Crypto Assets open a new era in the financial market, who will become the industry leader?

The "Magnificent 7" (abbreviated as M7) in the US stock market has become a household concept, consisting of Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia, and Tesla. As of June 2025, the total market capitalization of M7 reached approximately $14 trillion, accounting for over 30% of the market capitalization of the S&P 500 index, and its global influence has profoundly shaped the technological economic landscape.

At the same time, the Crypto Assets sector is nurturing a group of emerging giants. Relying on blockchain technology, they occupy core positions in Web3 applications and infrastructure, with some publicly listed companies even directly purchasing Crypto Assets as a strategic reserve. Although the market capitalization and influence of Crypto Assets-related publicly listed companies are still overshadowed by the M7 in the US stock market, their rapid growth and disruptive potential cannot be ignored. With the maturity of blockchain technology and the increase in global adoption rates, these companies are reshaping the future of finance and technology.

With the emergence of publicly traded companies in the crypto assets space and more companies incorporating crypto assets into their strategic reserves, many companies have shown the potential to reshape the digital economy landscape. In the following analysis, we will focus on publicly traded companies related to crypto assets, analyzing their core businesses, market positioning, and impact on the digital economy. Let's take a look at which companies have the potential to become leaders in the crypto assets field.

Note: Due to market fluctuations, the current market value and the prices mentioned in the text may differ to some extent. The relevant data is based on the market conditions on the publication date (June 30, 2025, 19:00 UTC+8).

Strategic Reserve

MicroStrategy Incorporated

Reserve coin types: 582,345 BTC, valued at approximately 62.9 billion USD.

The market value is approximately 107.234 billion USD. MicroStrategy is an enterprise software company that has transformed into a Crypto Assets platform by holding about 592,345 coins of Bitcoin, committed to promoting corporate adoption of blockchain assets and consolidating its position in decentralized finance.

In August 2020, MicroStrategy became the first publicly traded company to adopt Bitcoin as a primary reserve asset, initiating a "digital gold" strategy. In 2023, it invested over $6 billion to purchase Bitcoin and held the "Bitcoin for Corporations" event in May 2024 to promote corporate Bitcoin investments. In June 2025, it increased its holdings by 10,000 coins and collaborated with a blockchain project to provide enterprise-level encryption data services.

Michael Saylor, the chairman and former CEO of MicroStrategy, is a staunch supporter of Bitcoin, which he believes is a superior store of value, often referring to it as "digital gold" that can withstand inflation and currency depreciation. His strategic vision has driven MicroStrategy's transformation to adopt Bitcoin as its primary reserve asset, setting a benchmark for corporate diversification of asset allocation.

XXI CEP

Reserve coins: 37,230 BTC, valued at approximately 4.019 billion USD.

The reorganization and listing are set for July-August, with a current valuation of 12 billion. XXI CEP refers to Twenty One Company, which originally had the stock code CEP, and after merging with the parent company, will change to code XXI for listing on the Nasdaq. Currently, Twenty One Company has secured investments from well-known investment institutions and has received Bitcoin provided by a stablecoin company.

In April 2025, XXI Capital was established through a merger with a certain private equity firm's SPAC, holding approximately 42,000 coins of Bitcoin, becoming the world's third-largest Bitcoin reserve company. The merger includes the purchase of 4,812 coins of Bitcoin (average price of about $95,320 per coin) through a certain stablecoin company, with a total value of approximately $458.7 million. In June 2025, the company advanced the development of Bitcoin-native financial products and plans to enhance the popularity of Bitcoin through content, media, and education.

Metaplanet Inc.

Reserve coin: 12,345 BTC, valued at 1.333 billion USD

The market value is approximately $6.25 billion. Metaplanet Inc. is a Japanese investment company that is transforming into a Bitcoin reserve company by holding Bitcoin, dedicated to enhancing shareholder value and promoting corporate adoption of blockchain assets, consolidating its position in the decentralized finance sector. The company was founded in 1999, with business activities covering hotel management, Web3-related businesses, and providing professional consulting services to help companies integrate Bitcoin strategies.

