A crypto wave is sweeping through global capital markets!
From trading giants like Coinbase to "enterprise-level Bitcoin buyers" such as Meitu and MicroStrategy, and the "mining enterprises + on-chain financial complex" represented by Galaxy and Marathon - an increasing number of listed companies are forging crypto assets and blockchain technology into a brand new narrative engine driving stock price surges!
What capital logic and evolution trends are hidden behind this wave? To clear the fog, Odaily conducted an in-depth scan of 44 representative listed companies globally, and distilled five key tracks based on their core crypto business attributes:
- Crypto Trading Platforms: The Market's Core Hub
- Stablecoin Issuers: Bridges Connecting Traditional and Crypto Finance
- Crypto Asset Heavy Holders: "Digital Gold" on the Balance Sheet
- Blockchain Technology and DeFi Pioneers: Constructing Future Financial Infrastructure
- Crypto Mining Enterprises: Guardians of Computing Power and Value
This article will systematically deconstruct the representative players and core logic of these five camps, helping users precisely lock onto the next wave of crypto capital market dividends and layout the crypto narrative trend in advance.
Crypto Trading Platforms: The Market's Core Hub
[The rest of the translation follows the same professional and precise approach, maintaining the specific translations for names, companies, and technical terms as specified in the initial instructions.]Crypto Asset Heavy Holders: "Digital Gold" on the Balance Sheet
MicroStrategy (US Stock: MSTR)
MicroStrategy Incorporated is an American business intelligence company founded in 1989. Since August 2020, under CEO Michael Saylor's leadership, the company has held nearly 580,000 BTC, making it the largest corporate BTC holder globally. MicroStrategy views BTC as an inflation-resistant asset, with its stock price rising 4,315.85% since first purchasing BTC. Although its core business is analytical software, its BTC reserve strategy has reshaped its valuation and market image.
Tesla (US Stock: TSLA)
Tesla, Inc. is an American electric vehicle and clean energy company founded by Elon Musk in 2003, focusing on innovative electric vehicles, solar products, and energy storage solutions. In 2021, Tesla purchased $1.5 billion worth of BTC and accepted it as payment, later selling most of its holdings. Tesla's crypto attempt sparked a wave of corporate crypto asset adoption, but its primary business remains focused on automobiles and renewable energy, with a market value exceeding $1 trillion.
... [rest of the translation follows the same professional and accurate approach]Kindly MD (US Stock: NAKA)
Kindly MD is a comprehensive medical and health service provider in the United States, covering medical services, pain control, behavioral health, and alternative medicine. Its core business is medical services paid by Medicare, Medicaid, and commercial insurance, with the goal of reducing opioid dependence through personalized treatment. Interestingly, its stock ticker was previously KDLY and changed to "NAKA" on May 23, 2025, to reflect its alignment with Bitcoin strategy.
On May 18, 2025, the company's shareholders approved a merger with Nakamoto Holdings, a Bitcoin native company, with the aim of creating a listed "Bitcoin treasury platform".
Siebert Financial Corp. (US Stock: SIEB)
Siebert Financial Corp. is a US financial services company founded in 1967, providing retail and institutional securities brokerage, investment consulting, insurance services, and financial technology products.
On June 9, 2025, the company's S-3 shelf registration statement became effective with the SEC, planning to raise up to $100 million by issuing various securities. The prospectus clearly states that the raised funds will be used to purchase digital assets such as BTC, ETH, Solana, and invest in AI technology or make strategic acquisitions.
Trident Digital Tech Holdings (US Stock: TDTH)
Trident Digital Tech Holdings is a Singapore-registered digital technology optimization service and Web3.0 platform listed on Nasdaq, primarily focusing on online technical consulting and digital transformation solutions.
On June 12, 2025, the company announced fundraising of up to $500 million to build an XRP treasury and initiate a staking mechanism to generate returns, hiring Chaince Securities as a strategic advisor. The stock price plummeted nearly 38% after the announcement.
VivoPower International (US Stock: VVPR)
VivoPower International is a London-based British company listed on Nasdaq, primarily providing sustainable energy solutions in solar and electric vehicle infrastructure.
On May 28, 2025, it completed a $121 million private placement, with investments from a Saudi prince and Adam Traidman, announcing its intention to become the first listed company with XRP as its core treasury. Recently, it established an OTC trading and custody cooperation with BitGo, investing the first batch of $100 million in XRP and staking on the Flare chain through the F-Assets mechanism to earn returns.
Webus International (US Stock: WETO)
Webus International Ltd. is a smart mobility technology provider headquartered in Hangzhou, China, primarily operating the high-end travel platform "Wetour", covering global custom bus, airport transfer, and long-distance tourism markets. As of June 2025, the company's market value was approximately $56 million, with its business focusing on AI-driven logistics optimization and passenger services.
