Crypto Assets open a new era in finance, who will become the next "coin stock giant"?

In the US stock market, the "Big Tech 7" has become a household name, referring to the seven tech giants: Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia, and Tesla. As of June 2025, the total market capitalization of these seven companies is approximately $14 trillion, accounting for over 30% of the S&P 500 index's market value, profoundly influencing the global tech economy landscape.

At the same time, the Crypto Assets field is nurturing a batch of emerging giants. These companies occupy a core position in Web3 applications and infrastructure by leveraging blockchain technology, and some publicly listed companies are directly purchasing Crypto Assets as a strategic reserve. Although there is still a gap in market value and influence compared to major US stocks, their rapid growth and disruptive potential cannot be ignored. As blockchain technology matures and global adoption rates continue to rise, these companies are reshaping the future of finance and technology.

So, which companies have the potential to become new giants in the crypto space? Let's analyze a few key players:

Strategic Reserve Companies

MicroStrategy Incorporated (Nasdaq: MSTR)

MicroStrategy is an enterprise software company that has transformed into a Crypto Assets platform by holding a large amount of bitcoins. As of June 2025, the company holds 582,345 coins, valued at approximately $62.9 billion, with a market capitalization of about $107.234 billion.

In August 2020, MicroStrategy took the lead in adopting Bitcoin as a primary reserve asset, initiating a "digital gold" strategy. In 2023, the company invested over $6 billion in purchasing Bitcoin. In May 2024, it will hold a "Bitcoin Enterprise Application" event to promote corporate Bitcoin investment. In June 2025, the company will increase its holdings by 10,000 coins and collaborate with blockchain companies to provide enterprise-level encryption data services.

XXI CEP (Nasdaq: XXI)

XXI CEP is a company called Twenty One, holding 37,230 coins of Bitcoin, valued at approximately 4.019 billion dollars. The company plans to complete its restructuring listing in July-August, with a current valuation of 12 billion dollars.

In April 2025, XXI Capital became the world's third largest Bitcoin reserve company through a merger with another company. During the merger, the company purchased 4,812 Bitcoins from a stablecoin issuer. In June 2025, the company advanced the development of Bitcoin native financial products and planned to enhance the popularity of Bitcoin through content, media, and education.

Metaplanet Inc. (TSE: 3350)

Metaplanet Inc. is a Japanese investment company that holds 12,345 coins of Bitcoin, valued at 1.333 billion USD, with a market capitalization of approximately 6.25 billion USD. The company was founded in 1999 and its business includes hotel management, Web3 related services, and professional consulting.

In April 2024, Metaplanet launched a Bitcoin investment strategy, becoming the first listed company in Japan to use Bitcoin as a primary reserve asset. In June 2025, the company increased its holdings by 1,088 coins, bringing its total holdings to over 2,200 coins. In 2025, the company's stock price surged 255% due to the Bitcoin investment craze, reaching a historical high of 1,423 yen. Additionally, Metaplanet partnered with blockchain companies to develop enterprise-level Crypto Assets solutions.

SharpLink Gaming, Inc. (Nasdaq: SBET)

SharpLink is an online gambling and Crypto Assets management company, holding 194,000 Ethereum, worth $467 million, with a market cap of approximately $581 million.

In October 2024, SharpLink launched its Ethereum reserve strategy, increasing its holdings to 188,478 ETH. In June 2025, the company will use all ETH for staking, generating 120 ETH in revenue, and acquiring a 10% stake in a certain Crypto Assets gambling platform, launching a gambling platform based on Ethereum, and collaborating with a certain second-layer network to develop an on-chain settlement system.

Nano Labs Ltd. (Nasdaq: NA)

Nano Labs is a Web3 underlying infrastructure service provider, holding a strategic reserve of BNB and Bitcoin valued at $160 million, with a market capitalization of approximately $235 million.

At the end of 2024, Nano Labs purchased 400 coins of Bitcoin through a certain exchange. On June 23, 2025, the company announced its application for a Hong Kong dollar and offshore Renminbi stablecoin license. On June 24, the company announced a $500 million convertible bond financing plan for BNB strategic reserves and plans to acquire $1 billion worth of BNB through convertible notes and private placements. The long-term goal is to hold 5% to 10% of the total circulating supply of BNB.

SRM Entertainment, Inc. (Nasdaq: SRM)

SRM is a toy and souvenir design company that has invested $210 million in strategic reserves of TRX, with a market value of approximately $137 million.

On June 16, 2025, SRM received a $100 million equity investment, launched a TRON token reserve strategy, collaborated with TRON to develop a digital collectibles platform, and planned to go public on NASDAQ through a reverse merger, with its stock price soaring more than tenfold.

Web3 Industry Applications

Coinbase Global Inc. (Nasdaq: COIN)

Coinbase is a leading Crypto Assets trading platform globally, with a market capitalization of approximately $90.2 billion. On April 14, 2021, the company went public on NASDAQ, becoming the first publicly listed Crypto Assets exchange. In January 2024, it handled $4.6 billion in Bitcoin ETF trading volume. On May 13, 2025, it was included in the S&P 500 index, with stock prices rising by 8%, and it launched an upgraded version of its Web3 wallet, supporting multi-chain NFT transactions.

