An overview of 44 listed companies' encryption layouts: Who is using Bitcoin as a market capitalization engine?

The crypto wave is sweeping the global capital markets! This article is from an article by Ethan, Odaily Planet. (Synopsis: Hidden concerns about listed companies’ crypto reserves: may repeat the grayscale GBTC “lightning script”? (Background added: Can you buy a 10-fold increase in newly listed crypto companies? A paradigm shift for altcoins? From trading giants such as Coinbase, to “enterprise-level bitcoin buyers” such as Meitu and MicroStrategy, to “mining companies + on-chain financial complexes” represented by Galaxy and Marathon - more and more listed companies are casting crypto assets and blockchain technology into a new narrative engine that drives stock prices to soar! What kind of capital logic and evolution trend is behind this boom? In order to clear the fog, Odaily Planet deeply scanned 44 representative listed companies around the world and refined five key tracks based on their core crypto business attributes: ・Crypto trading platform: the core hub of the market ・Stablecoin issuers: bridging the gap between tradition and crypto ・Crypto asset heavyweights: “digital gold” on balance sheets ・Blockchain Technology and DeFi Pioneers: Building the Financial Infrastructure of the Future ・Crypto mining companies: the cornerstone guardians of computing power and value This article will disassemble the representative players and core logic of these five camps one by one, help users accurately lock in the next wave of dividends in the crypto capital market, and lay out the wave of crypto narrative in advance. Crypto Trading Platform: The Core Hub of the Market Coinbase Global Coinbase Global, Inc. is a U.S.-compliant cryptocurrency exchange founded in 2012 by Brian Armstrong and Fred Ehrsam. Coinbase provides a secure trading platform for buying, selling, transferring, and storing cryptocurrencies for retail investors, institutions, businesses, and developers. As of the first quarter of 2025, Coinbase co-founded the USDC stablecoin with Circle Internet Group and holds 9,267 BTC and 137,334 coins in Ethereum. Bakkt (US: BKKT) Bakkt is an American company launched in 2018 by the New York Stock Exchange parent Intercontinental Exchange (ICE) focused on digital asset custody, trading, and infrastructure services, primarily for institutional investors. Bakkt offers a trading and storage platform for Bitcoin and other cryptocurrencies, emphasizing compliance and security, while also providing a solution for merchants to accept crypto payments. In June 2025, Bakkt updated its investment policy of raising $1 billion, allowing it to allocate funds to Bitcoin and other digital assets as part of Bakkt’s broader financial and corporate strategy, based on market conditions and the liquidity needs expected by the business. The announcement added that Bakkt also plans to explore more opportunistic financing alternatives, including the issuance of convertible notes, bonds or other debt instruments for the acquisition of bitcoin or other digital assets, or other investments in accordance with Bakkt’s investment policy. Robinhood Markets, Inc. is an American financial services company founded in 2013 to make a commission-free trading platform known for trading stocks, ETFs, options, and cryptocurrencies. At present, the company has expanded its suite to cryptocurrency trading and actively explored the direction of RWA, supporting assets such as Bitcoin and Ethereum, and participating in the Global Dollar Network to promote USDG stablecoins pegged to the US dollar. On May 20, Robinhood submitted a 42-page proposal to the SEC to establish a federal framework for tokenized real-world assets to modernize the U.S. securities market. On June 3, Robinhood completed a $200 million cash acquisition of Luxembourg-based cryptocurrency exchange Bitstamp. The acquisition adds more than 50 licenses and registrations to Robinhood’s crypto business and brings an established institutional customer base. OSL Group (HK: 0863) OSL Group is a Hong Kong-based licensed and compliant digital asset platform founded in 2018 and one of the regulated cryptocurrency exchanges in Asia. OSL provides cryptocurrency trading, custody, and compliance solutions to institutional and retail clients, including secure digital asset storage, brokerage services, and software-as-a-service (SaaS) solutions for blockchain integration. Guotai Junan International (Hong Kong stock: 1788) Guotai Junan International Holdings Limited is a Hong Kong-based financial services company founded in 2007 and a subsidiary of Guotai Junan Securities, one of the largest securities companies in China. The business includes brokerage, corporate finance, asset management and wealth management. While primarily focused on traditional financial markets, the company has explored blockchain and digital asset opportunities to adapt to the growth trend of cryptocurrencies in Asia, serving institutional and retail clients, and leveraging the parent company’s expertise to expand into international markets. On June 24, it was officially approved by the Hong Kong Securities and Futures Commission to upgrade the existing securities trading license to provide virtual asset trading services and related advice. After the upgrade, customers can trade cryptocurrencies such as Bitcoin, Ether and stablecoins such as Tether directly on its platform. As a result, Guotai Junan International became the first Chinese securities firm in Hong Kong to provide a full range of virtual asset-related trading services, covering virtual asset trading, consulting and related product issuance and distribution. OKLink is a Chinese blockchain technology company that belongs to OK Group and was founded in 2016. Focus on blockchain infrastructure, data analysis and financial services, providing solutions such as blockchain explorers, anti-money laundering (AML) tools, and stablecoin settlement networks. Its blockchain analytics platform supports transaction tracking and compliance checks. Ouke Cloud Chain provides technical support to exchanges, institutions and developers to drive global cryptocurrency adoption, emphasizing blockchain solutions with secure and scalable suites. Stablecoin Issuers: Bridging the Gap between Tradition and Crypto Circle Internet Group Circle Internet Group is an American fintech company founded in 2013 and partnered with Coinbase in 2018 to issue the USDC stablecoin, a USDC stablecoin. In 2025, Circle raised $1.05 billion through its IPO, soaring 168% on its first day of listing, valuing the company at $6.8 billion. Circle focuses on stablecoin payment and transaction infrastructure in the crypto industry. USDC is the second largest stablecoin after Tether USDT and is widely used as a bridge currency. JD Coin Chain Technology (HK Stocks: 9618) JD Coin Chain Technology belongs to Chinese e-commerce giant JD.com, focusing on the application of blockchain technology in the fields of supply chain management, finance and data security. With JD.com’s expertise in logistics and technology, the company develops blockchain applications to improve the transparency and efficiency of product traceability and anti-counterfeiting.