Against the backdrop of the successful launch of Bitcoin ETF, the gradual release of Ethereum ETF, and the countdown to the legislation of stablecoins, a group of listed companies highly related to the crypto industry are playing an increasingly important role in the capital market, and the institutionalization process is accelerating the differentiation of related stocks. They cover multiple links such as trading platforms, mining, electricity, asset management, and stablecoin issuance, forming a bridge asset pool between traditional finance and Web3.

1. Latest stock price performance (as of July 9, 2025)

ETF fund flow (as of July 9)

• BTC spot ETF: daily net inflow of $75.3M, cumulative inflow of $49.91B, holdings of about 1.25M BTC

• ETH spot ETF: daily net inflow of $46.7M, cumulative inflow of $4.52B, holdings of approximately 4.21M ETH

II. Decomposition of crypto stocks and company positioning

1. Bitcoin asset reserve type: With BTC as the core asset strategy, companies include it in their balance sheets for long-term holding

MicroStrategy (now renamed Strategy) is the world's earliest and most representative Bitcoin corporate hoarder. Since 2020, the company has gradually abandoned traditional cash reserves and shifted its balance sheet to Bitcoin on a large scale under the leadership of Executive Chairman Michael Saylor. As of July 2025, the company holds a total of 597,325 bitcoins, with an average purchase price of approximately US$66,385 and a total cost of more than US$33.1 billion. Its stock price is highly correlated with the price of Bitcoin. After the approval of the Bitcoin spot ETF in 2024, the correlation is as high as 0.95, and it is regarded by the market as a "high-leverage BTC alternative."

Its funds for purchasing coins mainly come from three channels: issuing stocks (such as the latest round of US$4.2 billion plan), convertible bond financing, and operating cash flow.

This BTC-centric strategy has enabled it to evolve from a BI software company to a Bitcoin carrier in the capital market. However, this model also brings financial risks such as high leverage (debt/equity ratio of 24.44%) and net losses (nearly US$5.3 billion), and is extremely sensitive to Bitcoin price fluctuations. The company is ostensibly a supplier of enterprise analysis software (AI-driven Strategy One platform), but in fact it has evolved into a capital market carrier for Bitcoin configuration, and the value of its Bitcoin holdings has far exceeded the software business itself.

In the future, the company will continue to focus on BTC holdings, while actively developing SaaS-based enterprise financial management tools (such as Strategy Mosaic™), hoping to software-based Bitcoin strategies, expand service revenue, and ease dependence on a single asset.

1.2 Semler Scientific (SMLR): Radical Transformation of a Medical Technology Company

Semler Scientific, Inc. (SMLR) is a Nasdaq-listed medical technology company founded in 2007 and headquartered in Santa Clara, California. The company's core product QuantaFlo focuses on rapid diagnosis of peripheral arterial disease (PAD) and is widely used by medical professionals in multiple fields. Starting in 2024, the company will use Bitcoin as its main financial reserve asset to combat inflation and currency depreciation. As of July 2, 2025, the company holds 4,636 bitcoins with a total purchase cost of US$360.0 million, and plans to increase its holdings to 105,000 by the end of 2027.

• Q1 2025 financial data: revenue of US$8.8 million, a year-on-year decrease of 44%; net loss of US$64.7 million, of which the unrealized loss of fair value of Bitcoin reached US$41.8 million.

• Bitcoin purchase method: The company raised funds to purchase Bitcoin through ATM issuance (such as 559,000 shares sold from April 25 to 29, 2025, with a net proceeds of US$19.5 million) and convertible bond financing. From June to early July 2025, an additional 187 bitcoins were purchased at a cost of approximately $20 million.

In the future, the company plans to continue to increase its holdings of Bitcoin while devoting itself to the development of its medical technology business. Despite a 44% drop in revenue and a net loss of $64.7 million in the first quarter of 2025, the company believes that the Bitcoin strategy will bring long-term value to shareholders. In the future, challenges such as declining medical business revenue and potential legal liabilities (such as the $29.8 million liability of the DOJ) need to be addressed.

Both belong to the BTC reserve faction, but MSTR is a global flagship holding platform, while SMLR is a "small and new" transformational financial explorer. The former is a reference for the main configuration, and the latter is suitable for theme rotation participation.

2. Trading and financial services: ecological traffic entrance, supporting trading, custody, stablecoin and wallet ecology

2.1 Galaxy Digital (GLXY): Full-stack crypto investment bank

Galaxy Digital Holdings Ltd. (stock code: GLXY) was founded in 2018 by Mike Novogratz and is headquartered in New York. The company will complete its U.S. registration in 2025 and plans to be listed on Nasdaq. As a full-stack crypto investment bank, Galaxy is committed to promoting the global adoption of blockchain and digital assets.

1. Main Business
   - Global Markets: Providing digital asset trading, liquidity support and customized financing services.
   - Asset Management: Managing $7 billion in assets, covering crypto funds and pledge services.
   - Digital Infrastructure: Developing crypto mining, pledge services and AI data centers (such as Helios Park).
   - Investment Banking: Providing M&A, capital market services and strategic consulting.
   - Research and Consulting: Publishing industry reports and providing insights into crypto assets for institutional clients.

2. Financial Overview
   - Q1 2025: The company recorded a net loss of $295 million ($0.86 diluted loss per share), mainly affected by the decline in digital asset prices and the $57 million impairment charge caused by the closure of the Helios campus mining operations.
   - Full Year 2024: Galaxy Digital Holdings LP achieved net income of $365 million ($532 million if excluding the $166 million legal settlement reserve), and GDH Ltd. had net comprehensive income of $78.9 million.

