Source: MetaEra
Article author: 0x9999in1
In the U.S. stock market, the "Magnificent 7" (M7 for short) has become a household name, referring to the seven major technology giants consisting of Apple, Microsoft, Amazon, Alphabet, Meta, NVIDIA and Tesla. As of June 2025, the total market value of M7 is as high as approximately US$14 trillion, accounting for more than 30% of the market value of the S&P 500 Index. Its global influence has profoundly shaped the technological economic landscape.
At the same time, the cryptocurrency field is nurturing a group of emerging giants. Relying on blockchain technology, they occupy a core position in Web3 applications and Web3 infrastructure, and some listed companies directly purchase cryptocurrencies as strategic reserves. Although the market value and influence of cryptocurrency-related listed companies are still inferior to those of US stocks M7, their rapid growth and disruptive potential cannot be ignored. With the maturity of blockchain technology and the increase in global adoption, these companies are reshaping the future of finance and technology.
With the emergence of cryptocurrency listed companies and more and more companies incorporating cryptocurrency into strategic reserves, many companies have shown the potential to reshape the digital economy. Can "Coin Stock M7" show the same influence as US stock M7? In the following analysis, we will focus on cryptocurrency-related listed companies, analyze their core business, market positioning and influence on the digital economy. Let's see which companies have the potential to become "Coin Stock M7"?
Note: Due to market fluctuations, there may be some differences between the current market value and the price in the article. The relevant data is based on the market conditions on the date of publication "June 30, 2025 19:00 (UTC+8)".
Strategic ReserveMicroStrategy Incorporated (Nasdaq: MSTR)
Reserve currency: 582,345 BTC, worth about $62.9 billion
The market value is approximately US$107.234 billion. MicroStrategy is an enterprise software company that has transformed itself into a crypto asset platform by holding approximately 592,345 bitcoins, and is committed to promoting the adoption of blockchain assets by enterprises and consolidating the position of decentralized finance.
In August 2020, MicroStrategy became the first listed company to use Bitcoin as its main reserve asset, launching its "digital gold" strategy. In 2023, it invested more than $6 billion in Bitcoin, and in May 2024, it held a "Bitcoin for Corporations" event to promote corporate Bitcoin investment. In June 2025, it increased its holdings by 10,000 Bitcoins and cooperated with Chainlink to provide enterprise-level encrypted data services.
Michael Saylor, Chairman and former CEO of MicroStrategy, is a staunch supporter of Bitcoin. He believes that Bitcoin is a superior means of storing value, often calling it "digital gold" that can resist inflation and currency depreciation. His strategic vision has driven MicroStrategy's transformation to Bitcoin as its main reserve asset, setting a benchmark for corporate diversified asset allocation.
XXI CEP (Nasdaq: XXI)
Reserve currency: 37,230 BTC, worth about $4.019 billion
It was reorganized and listed in July-August, and is currently valued at 12 billion. XXI CEP refers to Twenty One, whose original stock code was CEP. After merging with its parent company, it will be listed on the Nasdaq exchange under the code XXI. Currently, Twenty One has received investment from SoftBank and others, and has received Bitcoin provided by Tether.
In April 2025, XXI Capital was established through a SPAC merger with Cantor Equity Partners, holding approximately 42,000 bitcoins, becoming the world's third largest bitcoin reserve company. The merger included the purchase of 4,812 bitcoins through Tether (average price of approximately $95,320 per bitcoin), with a total value of approximately $458.7 million. In June 2025, the company promoted the development of Bitcoin-native financial products and planned to increase the popularity of Bitcoin through content, media and education.
Metaplanet Inc. (TSE:3350)
Reserve currency: 12,345 BTC, worth $1.333 billion
The market value is approximately US$6.25 billion. Metaplanet Inc. is a Japanese investment company that has transformed itself into a Bitcoin reserve company by holding Bitcoin, committed to enhancing shareholder value and promoting corporate adoption of blockchain assets, consolidating its position in the field of decentralized finance. The company was founded in 1999, and its business covers hotel management, Web3-related businesses, and provides professional consulting services to help companies integrate Bitcoin strategies.
