New forces rise in the Crypto Assets field, who will become the giant of the digital economy era?

With the development of blockchain technology, the Crypto Assets sector is nurturing a group of emerging giants. These companies occupy a core position 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 publicly listed companies related to Crypto Assets still lag behind those of tech giants, their rapid growth and disruptive potential cannot be ignored. As blockchain technology matures and global adoption rates increase, these companies are reshaping the future of finance and technology.

Let’s take a look at which companies have the potential to become the new giants in the digital economy era:

Strategic Reserve

MicroStrategy Incorporated (Nasdaq: MSTR)

The market value is approximately $107.234 billion, holding 582,345 coins, worth about $62.9 billion. MicroStrategy is an enterprise software company that has transformed into a Crypto Assets platform by holding a large amount of Bitcoin, aiming to promote the adoption of blockchain assets among enterprises.

In August 2020, the company became the first publicly traded company to use Bitcoin as its primary reserve asset. In 2023, it invested over $6 billion to purchase Bitcoin. In May 2024, it held an event to promote corporate Bitcoin investment. In June 2025, it increased its holdings by 10,000 coins and collaborated with a blockchain project to provide enterprise-level encryption data services.

XXI CEP (Nasdaq: XXI)

Valued at $12 billion, holding 37,230 coins of Bitcoin, worth approximately $4.019 billion. The company became the world's third-largest Bitcoin reserve company by going public through a merger with a special purpose acquisition company.

Founded in April 2025, holding approximately 42,000 coins of Bitcoin. In June 2025, the company promotes the development of Bitcoin native financial products and plans to enhance the popularity of Bitcoin through content, media, and education.

Metaplanet Inc. (TSE: 3350)

With a market capitalization of approximately $6.25 billion and holding 12,345 coins of Bitcoin, valued at $1.333 billion, Metaplanet is a Japanese investment company that is transforming into a Bitcoin reserve company by holding Bitcoin, aiming to enhance shareholder value and promote corporate adoption of blockchain assets.

In April 2024, the company launched a Bitcoin investment strategy, becoming the first publicly traded company in Japan to use Bitcoin as a primary reserve asset. In June 2025, the company increased its Bitcoin holdings, ranking among the top ten publicly traded companies globally in terms of Bitcoin ownership. The company also partnered with blockchain enterprises to develop enterprise-level Crypto Assets solutions.

SharpLink Gaming, Inc. (Nasdaq: SBET)

With a market value of approximately $581 million, holding 194,000 coins of Ethereum worth $467 million. SharpLink is an online betting and Crypto Assets management company, focusing on integrating blockchain technology with betting services.

The Ethereum reserve strategy will be launched in October 2024. In June 2025, all Ethereum will be used for staking, and equity in a certain crypto betting platform will be acquired, launching an Ethereum-based betting platform and collaborating with a certain Layer 2 project to develop an on-chain settlement system.

Nano Labs Ltd. (Nasdaq: NA)

Market cap of approximately $235 million, holding $160 million worth of certain Crypto Assets. Nano Labs is a Web3 underlying infrastructure service provider, focusing on high-performance computing solutions.

In June 2025, the company announced its active application for a Hong Kong Dollar and offshore Renminbi stablecoin license, and plans to acquire a large amount of a certain digital currency through convertible notes and private placements. The long-term goal is to hold 5% to 10% of the total circulating supply of that coin.

SRM Entertainment, Inc. (Nasdaq: SRM)

The market value is approximately $137 million, with a strategic reserve investment of $210 million in a certain Crypto Asset. SRM is a toy and souvenir design company that explores the Web3 entertainment and digital collectibles space through investment in Crypto Assets and blockchain technology.

In June 2025, SRM received a $100 million equity investment, initiating a reserve strategy for a certain Crypto Asset, collaborating with relevant projects to develop a digital collectibles platform, and planning to go public on Nasdaq through a reverse merger.

Web3 Industry Applications

A global leading Crypto Assets trading platform ( Nasdaq: COIN )

The market capitalization is approximately $90.2 billion. The platform provides trading services for assets such as Bitcoin and Ethereum to retail and institutional investors, lowering the entry barrier to the Crypto Assets market.

Listed on NASDAQ in April 2021. In January 2024, handled $4.6 billion in Bitcoin ETF trading volume. In May 2025, included in the S&P 500 and launched an upgraded version of the Web3 wallet, supporting multi-chain NFT transactions.

A retail investment platform (Nasdaq: HOOD)

The market capitalization is approximately $73.271 billion. The platform provides young users with convenient access to the crypto market through crypto asset trading and Web3 wallet services.

Launched crypto trading services in December 2019. In March 2025, held a corporate event to announce the expansion of crypto trading pairs and launched a Web3 wallet beta version, collaborating with a decentralized exchange to optimize DeFi trading.

A payment and blockchain technology company (NYSE: XYZ)

Market capitalization is approximately $40.979 billion. The company provides payment solutions through its payment application and develops decentralized finance platforms.

Launched in 2013, a payment application supporting Bitcoin transactions. In March 2025, its decentralized platform launched a Web3 payment protocol, supporting stablecoin and Bitcoin settlements, integrating with a certain project’s oracle, and developing a mobile encryption payment application with a certain public chain.

A stablecoin issuance company (NYSE: CRCL)

The market value is approximately $40.153 billion. The company-issued dollar stablecoin is widely used globally for cross-border payments, smart contracts, and decentralized trading.