Robinhood Markets Inc. (Nasdaq: HOOD)

Robinhood is a retail investment platform with a market capitalization of approximately $73.271 billion. In December 2019, it launched Crypto Assets trading services, supporting Bitcoin and Ethereum. On March 26, 2025, the company announced the expansion of its Crypto Assets trading pairs and launched a Web3 wallet beta version in collaboration with a decentralized exchange to optimize DeFi trading.

Block, Inc. (NYSE: XYZ)

Block is a payment and blockchain technology company with a market capitalization of approximately $40.979 billion. In 2013, it launched Cash App, which supports Bitcoin transactions. In March 2025, the company launched a Web3 payment protocol that supports USDC and Bitcoin settlements, integrates oracles with a certain blockchain network, and collaborates with another blockchain to develop a mobile crypto assets payment application.

Circle Internet Group Inc. (NYSE: CRCL)

Circle is a leading company in the stablecoin sector, with a market capitalization of approximately $40.153 billion. On June 5, 2025, the company went public on the NYSE, with the stock price soaring 168% on the first day. On June 17, it benefited from stablecoin legislation and partnered with a major payment giant to optimize global merchant payments.

Galaxy Digital Holdings Ltd (TSX: GLXY)

Galaxy Digital is a digital asset investment company with a market capitalization of approximately $2.614 billion. In 2024, it will launch a $100 million Web3 fund to invest in NFTs and Layer 2 projects. In May 2025, it will increase its holdings by 5,000 bitcoins and collaborate with a certain blockchain network to develop enterprise-level blockchain services.

BC Technology Group Limited (SEHK: 0863)

BC Technology is a Crypto Assets trading platform company with a market value of approximately $1.235 billion. On December 15, 2020, its exchange became the first Crypto Assets platform in Hong Kong to obtain a license from the SFC. In June 2025, the platform will be upgraded to support multi-chain trading and will test the digital Hong Kong dollar with the Hong Kong Monetary Authority.

Amber International Holding Limited (Nasdaq: AMBR)

Amber is an institutional Crypto Assets financial services company with a market capitalization of approximately $1.029 billion. It is set to go public on NASDAQ on March 28, 2025, and plans to launch a $100 million Crypto Assets fund in May, investing in assets such as Bitcoin and XRP, and has obtained a license from the Hong Kong SFC.

Sinohope Technology Holdings Limited (SEHK: 01611)

New Huo Technology provides one-stop digital asset services, with a market value of approximately $233 million. In May 2025, it will launch a multi-chain trading platform supporting Bitcoin, Ethereum, USDT, and apply for a Hong Kong SFC virtual asset license.

Web3 Infrastructure and Service Providers

Marathon Digital Holdings Inc. (Nasdaq: MARA)

Marathon is a Bitcoin mining company with a market capitalization of approximately $5.289 billion. In May 2025, it plans to deploy 15 EH/s of computing power, purchase next-generation mining machines, and collaborate with a mining company to develop green mining facilities.

Riot Platforms Inc. (Nasdaq: RIOT)

Riot is a Bitcoin mining company with a market capitalization of approximately $3.769 billion. In May 2025, it will expand its Texas mining facilities by adding 5 EH/s of computing power and will collaborate with a mining company to develop a renewable energy mining project.

Bitdeer Technologies (Nasdaq: BTDR)

Bit Deer Technology is a blockchain and high-performance computing technology company with a market value of approximately $2.182 billion. By 2025, the company plans to manage a total computing power of 27.4 EH/s, aiming to reach 40 EH/s by October, and to launch AI cloud services that support various large language models.

Hut 8 Mining Corp (Nasdaq: HUT)

Hut 8 is a Bitcoin mining and blockchain infrastructure company with a market capitalization of approximately $1.841 billion. In June 2025, it deployed 10 EH/s of computing power and launched institutional custody services in partnership with a certain crypto exchange.

Bitfarms Ltd. (Nasdaq: BITF)

Bitfarms is a Bitcoin mining company with a market value of approximately $415 million. In March 2025, it deployed 8 EH/s of computing power, collaborated with a mining company to develop renewable energy mining projects, and launched institutional Bitcoin custody services.

Canaan Inc. (Nasdaq: CAN)

Canaan is a Bitcoin mining equipment manufacturer with a market capitalization of approximately $282 million. In June 2025, it will provide a new generation of equipment for a mining company, increasing the computing power to 185 TH/s, and will develop liquid-cooled mining equipment with competitors.

The9 (Nasdaq: NCTY)

Jiucheng is an internet company that has recently transformed to focus on blockchain technology and Crypto Assets business, with a market value of approximately $107 million. In 2024, the company announced plans to invest in the construction of green energy mining facilities, aiming to enhance sustainable computing power.

Industry Trends and Outlook

The rise of Crypto Assets is reshaping the new landscape of the digital economy era. Companies are showcasing their strengths in fields such as trading, payments, asset management, and mining, driving greater recognition for the Crypto Assets industry within the mainstream financial system. As crypto finance deeply integrates with traditional finance, it remains to be seen who will ultimately become the industry giant. However, it is certain that these companies' strategic layout and continuous innovation will determine their position in the crypto track. With the maturation of the Web3 ecosystem, these companies are expected to become new pillars of the global economy, leading investors and users into the new era of the digital economy.