability of these companies will be influenced by Bitcoin market prices, creating potential risk exposure.

3. Accelerated Integration of AI and Web3

With surging demand for AI servers, crypto-linked stocks are actively expanding into high-performance computing markets. Hut 8 provides GPU-as-a-Service to support AI training, Nano Labs develops AI + blockchain computing chips to strengthen decentralized infrastructure (DePIN), and KULR optimizes cooling and energy efficiency for AI servers and mining equipment. The mutual reinforcement of AI and Web3 technologies will become an important future development direction for the industry.

Risks and Opportunities in Crypto Stock Investments

Market Bubbles and Regulatory Uncertainty

Despite the tremendous growth potential of crypto-linked stocks, investors must remain aware of market volatility and regulatory risks. Bitcoin prices, blockchain technology policies, and AI infrastructure development will directly impact the stock performance of these companies.

Regulatory Challenges: Global Policy Divergence and Impact

The biggest challenge facing crypto-linked stocks is global regulatory policy uncertainty. US regulators are increasing scrutiny, with the SEC strengthening compliance requirements for exchanges and DeFi platforms, raising compliance costs for companies like Coinbase and Kraken. While Bitcoin ETFs have been approved, reviews of other crypto asset ETFs remain uncertain, affecting capital flows. Some states (like New York) are pushing for PoW mining bans requiring 100% renewable energy, challenging mining companies' operations.

European regulation is relatively clearer, with the 2024 MiCA regulation providing a clear legal framework for digital assets, enabling companies like DeFi Technologies to launch compliant ETP products in Germany and Switzerland. European exchanges show higher acceptance of Bitcoin ETPs, with relatively stable capital markets.

Asian markets present divergence, with Hong Kong and Singapore being relatively friendly toward crypto assets. Hong Kong implements virtual asset exchange licensing, while Japan's Metaplanet benefits from Bitcoin-friendly policies. Mainland China completely prohibits cryptocurrency trading and mining, forcing miners like Bit Digital to relocate to North America.

Market Cycle Impact: Policy and Financialization Variables

Bitcoin's market cycles are no longer solely influenced by halving events—global policies and financialization processes are becoming new determining factors. Recently, the US government plans to establish a cryptocurrency strategic reserve, further incorporating Bitcoin into national-level capital management and influencing its market price. Meanwhile, rising international economic uncertainty enhances Bitcoin's importance as a hedge asset.

With the proliferation of Bitcoin ETFs, increasing institutional participation in crypto assets benefits概念股 like Coinbase and MicroStrategy but also makes their stock prices more susceptible to macroeconomic changes and regulatory policies. If regulations tighten or economic policies shift, crypto companies' capital allocation and cash flow management will face challenges.

AI and Web3 Integration Challenges: Technology, Data, and Regulatory Hurdles

While the convergence of AI and blockchain brings potential for decentralized intelligent computing, it still faces multiple challenges. First, computing power demands and energy consumption present major bottlenecks—AI training requires extremely high computational resources, creating burdens on blockchain infrastructure and making energy efficiency improvements crucial.

Second, the scarcity of high-quality data affects AI model training, particularly in Web3's decentralized data management environment where ensuring data consistency and validity is difficult. Additionally, technical integration challenges cannot be ignored—application scenarios combining AI and blockchain still require interdisciplinary collaboration, and technical implementation obstacles remain from smart contract optimization to decentralized AI training.

Regarding regulation, global policy uncertainty may affect development in AI and Web3 fields. Some countries impose strict regulations on AI training data, while how decentralized applications (DApps) comply with traditional regulations remains an unresolved issue. Meanwhile, ethical and safety challenges related to human-machine integration have become focus areas, requiring further industry exploration to ensure AI autonomy doesn't compromise blockchain's decentralized spirit.

Opportunity: Convergence of Digital Economy and Technological Innovation

Crypto-linked stocks sit at the intersection of digital asset financialization, AI and blockchain integration, and global payment transformation, presenting long-term opportunities. Bitcoin is transitioning from speculative asset to corporate financial tool, with MicroStrategy, Metaplanet, and Hut 8 Mining using BTC as hedge assets while ETFs enhance market liquidity.

AI and blockchain convergence creates new opportunities in computing markets—Hut 8 provides AI computing services, Nano Labs develops AI-compatible chips, and KULR optimizes energy management. This promotes new models like decentralized AI training, computational power marketization, and data privacy, advancing Web3 implementation.

Simultaneously, payment system transformation accelerates as Visa and Mastercard test blockchain payments while DeFi Technologies promotes compliant digital asset investments. With the development of stablecoins and CBDCs, crypto assets are transitioning toward global payment infrastructure. If more countries incorporate Bitcoin into national reserves, related概念股 values will significantly appreciate.

Past and Future

In summary, crypto-linked stocks no longer局限于 traditional Bitcoin mining or exchanges but encompass AI, blockchain infrastructure, Web3 cloud computing, and corporate capital management. Investors considering crypto stock investments should evaluate three key aspects:

  1. Industry trends and company technological competitiveness: Select companies with long-term competitive advantages (such as AI, computing infrastructure, energy management) rather than those solely reliant on cryptocurrency price movements
  2. Bitcoin strategy and financial stability: Focus on companies' BTC holding scale, debt ratios, and cash flow management to ensure they can maintain stable operations during market volatility
  3. Regulatory risk and market cycles: Continuously monitor regulatory policy changes and how market events like Bitcoin halvings and ETF approvals affect business models

Finally, with growing Web3 infrastructure and AI computing demand, the growth potential of crypto-linked stocks remains considerable. However, investors must still carefully assess risks and opportunities to capture maximum benefits from future market transformations.