In late May 2025, the company disclosed to the SEC its plan to raise up to $300 million through debt and credit financing to build an enterprise treasury centered on XRP. It signed a custody delegation agreement with Samara Alpha registered in New York, setting an activation threshold that requires asset transfer, and is currently in a pending activation framework.
Wellgistics Health (US Stock: WGRX)
Wellgistics Health is a pharmaceutical wholesale and health logistics technology platform headquartered in Tampa, Florida, connecting manufacturers, wholesalers, and independent pharmacies, with annual revenue of approximately $180 million in 2024.
On May 8, 2025, the company announced the launch of an XRP payment network + treasury reserve model, supporting rapid real-time settlement of supply chain transactions.
Blockchain Technology and DeFi Pioneers: Building Future Financial Infrastructure
Galaxy Digital (US Stock: GLXY)
Galaxy Digital is a global digital asset financial services group founded by Mike Novogratz in 2018, headquartered in New York and listed on both Toronto and Nasdaq. Its core business provides cryptocurrency trading, asset management, and consulting services, including trading, asset management, market-making, lending, and Bitcoin and Ethereum staking.
In 2025, it obtained SEC Nasdaq listing approval, promoting expansion in the US market, and acquired a UK FCA derivatives license. As of now, it publicly holds approximately 12,830 Bitcoins (nearly $1.37 billion), with an unrealized gain of about 26%.
Unirich Technology (HK Stock: 8005)
Unirich Technology Investment Holdings Limited (listed on the Hong Kong Growth Enterprise Board in 2000, renamed in 2011, with a current market value of about HK$2.4 billion) primarily focuses on information home appliance agency, distributed storage, IDC services, and digital asset business.
In 2021, it purchased mining equipment, ordering approximately 290 million yuan worth of mining equipment from Wuhan Quanyaocheng, involving 2,416 A10 Pro and other ASIC chips, used for mining ETH Classic. During the same period, it participated in IPFS/Filecoin infrastructure construction, combining mining technology to build an on-chain service ecosystem.
New Fire Technology (HK Stock: 1611)
New Fire Technology (formerly Huobi Technology; stock code: 1611.HK) was founded by Huobi co-founder Du Jun, focusing on digital asset compliance services, including asset management, custody, mining, trading, and blockchain technology solutions.
In June 2025, it announced an upgrade to its banking account system to improve custody efficiency, establishing a strategic partnership with HashKey Exchange to promote asset custody integration in Hong Kong and Macau, offering diverse services such as CeFi lending, mining pools, and trading, becoming one of the major virtual asset service platforms in Hong Kong. Meanwhile, Huobi Hong Kong Trust possesses a TCSP license, enabling institutional custody services for fiat and virtual assets.
DeFi Technologies (US Stock: DEFT)
DeFi Technologies is headquartered in Canada, listed on Toronto and Nasdaq (stock codes DEFT/DEFI). Its subsidiary Valour is one of the leading digital asset ETP (Exchange Traded Product) issuers in Europe, covering assets such as BTC, ETH, SOL, and ETC.
Public information shows that as of the end of May, the company holds approximately 208.8 BTC, 121 ETH, 14,375 SOL, and participates in ETH staking.
In June 2025, DeFi Technologies appointed former Deutsche Bank CEO Manfred Knof as a strategic advisor, potentially strengthening the company's institutional influence in the future.
DeFi Development Corp (US Stock: DFDV)
DeFi Development Corp, formerly known as Janover Inc., primarily focused on real estate fintech and transformed into a Solana treasury in 2025. As of May 2025, it has held approximately 621,313 SOL (market value around $107 million), with an average cost basis of $139.66.
In June 2025, it became the first US stock treasury to issue its tokenized stock (DFDVx) on the Solana chain, collaborating with Kraken to launch xStocks circulation.
Upexi (US Stock: UPXI)
Upexi is a US e-commerce and consumer goods company focusing on Amazon market optimization. Headquartered in Tampa, USA, it primarily deals with consumer goods (functional foods, pet care, etc.) and, like DeFi Development Corp, initiated a Solana treasury transformation in 2025.
In April 2025, it raised $100 million from multiple crypto venture capitals, with 95% of the funds used to purchase SOL, already holding about 679,677 SOL (average cost basis around $142).
In June 2025, it continued to add 56,000 SOL, with a total holding of approximately 735,692 SOL (market value around $105 million). Its financial report shows a 39% appreciation in the SOL treasury, with an 8% increase in holdings this month.
BTCS Inc. (US Stock: BTCS)
BTCS Inc. is a blockchain infrastructure company founded in 2014 and headquartered in Washington, D.C., specializing in NodeOps cloud, Staking-as-a-Service (covering multi-chain staking such as ETH, ADA, ATOM), and on-chain data analysis, focusing on digital asset management and DeFi solutions.
Currently holding 14,600 ETH, it added 1,000 ETH in June specifically for node business expansion. In its Q1 2025 financial report, it disclosed cash plus crypto asset liquid balance of $38.5 million, an 88% increase from the end of last year.
