44 Public Companies Embracing Crypto: Who’s Using Bitcoin as a Market Cap Engine?

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The global capital markets are undergoing a quiet revolution — one powered by blockchain and digital assets.

From Coinbase and MicroStrategy to Galaxy Digital and CleanSpark, a growing wave of publicly traded companies is integrating cryptocurrencies into their core strategies. Whether through direct Bitcoin holdings, stablecoin development, blockchain infrastructure, or mining operations, these firms are leveraging crypto not just as an investment, but as a powerful narrative to drive valuation, investor interest, and long-term strategic transformation.

This shift isn’t speculative noise. It reflects a structural evolution in how modern corporations view balance sheets, risk diversification, and technological disruption. In this deep dive, we analyze 44 leading public companies across five key crypto-enabled sectors:

Let’s explore who’s leading the charge — and how they’re rewriting the rules of corporate finance.

Crypto Exchanges: The Gateways to Digital Finance

Crypto exchanges serve as the foundational infrastructure for institutional and retail adoption. These platforms enable trading, custody, and compliance — making them critical players in the mainstream integration of digital assets.

Coinbase Global (COIN)

As one of the most regulated U.S.-based crypto exchanges, Coinbase has become synonymous with institutional access to blockchain. Founded in 2012 by Brian Armstrong and Fred Ehrsam, it supports trading, staking, and secure storage for major cryptocurrencies.

Beyond its platform services, Coinbase also holds significant on-chain assets: 9,267 BTC and 137,334 ETH as of Q1 2025. It co-created USDC, the second-largest stablecoin globally, further cementing its role at the heart of the digital economy.

👉 Discover how leading exchanges are shaping the future of finance.

Bakkt (BKKT)

Launched by ICE — the parent company of the New York Stock Exchange — Bakkt targets institutional clients with regulated digital asset solutions. The firm offers secure custody, trading, and merchant payment integration.

In June 2025, Bakkt updated its investment policy to allow strategic allocation into Bitcoin and other digital assets based on liquidity needs. It also signaled plans to explore convertible notes or debt instruments to fund future crypto acquisitions — a move that underscores its long-term commitment.

Robinhood (HOOD)

Best known for commission-free stock trading, Robinhood has aggressively expanded into crypto. It now supports Bitcoin, Ethereum, and USDG (a dollar-pegged stablecoin), while actively pursuing real-world asset (RWA) tokenization.

In May 2025, Robinhood filed a 42-page proposal with the SEC to establish a federal framework for tokenized securities. That same month, it completed the $200 million acquisition of Luxembourg-based Bitstamp, adding over 50 regulatory licenses and a mature institutional client base.

This dual push into regulation and global expansion positions Robinhood as more than just a retail app — it’s becoming a full-stack digital asset platform.

OSL Group (0863.HK)

Based in Hong Kong, OSL is Asia’s first licensed digital asset exchange. It provides institutional-grade trading, custody, brokerage, and SaaS tools for blockchain integration. With strict compliance standards, OSL bridges traditional finance and Web3 in one of the world’s most dynamic markets.

国泰君安国际 (GTJA International) (1788.HK)

A subsidiary of China’s giant Guotai Junan Securities, GTJA International made headlines in June 2025 by becoming the first Chinese-owned broker in Hong Kong approved by the SFC to offer full virtual asset trading services. Clients can now trade Bitcoin, Ethereum, and stablecoins like USDT directly on its platform.

This marks a pivotal moment for mainland-linked financial institutions embracing crypto under regulatory supervision.

欧科云链 (OKLink) (1499.HK)

Part of the OK Group ecosystem, OKLink focuses on blockchain infrastructure rather than trading. Its suite includes blockchain explorers, anti-money laundering (AML) analytics, and stablecoin settlement networks.

By providing data transparency and compliance tools to exchanges and institutions, OKLink plays a behind-the-scenes but vital role in scaling secure blockchain adoption worldwide.

Stablecoin Issuers: Bridging Fiat and Crypto Economies

Stablecoins are the rails connecting traditional finance with decentralized ecosystems. Pegged to fiat currencies like USD or HKD, they enable fast, low-cost cross-border payments and DeFi liquidity.

Circle Internet Group (CRCL)

Circle is the force behind USDC, the second-largest stablecoin after Tether (USDT). Co-developed with Coinbase, USDC is fully backed and audited monthly, making it a trusted bridge between banks and blockchains.

After going public in 2025 via IPO, Circle raised $1.05 billion with shares surging 168% on debut — valuing the company at $6.8 billion. This success reflects growing confidence in regulated stablecoin infrastructure.

京东币链科技 (JD Blockchain) (9618.HK)

Affiliated with e-commerce giant JD.com, JD Blockchain leverages supply chain expertise to build transparent logistics and anti-counterfeiting systems using distributed ledger tech.

