CoinGecko latest research: Blockchain listed companies account for only 5.8% of the total market value of cryptocurrencies

Author: CoinGecko

How many listed blockchain companies are there?

There are 46 publicly traded blockchain companies worth paying attention to. As expected, most blockchain companies are listed on Nasdaq, with a total of 24. The largest so far is the cryptocurrency exchange Coinbase (COIN), with a market capitalization of $74 billion. Bitcoin mining company Mara Holdings (MARA) is following closely behind, but has a market cap of 10 times lower at $7 billion.

The Nasdaq Stock Exchange is the most concentrated exchange for technology companies. In the Nasdaq 100 (NDX) index, 59.6% of the 100 highest market capitalization companies, excluding financial companies, come from the IT industry.

The smallest publicly listed blockchain company is the Blockchain Industry Corporation (BCII) for the Metaverse, but is only used for over-the-counter trading (OTC). In the decentralized OTC market, there are 18 blockchain companies available for trading.

On the New York Stock Exchange (NYSE), only two listed companies are involved in the cryptocurrency sector, namely Bit Mining (BTCM) and Hyperscale Data (GPUS). The latter is an example of a trend, renamed from Ault Alliance (AULT), which focuses on cryptocurrency mining, to become a provider of AI data center infrastructure.

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

It is worth noting that 47 blockchain companies are listed on major Canadian exchanges, from TSX and TSX Venture to CSE and Cboe. However, the largest companies are also listed on the Nasdaq, while most other companies have market caps below $10 million or ETFs. Therefore, Galaxy Digital, listed on TSX, is the only notable exception to non-price stocks.

Which industry do most blockchain companies belong to?

It is foreseeable that among the 46 largest listed blockchain companies, most focus on cryptocurrency mining operations, accounting for 25 companies. Although some companies have expanded their business scope from mining to AI and Web 3 solutions, such as Bluesky Digital Assets, they can be roughly divided into five industries.

After the fourth halving of Bitcoin, the Bitcoin mining reward dropped from 6.25 BTC to 3.125 BTC, and the diversification trend accelerated significantly. Leveraging existing server scaling and infrastructure maintenance expertise, Bitcoin mining companies are making their way to high-performance computing (HPC) and AI data centers.

The most notable examples of this trend are the previous bankruptcy Core Scientific (CORZ), Hut 8 Mining (HUT), TeraWulf (WULF), HIVE Digital Technologies (HIVE) and CleanSpark (CLSK). However, a few companies dominate in terms of the total market value of listed companies in the cryptocurrency space.

Market value of blockchain companies and total cryptocurrency market

volume

Of the 46 listed blockchain companies, Coinbase (COIN) is the only company representing the exchange industry, with a market capitalization of 2.2%, as mentioned earlier. However, Coinbase has a market cap of $71.2 billion, which dwarfs all other companies, with only the larger MicroStrategy (MSTR) having a market cap of $97.7 billion.

If MicroStrategy's market value is excluded, as the only company that uses debt leverage strategies to accumulate BTC and take advantage of BTC price fluctuations, the market value is US$121.9 billion.

Although Coinbase is the only piece on the blue pie chart, with a market value of US$71.2 billion, accounting for about 63.6%, the mining sector's stock value is US$31.7 billion, mainly composed of MARA (US$7 billion) and CORZ (US$4.2 billion) , RIOT ($4.7 billion) and CLSK ($3.4 billion) accounted for. The market capitalization of other mining companies is below $3 billion.

Similarly, Galaxy Digital accounts for the majority of this in the $7.1 billion financial and investment sector, at $6.7 billion. Overall, the total market value of publicly traded blockchain companies is $199.5 billion. This only accounts for 5.8% of the total market capitalization of cryptocurrencies of US$3.45 trillion.

Methodology

Data as of February 3, 2025. To determine the number and market value of listed companies, we used public data from North American OTC and institutional exchanges. Canadian exchanges hold primarily ETFs, which are excluded because they are not constructed in a corporate structure, but in an investment fund structure. Despite overlapping with U.S. exchanges, Galaxy Digital is the only notable exception, as it is a non-low priced stock with a stock price well above $5 per share.