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Analysis
TABLE OF CONTENTS

Publicly Traded Companies Only Account for 5.8% of the Total Crypto Market Cap

4.6
| by
Shane Neagle
|
Edited by
Shaun Paul Lee
-

How Many Publicly Traded Blockchain Companies Are There?

There are a total of 46 noteworthy publicly traded blockchain companies. Expectedly, most blockchain companies are listed on NASDAQ, 24 in total. The largest by far is cryptocurrency exchange Coinbase (COIN), with a $74.0 billion market cap. Bitcoin mining company Mara Holdings (MARA) follows second, but with a 10x lower market cap at $7.0 billion.

The Nasdaq stock exchange has the largest concentration of technology companies. Among the top hundred most valued companies within the Nasdaq 100 (NDX) index, which excludes financial firms, 59.6% come from the IT sector.


The smallest blockchain company available for public trading is metaverse-oriented Blockchain Industries (BCII), but only for over-the-counter (OTC) trading. Within decentralized OTC markets, 18 blockchain companies are available.

On the New York Stock Exchange (NYSE), only two publicly traded companies are available for the crypto sector, Bit Mining (BTCM) and Hyperscale Data (GPUS). The latter is an example of a trend, as it underwent rebranding from Ault Alliance (AULT), focused on cryptocurrency mining, to GPUS as a provider of AI data center infrastructure.

Accounting for Galaxy Digital (GLXY) headed by Michael Novogratz, which is only listed on Toronto Stock Exchange (TSX), are 46 publicly traded blockchain companies.

Notably, there are 47 blockchain companies listed on various Canadian exchanges, from TSX and TSX Venture to CSE and Cboe. However, the largest ones are also listed on NASDAQ, while the majority of other firms have micro caps under $10 million or are ETFs. Therefore, Galaxy Digital listed on TSX is the only noteworthy exception as a non-penny stock.

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 dwarfed second-place Galaxy Digital, which had a market cap of $6.7 billion. Coinbase's market cap is more than ten times larger than Galaxy Digital's. Coinbase is more than two times larger than the cumulative value of the next nine largest blockchain companies, $71.2 billion vs. $33.2 billion. 

Which Sector Are Most Blockchain Companies In?

Predictably, out of 46 largest publicly traded blockchain companies, the majority is focused on cryptocurrency mining operations, accounting for 25 companies. Although some firms have diversified beyond mining into AI and Web 3 solutions, such as Bluesky Digital Assets, they can be broadly categorized into five sectors.

 

After Bitcoin’s fourth halving, which cut BTC mining rewards from 6.25 BTC to 3.125 BTC, there is a notable accelerating trend of diversification. Using their existing expertise in server scaling and infrastructure maintenance, Bitcoin mining firms are diversifying into high-performance computing (HPC) and AI data centers.

The most notable examples of this trend are 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 cap of publicly traded companies in the crypto sector, the minority dominates.

Market Cap of Blockchain Companies vs Total Crypto Market

Out of 46 publicly traded blockchain companies, Coinbase (COIN) is the only one representing the exchange sector, at 2.2%, as previously noted. Yet, Coinbase’s market cap of $71.2 billion dwarfs all other companies except for the even larger MicroStrategy (MSTR) market cap of $97.7 billion.

When MicroStrategy's market cap is excluded, as the only company employing a debt-leveraging strategy to accumulate BTC and utilize BTC price volatility, we are left with a market cap of $121.9 billion.

While Coinbase is the singular blue pie slice at $71.2 billion or ~63.6%, the mining sector holds $31.7 billion in stock value, dominated by MARA ($7.0B), CORZ ($4.2B), RIOT ($4.7B), and CLSK ($3.4B). Other mining companies have market caps of under $3 billion.

Likewise, in the finance and investments sector, worth $7.1 billion, Galaxy Digital holds the bulk of it at $6.7 billion. Overall, the total market cap of publicly traded blockchain companies is $199.5 billion. This is merely 5.8% of the total $3.45 trillion crypto market cap.

Top 10 Largest Publicly Traded Blockchain Companies

The top 10 largest publicly traded blockchain companies, are as follows: 

Company Market Cap (USD/billion)
Coinbase $71.20B
Galaxy Digital $6.68B
MARA Holdings $6.09B
Riot Platforms $4.12B
Core Scientific $3.44B
Bitdeer Technologies $3.42B
Cleanspark $2.97B
IREN $2.29B
Hut 8 $2.15B
Cipher Mining $2.02B

 

Methodology

Data was taken as of February 3, 2025. To determine the number and market cap of publicly traded companies, we used publicly available data across OTC and institutional exchanges in North America. Canadian exchanges largely hold ETFs, which were excluded because they are not structured as companies but as investment funds. Notwithstanding the overlap with US exchanges, Galaxy Digital was the only noteworthy exception as a non-penny stock priced well above $5 per share. MicroStrategy is excluded as it's primarily a business intelligence software company that has become widely known for investing in Bitcoin. 


If you use these insights, we would appreciate a link credit to this article on CoinGecko. A link credit allows us to keep supplying you with future data-led content that you may find useful.

Curious to find out more about our previous research studies & statistics? Check out this one we did on blockchain earnings!

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Shane Neagle
Shane Neagle
Shane Neagle is the editor-in-chief of The Tokenist. This essentially means he reads, learns and writes about finance all day. Shane is particularly interested in the way macroeconomic events impact financial markets. He also enjoys technology a bit too much, and is fascinated by the economic implications of technology’s integration in nearly all facets of our everyday lives.

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