In April 2024, Metaplanet launched a Bitcoin investment strategy, becoming the first listed company in Japan to use Bitcoin as a primary reserve asset to hedge against yen depreciation and high government debt risks. In June 2025, the company increased its holdings by 1,088 coins, bringing its total holdings to over 2,200 coins, ranking among the top ten listed companies globally in terms of Bitcoin ownership. In 2025, the company's stock price soared by 255% due to the Bitcoin investment boom, reaching a historical high of 1,423 yen. Furthermore, Metaplanet collaborated with blockchain companies to develop enterprise-grade encryption asset solutions, further promoting the adoption of Bitcoin in Japan.

SharpLink Gaming, Inc.

Reserve coins: 194,000 ETH, worth 467 million USD

The market value is approximately $581 million. SharpLink is an online gambling and Crypto Assets management company that focuses on integrating blockchain technology with gambling services to build a crypto financial ecosystem.

In October 2024, SharpLink launched its Ethereum reserve strategy, increasing its holdings to 188,478 ETH (approximately $474 million). In June 2025, all ETH was used for staking, generating a yield of 120 ETH, and acquiring a 10% stake in a certain Crypto Assets gambling platform, launching an Ethereum-based gambling platform, and collaborating with a certain Layer 2 project to develop an on-chain settlement system.

Nano Labs Ltd.

Reserve coins: BNB strategic reserve, worth 160 million USD BNB and BTC

Market capitalization of approximately $235 million. A Web3 underlying infrastructure service provider, focusing on high-performance computing solutions and committed to promoting innovative development in the Bitcoin ecosystem.

By the end of 2024, Nano Labs purchased 400 Bitcoin through a certain crypto trading platform and announced on June 23, 2025, that it is actively applying for HKD and offshore RMB stablecoin licenses. On June 24, Nano Labs 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. In terms of long-term goals, Nano Labs aims to hold 5% to 10% of the total circulating supply of BNB.

SRM Entertainment, Inc.

Reserve coin: Invested $210 million in strategic reserve TRX

The market value is approximately $137 million. SRM is a toy and souvenir design company that explores the Web3 entertainment and digital collectibles space through Crypto Assets investment and blockchain technology.

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

Web3 Industry Applications

Coinbase Global Inc.

The market value is approximately $90.02 billion. Coinbase is a global leading Crypto Assets trading platform that provides buying and selling services for assets such as Bitcoin and Ethereum for both retail and institutional investors, lowering the entry barrier to the encryption market.

On April 14, 2021, Coinbase 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, with a stock price increase of 8%, and launched an upgraded version of the Web3 wallet, supporting multi-chain NFT transactions.

Robinhood Markets Inc.

Market capitalization is approximately $73.271 billion. Robinhood is a retail investment platform that provides young users with convenient access to the crypto market through crypto asset trading and Web3 wallet services.

In December 2019, Robinhood launched its Crypto Assets trading service, supporting Bitcoin and Ethereum. In August 2021, it acquired Say Technologies to enhance shareholder engagement. On March 26, 2025, it held a corporate event to announce the expansion of Crypto Assets trading pairs (including Solana and Cardano) and launched the beta version of its Web3 wallet, collaborating with a decentralized exchange to optimize DeFi trading.

Block, Inc.

The market capitalization is approximately $40.979 billion. Block is a payment and blockchain technology company that offers payment solutions through Square and Cash App, and develops the TBD platform to promote decentralized finance.

In 2013, Block launched Cash App, supporting Bitcoin transactions. In 2021, it acquired Afterpay to expand buy now, pay later services. In March 2025, the TBD platform launched a Web3 payment protocol, supporting USDC and Bitcoin settlement, integrating with a certain oracle project, and developing a mobile crypto payment application with a certain public chain.

Circle Internet Group Inc.

The market capitalization is approximately $40.153 billion. Circle is a leading company in the stablecoin sector, and its issued USDC is a widely used dollar stablecoin globally, applied in cross-border payments, smart contracts, and decentralized trading.