In April 2024, Metaplanet launched its Bitcoin investment strategy, becoming the first listed company in Japan to use Bitcoin as its main reserve asset to hedge against the depreciation of the yen and high government debt risks. In June 2025, the company increased its holdings by 1,088 Bitcoins, with a total holding of more than 2,200 Bitcoins, making it one of the top ten listed Bitcoin holders in the world. In 2025, the company's stock price soared 255% to an all-time high of 1,423 yen due to the Bitcoin investment boom. In addition, Metaplanet cooperates with blockchain companies to develop enterprise-level crypto asset solutions to further promote the adoption of Bitcoin in Japan.
SharpLink Gaming, Inc. (Nasdaq: SBET)
Reserve currency: 194,000 ETH, worth $467 million
The market value is approximately US$581 million. SharpLink is an online gaming and crypto asset management company that focuses on integrating blockchain technology with gaming services to build a crypto financial ecosystem.
In October 2024, SharpLink launched its Ethereum reserve strategy, increasing its holdings to 188,478 ETH (about $474 million). In June 2025, all ETH was used for staking, generating 120 ETH in revenue, and acquiring a 10% stake in CryptoCasino.com, launching an Ethereum-based gambling platform, and working with Arbitrum to develop an on-chain settlement system.
Nano Labs Ltd. (Nasdaq: NA)
Reserve currency: BNB strategic reserve, worth 160 million USD in BNB and BTC
The market value is about 235 million US dollars. A Web3 underlying infrastructure service provider, focusing on high-performance computing solutions and committed to promoting the innovative development of the Bitcoin ecosystem.
At the end of 2024, Nano Labs purchased 400 bitcoins through HashKey, and on June 23, 2025, it announced that it would actively apply for Hong Kong dollar and offshore RMB stablecoin licenses. On June 24, Nano Labs announced a $500 million convertible bond financing plan for BNB strategic reserves, and planned to acquire $1 billion worth of BNB through convertible notes and private placements. In terms of long-term goals, Nano Labs plans to hold 5% to 10% of the total circulating supply of BNB.
SRM Entertainment, Inc. (Nasdaq: SRM)
Reserve currency: Invest $210 million in strategic reserve TRX
With a market value of approximately $137 million, SRM is a toy and souvenir design company that explores the fields of Web3 entertainment and digital collectibles through crypto asset investment and blockchain technology.
On June 16, 2025, SRM received a $100 million equity investment, launched a TRON token (TRX) reserve strategy, worked with TRON to develop a digital collectibles platform, and planned to be listed on Nasdaq through a reverse merger. The stock price soared more than tenfold.
Web3 Industry ApplicationsCoinbase Global Inc. (Nasdaq: COIN)
The market value is about 90.02 billion US dollars. Coinbase is a leading global cryptocurrency trading platform that provides retail investors and institutions with trading services for assets such as Bitcoin and Ethereum, lowering the entry threshold of the crypto market.
On April 14, 2021, Coinbase was listed on Nasdaq, becoming the first publicly listed crypto exchange. In January 2024, it processed $4.6 billion in Bitcoin ETF trading volume. On May 13, 2025, it was included in the S&P 500, with an 8% increase in stock price, and launched an upgraded version of the Web3 wallet to support multi-chain NFT transactions.
Robinhood Markets Inc. (Nasdaq: HOOD)
The market value is approximately US$73.271 billion. Robinhood is a retail investment platform that provides young users with easy access to the crypto market through cryptocurrency trading and Web3 wallet services.
In December 2019, Robinhood launched a crypto trading service that supports Bitcoin and Ethereum. In August 2021, it acquired Say Technologies to enhance shareholder interaction. On March 26, 2025, it held a corporate event to announce the expansion of crypto trading pairs (including Solana and Cardano), and launched the Web3 wallet beta version, working with Uniswap to optimize DeFi transactions.
Block, Inc. (NYSE: XYZ)
The market value is approximately US$40.979 billion. Block is a payment and blockchain technology company that provides payment solutions through Square and Cash App, develops the TBD platform, and promotes decentralized finance.
