How many listed blockchain companies are worth paying attention to? What sectors do they belong to?

Author: Shane Neagle, Coingecko; Translator: Baishui, Golden Finance

How many publicly traded blockchain companies are there?

There are 46 publicly traded blockchain companies worth noting. Unsurprisingly, most blockchain companies are listed on the Nasdaq, with 24 in total. The largest by far is cryptocurrency exchange Coinbase (COIN), with a market cap of $74 billion. Bitcoin mining company Mara Holdings (MARA) is a close second, but with a market cap of $7 billion, 10 times lower than Coinbase.

The Nasdaq stock exchange has the most tech companies. Of the 100 most valuable companies in the Nasdaq 100 (NDX) index (excluding financial companies), 59.6% are from the IT industry.

The smallest blockchain company available for public trading is Blockchain for Metaverse Industries (BCII), but only for over-the-counter (OTC) trading. There are 18 blockchain companies in the decentralized OTC market.

On the New York Stock Exchange (NYSE), there are only two public companies available in the cryptocurrency space, Bit Mining (BTCM) and Hyperscale Data (GPUS). The latter is an example of a trend as it rebranded from Ault Alliance (AULT), which focused on cryptocurrency mining, to GPUS, a provider of AI data center infrastructure.

Including Galaxy Digital (GLXY), led by Michael Novogratz, which is listed only on the Toronto Stock Exchange (TSX), there are 46 publicly traded blockchain companies.

Notably, 47 blockchain companies are listed on various Canadian exchanges, from the TSX and TSX Venture to the CSE and Cboe. However, the largest companies are also listed on the Nasdaq, while most of the others are micro-cap stocks below $10 million or are ETFs. Galaxy Digital, which is listed on the TSX, is therefore the only notable non-penny stock exception.

What are the largest publicly traded blockchain companies?

Coinbase is the largest publicly traded blockchain company with a market cap of $71.2 billion. As of February 4, 2025, it far exceeds the second-ranked Galaxy Digital, which has a market value of $6.7 billion. Coinbase's market value is more than ten times that of Galaxy Digital. Coinbase's market value is more than twice the combined value of the next nine largest blockchain companies, at $71.2 billion and $33.2 billion, respectively.

Which track do most blockchain listed companies belong to?

Predictably, of the 46 largest publicly traded blockchain companies, the majority focus on cryptocurrency mining, accounting for 25 companies. Although some companies have expanded from mining to AI and Web 3 solutions, such as Bluesky Digital Assets, they can be roughly divided into five industries.

After Bitcoin's fourth halving, which cut Bitcoin mining rewards from 6.25 Bitcoin to 3.125 Bitcoin, the diversification trend has clearly accelerated. Bitcoin mining companies are diversifying into high-performance computing (HPC) and AI data centers, leveraging their existing expertise in server expansion and infrastructure maintenance.

The most notable examples of this trend are the previously bankrupt Core Scientific (CORZ), Hut 8 Mining (HUT), TeraWulf (WULF), HIVE Digital Technologies (HIVE), and CleanSpark (CLSK). However, when it comes to the total market capitalization of public companies in the cryptocurrency space, a handful of companies dominate.

Blockchain Company Market Capitalization vs. the Entire Crypto Market

Of the 46 publicly traded blockchain companies, Coinbase (COIN) is the only company represented in the exchange space at 2.2%, as mentioned earlier. However, Coinbase’s market capitalization of $71.2 billion dwarfs all others except for the much larger MicroStrategy (MSTR) at $97.7 billion.

If we exclude the market capitalization of MicroStrategy, as the only company that uses a debt-leveraged strategy to accumulate BTC and take advantage of BTC price fluctuations, our market capitalization is $121.9 billion.

While Coinbase is the only piece on the blue pie chart with a market capitalization of $71.2 billion, accounting for about 63.6%, the mining industry stocks are valued at $31.7 billion, mainly composed of MARA ($7 billion), CORZ ($4.2 billion), RIOT ($4.7 billion) and CLSK ($3.4 billion). The market capitalization of other mining companies is less than $3 billion.

Similarly, in the $7.1 billion finance and investment sector, Galaxy Digital accounts for the majority of that at $6.7 billion. Overall, the total market cap of publicly traded blockchain companies is $199.5 billion. That’s just 5.8% of the $3.45 trillion total cryptocurrency market cap.

The 10 largest publicly traded blockchain companies

The 10 largest publicly traded blockchain companies are as follows: