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Investment Research|Panorama Study of BTC and ETH Exposed Companies in US Stocks (2025)

Vitalik 2025-10-27 19:28 55179人围观 ETH

Researching targets and broadening horizons is one of the most important things in trading. In most cases, if you can't grasp the low-level bid, you don't understand it deeply enough. Of course, I don’t dare to rush when the opportunity comes. It is quite
Researching the target and broadening your horizons is one of the most important things in trading. In most cases, if you can't grasp the low-level bid, you don't understand it deeply enough. Of course, I don’t dare to rush when the opportunity comes. It is quite useful to use large models to research related industries and then look at related targets. October isn’t over yet, so don’t open the champagne halfway.

In the past few years, the proportion of U.S. listed companies holding or involved in Bitcoin (BTC) and Ethereum (ETH) has increased rapidly. As of 2025, two clear industry paths have been formed in the US stock market:

One type is companies with direct asset exposure (the company itself holds BTC or ETH in its financial reports)；

The other type is companies with indirect business exposure (the main business is strongly related to BTC/ETH, such as mining, trading, custody, pledge, etc.).


1. Companies with direct crypto asset exposure


Such companies include BTC or ETH on their balance sheets, usually held under the logic of "digital gold" or "liquid reserves". The representative companies are as follows:

1. MicroStrategy (MSTR)

It holds approximately 640,000 Bitcoins and has a market value of approximately US$80 billion. It is the listed company with the largest BTC holdings in the world, and is also the first U.S. stock company to include Bitcoin as a treasury asset. Its Bitcoin assets account for approximately 88% of the company's total market value.

2. Tesla (TSLA)

It holds approximately 11,000 Bitcoins, worth approximately US$1.2 billion, and is the first automaker to publicly purchase BTC. Although some positions have been reduced, some positions are still retained as reserve assets.

3. Block Company (formerly Square, SQ)

It holds about 8,700 Bitcoins, worth nearly $1 billion. Cash App supports BTC transactions and is one of the first companies to embed Bitcoin into its payment business.

4. Marathon Digital (MARA)

The largest cryptocurrency holder among mining companies holds approximately 53,000 Bitcoins, worth approximately US$5.9 billion. It has the highest computing power in North America and is also the “first” in the mining industry.

5. Riot Platforms (RIOT)

It holds approximately 19,000 Bitcoins, worth approximately US$2 billion, and is one of the largest Bitcoin mining companies in the United States. It is famous for its advantages of high computing power and low electricity prices.

6. CleanSpark (CLSK)

It holds approximately 13,000 Bitcoins, has a market value of approximately US$5.4 billion, and features clean energy mining. It is a representative of green mining.

7. BitMine Immersion (BMNR)

The key company holds approximately 3.2 million Ethereum, with a market price of approximately US$12.7 billion. It is the listed company with the largest ETH holdings in the world. Its goal is to hold 5% of the total Ethereum supply, which currently accounts for about 2.7%, making it the "only and first" in ETH exposure.

8. SharpLink Gaming (SBET)

It holds approximately 830,000 ETH, worth approximately US$3.5 billion. It was originally a gaming technology company. After its transformation, it purchased Ethereum through financing and once became the largest listed company holding ETH (later surpassed by BMNR).

9. BTCS Inc. (BTCS)

It holds approximately 70,000 ETH, with staking as its main business. It is the first company in the US stock market to launch "Ethereum Dividend (Bividend)".

10. Coinbase (COIN)

As an exchange, it also holds approximately 9,000 BTC and 130,000 ETH for liquidity and custody. It has both direct and indirect exposure characteristics.

Other special cases:

Cango (a Chinese automotive platform listed on the US stock market) and Kindly MD (renamed "Nakamoto Holding") both purchased BTC during the transformation process； GameStop once held 4,700 BTC in an attempt to diversify its assets.

2. Companies with indirect crypto business exposure


This type of company does not directly hold currencies, but its core business revolves around BTC or ETH, including mining, trading, custody, payment and staking infrastructure.

1. Coinbase (COIN)

The first listed crypto exchange in the United States, providing spot, custody, wallet and staking services. With a market capitalization of approximately US$86 billion, it is the “only and first” in trading and custody.

2. Marathon Digital (MARA)

Mainly engaged in Bitcoin mining, it has the largest computing power cluster in North America and combines self-operation and custody. It is also the purest mining company in the BTC business.

3. Riot Platforms (RIOT)

One of the leading mining companies in North America uses immersion cooling technology to mine on a large scale in Texas. Its production capacity ranks among the top two in the industry.

4. CleanSpark (CLSK)

Famous for clean energy mining, it has the fastest growing computing power among mining companies.

5. Bitdeer Technologies (BTDR)

The US mining company founded by Wu Jihan was originally part of the Bitmain mining pool business. It is the only mining company derived from a Chinese mining equipment giant and listed in the United States.

6. Hut 8 Mining (HUT)

A Canadian mining company listed on the U.S. stock market is also involved in the data center business and belongs to the "first batch" of mining diversification companies.

7. Block Company (SQ)

A financial technology company whose Cash App supports Bitcoin transactions and is developing Lightning Network infrastructure. The company most actively embracing BTC in the payment field.

8. Robinhood (HOOD)

A zero-commission brokerage platform that supports the buying and selling of BTC and ETH. In 2024, it acquired Bitstamp, a long-established European exchange, and became an important entrance for retail trading.

9. Bakkt Holdings (BKKT)

An institutional custody platform incubated by ICE, the parent company of the New York Stock Exchange, focusing on Bitcoin custody and settlement.

10. BTCS Inc. (BTCS)

A blockchain infrastructure company that operates Ethereum nodes and provides staking services. It is the earliest company in the US stock market to focus on Ethereum staking.

11. Bitfarms (BITF)

A Canadian mining company listed in the United States, it has obvious advantages in low-cost electricity.

12. Canaan (CAN)

A Chinese mining machine manufacturer listed on the US stock market, it is one of the first blockchain hardware companies to focus on ASIC chips.

13. Galaxy Digital (GLXY)

Crypto investment bank, serving institutional clients, covering trading, asset management and venture capital. The founder Novogratz was the first person on Wall Street to hold a heavy position in BTC/ETH.

14. Bitcoin Depot (BTM)

An offline Bitcoin ATM network operator, listed through SPAC in 2023, is a new business format.

3. Conclusion and structured insights

  1. The core of the Bitcoin (BTC) industry chain:
    • “The "unique and first" targets: MicroStrategy (the only one in asset reserves), Marathon Digital (the first among mining companies).
    • Leading ecology: MSTR, MARA, RIOT, COIN, SQ.
    • Ecological attributes: The upstream is mining machine manufacturing (Canaan), the midstream is mining companies, and the downstream is a trading and custody platform.
  2. The core of the Ethereum (ETH) industry chain:
    • “The only and first target: BitMine Immersion (BMNR, the world’s largest ETH corporate holding).
    • Key links in the industry: pledge (BTCS), exchange (COIN), infrastructure (BMNR).
    • Ecological attributes: The upstream is computing power and node operation (BMNR), the midstream is staking and trading (COIN, BTCS), and the downstream is decentralized application companies (not yet U.S. stocks).
  3. Overall trend:
    • Enterprises are migrating from "Bitcoin reserve logic" to "Ethereum ecological logic".
    • The number of listed companies with ETH exposure is growing rapidly, demonstrating institutional confidence in smart contracts and staking returns.
    • BTC remains the most symbolic reserve asset, while ETH becomes the representative of "income-generating assets".


Disclaimer: The information I provide is for reference only and does not constitute investment advice. My transaction does not represent any position ； Investors should make independent investment decisions and bear investment risks based on their own financial status, investment objectives, etc. Investment is risky, so be cautious when entering the market.




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