3. Earnings Resilience: Net profit of $78.86 million in Q1 2025, with a price-to-earnings ratio of approximately 34–42 times, is lower than the industry peak, reflecting valuation compression.

Galaxy Digital is a unique full-stack crypto investment bank with a diversified business model covering the crypto ecosystem. Its diversified business model gives it a unique position in the crypto industry, but losses in the first quarter of 2025 show the challenges that market volatility poses to its financial performance. In the future, the company will continue to deepen the application of blockchain technology, expand into the fields of AI and high-performance computing, and provide a wider range of financial services to institutional clients.

2.2 Exodus Movement (EXOD): Decentralized Financial Entry

Founded in 2015, Exodus Movement, Inc. (stock code: EXOD) is a financial technology company focusing on blockchain and digital assets. The company provides self-hosted wallets, cryptocurrency trading, fiat currency exchange (on/off-ramp) and staking services, supports multi-chain operations and integrates DeFi ecosystems (such as Uniswap, Rarible). The company lowers the threshold for users to enter DeFi through innovative products  Exoswap and Passkeys wallet , positioning itself as a convenient entry point for decentralized finance.

• 2024: Revenue of $116.27 million, up 106.94% year-on-year; net profit of $112.96 million.

• 2025Q1: Revenue of $36 million, up 24% year-on-year; monthly active users (MAU) fell 30% to 1.2 million.

Since upgrading from OTCQX to NYSE American in 2024, the company's market attention has increased, and its stock price rose 42.76% in early 2025. Exodus' mission is to "ignite the escape from the traditional banking system" and promote the widespread adoption of cryptocurrencies and DeFi by giving users full control over their digital assets (private keys are stored on user devices). The company supports more than 100 cryptocurrencies (such as Bitcoin, Ethereum, Litecoin, etc.) and provides a seamless experience through multiple platforms (desktop, mobile, browser extensions).

In the future, Exodus will deepen DeFi integration, promote fiat currency exchange services (XO Pay) globally, and enhance fiat-to-cryptocurrency capabilities through mergers and acquisitions (such as Banxa Holdings). The core challenges are market volatility, regulatory uncertainty, increased competition and slowing user growth (Q1 MAU fell by 30%).

2.3 Coinbase (COIN) and Circle (CRCL): Fiat-crypto dual pillars

Coinbase (COIN) and Circle (CRCL) have jointly built a bridge connecting traditional finance and digital assets through the dual-pillar model of fiat and cryptocurrency. Coinbase provides crypto trading and custody services, and Circle issues USDC stablecoins to promote fiat-to-crypto conversion and blockchain payments.

• Main business: Coinbase focuses on one-stop solutions such as crypto exchanges, custody and payments; Circle focuses on USDC issuance, payment networks and blockchain infrastructure, and is the world's second largest dollar stablecoin. Coinbase promotes USDC, and Circle provides reserve revenue sharing, jointly forming a "fiat-crypto" closed loop. In 2024, USDC revenue accounted for 42% of Coinbase's non-transaction revenue. USDC is Coinbase's second largest source of revenue, accounting for about 15% of revenue in the first quarter of 2025, exceeding staking revenue.

• Financial performance: In 2024, Coinbase's revenue was US$9.185 billion, a year-on-year increase of 75%; Circle's revenue was US$1.68 billion, a year-on-year increase of 15.57%. In the first quarter of 2025, Coinbase's revenue increased by 72%, and Circle benefited from the IPO boom, with an IPO market value of US$60 billion. .

Coinbase Global (COIN)

• Market capitalization: Successfully included in the S&P500 in 2025, marking that its institutionalization and liquidity are recognized by the mainstream. It occupies 90% of the US spot ETF custody share and transforms compliance costs into competitive advantages through "regulatory arbitrage".

• Strategic dynamics: Spend $2.9 billion to acquire the leading derivatives company Deribit to strengthen the global options trading layout; the scale of custody assets exceeds $400 billion

• New growth points: ETH staking and Layer2 solution revenue account for 35%, and the cross-border payment product "Coinbase Commerce" is connected to the Shopify ecosystem; expand USDC payment applications and enhance the DeFi ecosystem supported by the Base network.

• Risk points: Revenue depends on trading activities and is greatly affected by market fluctuations; it also faces global compliance pressure and hacker risks. The SEC lawsuit is pending, and Trump's loosening of policies may weaken its compliance premium.

Circle Internet Group (CRCL)

• Business advantages: Assets are backed by US bonds and cash, with strong compliance; highly embedded in cooperative networks such as Visa and Solana;

• New growth points: The corporate treasury management platform "Circle Business" has added PayPal and Stripe integrations, targeting the blue ocean of B2B cross-border settlement; expand cross-border payment and tokenized financial applications through CPN and USYC, and apply for a trust bank license.

• Policy dividends: Stablecoin USDC is recognized by the GENIUS Act and requires 100% reserve assets to eliminate the risk of de-anchoring.

• Potential risks: Slowing growth, stablecoin share being eroded by new competitors, and high dependence on the interest rate market.

This type of enterprise plays the role of "water, electricity and coal" in the crypto-financial system, building the underlying support structure from exchanges, payment stablecoins to wallets and institutional services. COIN and CRCL are the core of the platform, EXOD provides a personal entrance, and GLXY connects traditional finance and the new computing power market. The portfolio configuration can take into account both stability and growth.