In 2013, Block launched Cash App, which supports Bitcoin transactions. In 2021, it acquired Afterpay to expand its buy-now-pay-later service. In March 2025, the TBD platform launched the Web3 payment protocol, supporting USDC and Bitcoin settlement, integrating oracles with Chainlink, and developing mobile encrypted payment applications with Solana.
Circle Internet Group Inc. (NYSE: CRCL)
The market value is approximately US$40.153 billion. Circle is a leading company in the field of stablecoins. Its USDC is a widely used USD stablecoin in the world, used in cross-border payments, smart contracts and decentralized transactions.
In July 2021, Circle announced a plan to go public through SPAC with a valuation of $4.5 billion. In June 2024, it launched the USDC payment solution in cooperation with Visa. On June 5, 2025, Circle was listed on the NYSE (code CRCL), with its stock price soaring 168% on the first day. On June 17, it benefited from the GENIUS Act stablecoin legislation and cooperated with Fiserv to optimize global merchant payments.
Galaxy Digital Holdings Ltd (TSX: GLXY)
The market value is approximately US$2.614 billion. Galaxy Digital is a digital asset investment company that provides crypto trading, asset management and consulting services to promote the application of blockchain technology.
In 2021, Galaxy was listed on TSX (code GLXY). In 2024, it launched a $100 million Web3 fund to invest in NFT and Layer 2 projects. In May 2025, it increased its holdings by 5,000 bitcoins and cooperated with Polygon to develop enterprise-level blockchain services.
BC Technology Group Limited (SEHK: 0863)
The market value is about 1.235 billion US dollars. BC Technology is a crypto trading platform company. Its OSL exchange provides Bitcoin and Ethereum trading services and is committed to the development of the Asian crypto market.
On December 15, 2020, OSL became the first crypto platform in Hong Kong to obtain an SFC license. In November 2023, BGX 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 (Nasdaq: AMBR)
The market value is approximately US$1.029 billion. Amber is an institutional crypto 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 digital wealth management capabilities. On March 28, 2025, it was listed on Nasdaq (code AMBR), and in May it launched a $100 million crypto fund, investing in assets such as Bitcoin and XRP, and obtained a Hong Kong SFC license.
Sinohope Technology Holdings Limited (SEHK: 01611)
With a market value of approximately US$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 transactions and strategic investments.
In 2020, Huobi Exchange obtained the 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 Hong Kong SFC virtual asset license.
Web3 infrastructure & service provider Marathon Digital Holdings Inc. (Nasdaq: MARA)
The market value is approximately US$5.289 billion. Marathon is a Bitcoin mining company that supports blockchain network security by mining and holding Bitcoin on a large scale.
In March 2021, Marathon changed its name to Marathon Digital Holdings, focusing on Bitcoin mining. In December 2023, it acquired two mining facilities from Generate Capital (US$178.6 million). In May 2025, it deployed 15 EH/s computing power, purchased Canaan Avalon A1566 mining machines, and cooperated with CleanSpark to develop green mining facilities.
Marathon’s shareholders include large institutional investors such as BlackRock (holding approximately 15%) and Vanguard, which also shows the strong institutional interest in cryptocurrencies. The participation of shareholders enhances Marathon’s market credibility and promotes the acceptance of Bitcoin as a corporate asset.
Riot Platforms Inc. (Nasdaq: RIOT)
The market value is approximately US$3.769 billion. Riot is a Bitcoin mining company that supports blockchain network security through efficient mining technology and is committed to promoting the development of the cryptocurrency 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 its engineering capabilities. In May 2025, it expanded its Texas mining facilities, added 5 EH/s of computing power, and cooperated with Bitfarms to develop renewable energy mining projects.
Bitdeer Technologies (Nasdaq: BTDR)
The market value is approximately US$2.182 billion. Bitdeer Technologies is a leading blockchain and high-performance computing technology company focusing on cryptocurrency mining and related services. The company operates its own mining data center, provides computing power sharing solutions (cloud computing power and computing power market), and provides one-stop mining machine hosting services, including deployment, maintenance and management, to achieve efficient cryptocurrency mining.