It’s currently testing a dual-currency stablecoin system pegged to USD and HKD within a regulatory sandbox. Use cases include cross-border payments, retail transactions, and investment platforms — all aimed at enterprise efficiency and consumer trust.

While not yet live, JD’s entry could accelerate stablecoin adoption across Asia’s digital commerce landscape.

雄岸科技 (Xiongan Tech) (1647.HK)

Focused on smart city applications in China’s Xiongan新区, Xiongan Tech develops blockchain platforms for government and enterprise use. Though details are limited, its past investments suggest interest in stablecoin infrastructure aligned with national digital currency initiatives.

Crypto-Heavy Corporations: Treating Bitcoin as "Digital Gold"

Some companies have transformed their entire financial strategy around crypto reserves — treating Bitcoin as a long-term store of value akin to gold.

MicroStrategy (MSTR)

No list would be complete without MicroStrategy. Under CEO Michael Saylor’s leadership since 2020, the firm has amassed nearly 580,000 BTC, making it the largest corporate holder globally.

This strategy has redefined its market narrative: despite modest software revenues, its stock has surged over 4,300% since initial BTC purchases. For investors, MSTR is now effectively a leveraged Bitcoin ETF.

Tesla (TSLA)

Elon Musk’s Tesla briefly joined the trend in 2021 with a $1.5 billion Bitcoin purchase and short-lived BTC payment acceptance. Though most was later sold, the move ignited corporate interest in crypto treasuries.

Today, Tesla remains focused on EVs and clean energy — but its early adoption helped normalize Bitcoin on corporate balance sheets.

GameStop (GME), Meitu (1357.HK), and Metaplanet (3350.T)

These examples show how crypto reserves can shift investor perception — even when core operations remain unchanged.

👉 See how companies are turning Bitcoin into balance sheet strength.

The Rise of Altcoin Reserves

While Bitcoin dominates corporate strategies, some firms are betting on alternatives:

This diversification signals maturation — firms aren’t just copying MSTR; they’re crafting unique narratives around different chains and tokens.

Blockchain & DeFi Innovators: Building Next-Gen Financial Infrastructure

These companies go beyond speculation — they’re developing tools that power decentralized finance and tokenized assets.

Galaxy Digital (GLXY)

Founded by Mike Novogratz, Galaxy Digital operates across trading, asset management, lending, and staking. With ~12,830 BTC on its books and approvals from both SEC and UK FCA, it's a bridge between Wall Street and Web3.

Defi Technologies (DEFT)

Listed in Canada and the U.S., Defi Technologies issues ETPs via its subsidiary Valour. It holds diversified assets including BTC, ETH, and SOL — while recently appointing a former Deutsche Bank CEO as strategic advisor to enhance institutional credibility.

Mercurity Fintech (MFH)

Once an e-commerce player, MFH pivoted to blockchain finance. In June 2025, it partnered with SBIDigitalMarkets to launch compliant RWA tokens — linking traditional assets like bonds to on-chain markets.

Mining Firms: Securing the Network with Real-World Energy

Bitcoin miners validate transactions using computational power — turning electricity into digital value.

Leaders include:

These firms prove that mining is no longer fringe — it's a capital-intensive industry backed by energy infrastructure and Wall Street financing.

Frequently Asked Questions

Q: Why are public companies buying Bitcoin?
A: Many view Bitcoin as a hedge against inflation and monetary devaluation. By holding BTC on their balance sheets, companies aim to preserve capital while attracting crypto-native investors.

Q: Is this trend sustainable?
A: Yes — especially for firms with strong cash flow or access to low-cost capital. As regulatory clarity improves, more institutions will adopt similar strategies.

Q: Which company holds the most Bitcoin?
A: As of 2025, MicroStrategy leads with nearly 580,000 BTC. Second is Marathon Digital with about 49,000 BTC.

Q: Are there risks involved?
A: Absolutely. Price volatility, regulatory uncertainty, and reputational risk exist. However, many companies mitigate exposure through hedging or phased investment approaches.

Q: Can small-cap stocks benefit from crypto strategies?
A: Yes — cases like SharpLink Gaming show how adopting ETH reserves led to a 1747% stock surge. For struggling firms, crypto can act as a turnaround catalyst.

Q: What does “tokenized stock” mean?
A: It refers to blockchain-based representations of traditional shares (e.g., DFDVx on Solana). These enable faster settlement, global access, and integration with DeFi protocols.

The convergence of public equity markets and cryptocurrency is accelerating. Whether through direct holdings, mining operations, or financial innovation, companies are no longer just observing the crypto revolution — they’re fueling it.

Investors who understand these shifts today will be best positioned to capture alpha tomorrow. The era of "dual-game" players — those fluent in both traditional finance and blockchain — has officially begun.

👉 Stay ahead of the curve in crypto finance innovation.