In July 2021, Circle announced a SPAC listing plan with a valuation of $4.5 billion. In June 2024, it launched a USDC payment solution in collaboration with a major payment giant. On June 5, 2025, Circle was listed on the NYSE (ticker symbol CRCL), with its stock price soaring 168% on the first day. On June 17, benefiting from the GENIUS Act stablecoin legislation, it collaborated with a financial technology company to optimize global merchant payments.

Galaxy Digital Holdings Ltd

The market capitalization is approximately $2.614 billion. Galaxy Digital is a digital asset investment company that provides Crypto Assets trading, asset management, and consulting services, promoting the application of blockchain technology.

In 2021, Galaxy was listed on the TSX (ticker GLXY). In 2024, it launched a $100 million Web3 fund to invest in NFTs and Layer 2 projects. In May 2025, it increased its holdings by 5,000 coins and collaborated with a public chain to develop enterprise-level blockchain services.

BC Technology Group Limited

The market capitalization is approximately $1.235 billion. BC Technology is a Crypto Assets trading platform company, and its OSL exchange provides Bitcoin and Ethereum trading services, dedicated to the development of the Asian Crypto Assets market.

On December 15, 2020, OSL became the first crypto platform in Hong Kong to obtain an SFC license. In November 2023, a company acquired a 30% stake in OSL. In June 2025, OSL upgraded its platform to support multi-chain transactions and tested the digital Hong Kong dollar with the Hong Kong Monetary Authority.

Amber International Holding Limited

The market cap is approximately $1.029 billion. Amber is an institutional encryption financial services company that provides crypto trading, wealth management, and custody services through the Amber Premium platform.

In November 2024, Amber merged with Amber DWM to enhance its digital wealth management capabilities. On March 28, 2025, it will be listed on Nasdaq (code AMBR), and in May, it will launch a $100 million Crypto Assets fund to invest in Bitcoin, XRP, and other assets, and has obtained a Hong Kong SFC license.

Sinohope Technology Holdings Limited

Market capitalization of approximately $233 million. Sinohope Technology Holdings Limited provides one-stop digital asset services, including data centers, SaaS, virtual asset management, trust and custody, over-the-counter trading, and strategic investments.

In 2020, a certain exchange obtained a Hong Kong SFC license. In November 2024, it merged with Amber DWM to enhance its wealth management capabilities. In May 2025, it launched a multi-chain trading platform that supports Bitcoin, Ethereum, and USDT, and applied for a virtual asset license from the Hong Kong SFC.

Web3 Infrastructure & Service Providers

Marathon Digital Holdings Inc.

The market capitalization is approximately $5.289 billion. Marathon is a Bitcoin mining company that supports the security of the blockchain network through large-scale mining and holding Bitcoin.

In March 2021, Marathon changed its name to Marathon Digital Holdings, focusing on Bitcoin mining. In December 2023, it acquired two mining facilities from a certain company for $178.6 million. In May 2025, it deployed 15 EH/s of computing power and purchased Avalon A1566 mining machines from a certain company, collaborating with a mining company to develop green mining facilities.

Marathon's shareholders include large institutional investors, such as a well-known asset management company (holding about 15%) and a certain fund company, which also shows the strong interest of institutions in Crypto Assets. The participation of shareholders enhances Marathon's market credibility and promotes the acceptance of Bitcoin as a corporate asset.

Riot Platforms Inc.

The market capitalization is approximately $3.769 billion. Riot is a Bitcoin mining company that supports the security of blockchain networks through efficient mining technology and is committed to promoting the development of the Crypto Assets ecosystem.

In 2020, Riot transformed into a Bitcoin mining company and acquired the Whinstone data center. In December 2024, it acquired E4A Solutions to enhance engineering capabilities. In May 2025, it expanded its Texas mining facilities by adding 5 EH/s of computing power and collaborated with a mining company to develop a renewable energy mining project.

Bitdeer Technologies

The market value is approximately $2.182 billion. Bitdeer Technologies is a leading blockchain and high-performance computing technology company focused on Crypto Assets mining and related services. The company