In 2023, BitDeer expanded its global operations and added data centers in Norway and Bhutan. In 2024, the company advanced the SEALMINER roadmap and achieved mass production of SEALMINER A1 and A2 mining machines. In 2025, BitDeer made significant progress, managing a total computing power of 27.4 EH/s, and plans to reach 40 EH/s in October 2025, and launched AI cloud services to support multiple large language models (LLMs). In addition, the company raised funds for ASIC expansion and infrastructure projects in Norway, Ohio, Bhutan and Ethiopia by issuing $330 million in convertible bonds.
Hut 8 Mining Corp (Nasdaq: HUT)
The market value is approximately US$1.841 billion. Hut 8 is a Bitcoin mining and blockchain infrastructure company that provides efficient mining, AI computing power leasing and hosting services.
In 2021, Hut 8 will be listed on Nasdaq (code HUT). In 2024, it will cooperate with Nvidia to develop AI blockchain tools. In June 2025, it will deploy 10 EH/s computing power and launch institutional custody services with Coinbase.
Bitfarms Ltd. (Nasdaq: BITF)
The market value is approximately $415 million. Bitfarms is a Bitcoin mining company that focuses on efficient mining and renewable energy, supporting the decentralized operation of blockchain networks.
In 2023, Bitfarms added data centers in Canada and Paraguay, and acquired Stronghold Digital Mining in 2024. In March 2025, it deployed 8 EH/s computing power, cooperated with Riot to develop renewable energy mining projects, and launched institutional Bitcoin custody services.
Canaan Inc. (Nasdaq: CAN)
The market value is approximately US$282 million. Canaan is a Bitcoin mining equipment manufacturer that focuses on the research and development and sales of Avalon series ASIC chips and equipment to support global blockchain network security.
In November 2019, Canaan was listed on Nasdaq. In 2024, the Avalon A1466 mining machine was launched. In June 2025, A1566 equipment was provided to Marathon Digital to increase the computing power to 185 TH/s, and liquid-cooled mining equipment was developed with Bitmain.
The9 (Nasdaq: NCTY)
The market value is about $107 million. The 9City is an Internet company headquartered in China. It was previously known for operating online games, such as the Chinese agent of World of Warcraft. In recent years, the company has gradually transformed and focused on blockchain technology and cryptocurrency-related businesses, including digital asset management and blockchain technology development, and is committed to exploring innovative applications in the fields of Web3 and the metaverse.
Since 2018, The9 has been involved in the blockchain and cryptocurrency fields, establishing a subsidiary, NBTC, which focuses on blockchain technology research and development and digital asset investment. In 2021, The9 cooperated with several Bitcoin mining machine manufacturers to enter the cryptocurrency mining business. In 2024, The9 announced that it would invest in the construction of green energy mining facilities to increase sustainable computing power.
Industry Trends and Outlook
Just like the M7 of the US stock market, which defines the legend of wealth in the technological era, the rise of cryptocurrency will reshape the M7 version in the digital economy era. For example, Coinbase has lowered the market entry threshold with its leading trading platform, Circle has promoted the global application of stablecoins through USDC, Block has integrated blockchain technology into the payment system, Galaxy Digital has led institutional-level crypto financial services, and MicroStrategy and Nano Labs have built corporate reserve strategies with cryptocurrency as the core. These companies have come up with unique strategies in the fields of trading, payment, asset management, mining, etc. in the crypto field, which will also greatly promote the recognition and credibility of the cryptocurrency industry in the mainstream financial system.
With the deep integration of crypto finance and traditional finance, who will eventually become the "coin stock M7"? The answer may depend on the interweaving of market fluctuations, regulatory environment and technological innovation. We need to leave it to time. However, their respective strategic layout and continuous innovation will determine whether they can continue to run in the crypto track and rank among the top. As the Web3 ecosystem matures, these companies are expected to become the new pillars of the global economy, leading investors and users into a new era of digital economy.
