How Many Publicly Traded Blockchain Companies Exist?
A total of 46 notable publicly traded blockchain companies were identified. Unsurprisingly, Nasdaq hosts the majority, with 24 listings. The largest among them is crypto exchange Coinbase (COIN), boasting a $74 billion market cap**. Bitcoin mining firm **Marathon Digital Holdings (MARA)** follows distantly, with a **$7 billion valuation—ten times smaller.
- Nasdaq: Dominates as the primary exchange for tech firms, with IT companies comprising 59.6% of its NDX index.
- OTC Markets: The smallest listed entity, Blockchain Industries (BCII), trades over-the-counter. Decentralized OTC platforms host 18 blockchain companies.
- NYSE: Only two crypto-related firms—Bit Mining (BTCM) and Hyperscale Data (GPUS)—are listed. The latter rebranded from Ault Alliance (AULT) to pivot toward AI data infrastructure.
- TSX (Toronto Stock Exchange): Home to Galaxy Digital (GLXY), among 46 blockchain listings in Canada. Most Canadian-listed firms are either micro-cap stocks or ETFs, with Galaxy as the sole exception.
Industry Breakdown: Where Do Blockchain Companies Focus?
Bitcoin mining dominates, with 25 of 46 companies in this sector. Post-Bitcoin halving (reward reduced to 3.125 BTC), mining firms are diversifying into AI data centers and Web3 solutions. Key examples include:
- Core Scientific (CORZ)
- Hut 8 Mining (HUT)
- HIVE Digital Technologies (HIVE)
Market Cap Comparison: Blockchain Firms vs. Crypto Ecosystem
- Coinbase (COIN): Holds 63.6% ($71.2B) of the total **$199.5B** market cap for listed blockchain firms.
- Mining Sector: Collectively valued at $31.7B, led by MARA, CORZ, and RIOT.
- Financial Services: Galaxy Digital anchors this $7.1B** segment with a **$6.7B valuation.
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Key Insight:
Publicly traded blockchain companies account for just 5.8% of the $3.45 trillion global crypto market cap.
FAQs
Q1: Why are most blockchain companies listed on Nasdaq?
Nasdaq’s tech-friendly ecosystem and investor base make it ideal for innovative sectors like blockchain and crypto.
Q2: How has Bitcoin’s halving affected mining companies?
Reduced block rewards are pushing miners to diversify into AI infrastructure and high-performance computing (HPC) to sustain profitability.
Q3: What’s the significance of MicroStrategy’s exclusion in this study?
While MicroStrategy holds BTC as a treasury asset, its business model differs from operational blockchain firms, justifying its exclusion.
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Methodology
Data as of February 3, 2025, sourced from North American exchanges. Exclusions:
- ETFs: Not structured as traditional companies.
- Penny Stocks: Defined as shares trading below $5.
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Always conduct independent research.