In June 2024, a stablecoin payment solution was launched in collaboration with a certain payment giant. In June 2025, it was listed on the New York Stock Exchange, with the stock price soaring 168% on the first day. Subsequently, it benefited from stablecoin legislation and collaborated with a certain fintech company to optimize global merchant payments.

A digital asset investment company (TSX: GLXY)

The market capitalization is approximately 2.614 billion USD. The company provides Crypto Assets trading, asset management, and consulting services, promoting the application of blockchain technology.

Launch a $100 million Web3 fund in 2024 to invest in NFTs and Layer 2 projects. Increase holdings of 5,000 bitcoins in May 2025 and collaborate with a Layer 2 project to develop enterprise-level blockchain services.

A Hong Kong Crypto Assets trading platform company (SEHK: 0863)

The market capitalization is approximately $1.235 billion. The company's exchange offers Bitcoin and Ethereum trading services, focusing on the development of the Asian Crypto Assets market.

Obtained a Hong Kong regulatory license in December 2020. In June 2025, the platform will be upgraded to support multi-chain trading and participate in the Hong Kong Monetary Authority's digital Hong Kong dollar testing.

A certain institution's Crypto Assets financial services company ( Nasdaq: AMBR)

The market capitalization is approximately $1.029 billion. The company provides Crypto Assets trading, wealth management, and custody services through a professional platform.

Listed on NASDAQ in March 2025, launching a $100 million Crypto Assets fund in May, investing in Bitcoin and other assets, and obtaining a regulatory license in Hong Kong.

A digital asset service company in Hong Kong (SEHK: 01611)

The market value is approximately $233 million. The company provides one-stop digital asset services, including data centers, virtual asset management, custody, and over-the-counter trading.

In May 2025, a multi-chain trading platform will be launched, supporting transactions of mainstream Crypto Assets and stablecoins, and applying for a Hong Kong virtual asset license.

Web3 Infrastructure and Service Providers

A certain Bitcoin mining company (Nasdaq: MARA)

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

Deploy 15 EH/s computing power in May 2025, procure the next generation of mining machines, and cooperate with a certain company to develop green mining facilities. The company's shareholders include large institutional investors, indicating a strong interest from institutions in Crypto Assets.

A certain Bitcoin mining company (Nasdaq: RIOT)

The market value is approximately $3.769 billion. The company supports the security of blockchain networks through efficient mining technologies and is committed to promoting the development of the Crypto Assets ecosystem.

In May 2025, the expansion of mining facilities in the United States will add 5 EH/s of computing power, in collaboration with a certain company to develop renewable energy mining projects.

A blockchain and high-performance computing technology company ( Nasdaq: BTDR )

The market capitalization is approximately $2.182 billion. The company focuses on Crypto Assets mining and related services, providing hash power sharing and mining machine hosting services.

By 2025, the total management hash rate will reach 27.4 EH/s, with plans to reach 40 EH/s by October. Launch AI cloud services to support various large language models. Raise funds through the issuance of convertible bonds for ASIC expansion and global infrastructure projects.

A Bitcoin mining and blockchain infrastructure company (Nasdaq: HUT)

The market value is approximately $1.841 billion. The company offers efficient mining, AI computing power leasing, and hosting services.

Deploying 10 EH/s of computing power in June 2025 and launching institutional custody services with a certain Crypto Assets exchange.

A company focused on renewable energy mining (Nasdaq: BITF)

The market capitalization is approximately $415 million. The company focuses on efficient mining and renewable energy, supporting the decentralized operation of blockchain networks.

In March 2025, deploy 8 EH/s of computing power, collaborate with a certain company to develop a renewable energy mining project, and launch institutional Bitcoin custody services.

A certain Bitcoin mining equipment manufacturer ( Nasdaq: CAN)

The market value is approximately $282 million. The company focuses on the research and development and sales of ASIC chips and mining equipment, supporting global blockchain network security.

In June 2025, provide a new generation of equipment for a mining company, increasing the hash rate to 185 TH/s, and collaborate with competitors to develop liquid-cooled mining equipment.

A certain transitional blockchain internet company (Nasdaq: NCTY)

The market value is approximately $107 million. The company has transformed from online game operations to focus on blockchain technology and Crypto Assets related businesses, exploring innovations in the Web3 and metaverse fields.

Announcing the investment in the construction of green energy mining facilities in 2024, aimed at enhancing sustainable computing power.

Industry Trends and Outlook

The rise of Crypto Assets is reshaping the new landscape of the digital economy era. From trading platforms lowering market entry barriers, to stablecoins driving global adoption, to blockchain technology being integrated into payment systems, and the emergence of institutional-level encryption financial services, these companies are continuously innovating across various sectors of the crypto field. At the same time, some companies are building corporate reserve strategies centered around Crypto Assets, which will greatly enhance the recognition and credibility of Crypto Assets within the mainstream financial system.

As crypto assets and traditional finance deeply integrate, it remains to be seen who will ultimately become the giant of the digital economy era. The interplay of market fluctuations, regulatory environments, and technological innovations will influence the development trajectories of various companies. However, it is certain that companies with forward-looking strategic layouts and continuous innovation capabilities are more likely to occupy a leading position in this rapidly evolving field.

As the Web3 ecosystem matures, these companies are expected to become new pillars of the global economy, leading investors and users into a new era of the digital economy. We are in a time filled with opportunities and challenges, and the development of these companies will profoundly impact the future landscape of financial technology.