Crypto & Digital Assets
Track the global crypto sector through its public-equity wrappers. Coinbase and Robinhood as retail-flow proxies, Strategy and Metaplanet as leveraged Bitcoin treasuries, the public Bitcoin miners pivoting to AI/HPC hosting, Circle as the first listed stablecoin issuer, BlackRock and Fidelity as the asset managers behind the spot ETFs, plus the banks and fintechs that now custody digital assets after the SAB 121 rescind. Tokens (BTC, ETH, SOL, USDT, USDC) are tracked as data entities across stablecoin supply, ETF flows, mining hashrate, and on-chain metrics.
Crypto Sector Segments
Bitcoin & ETFs
The price-action and institutional-adoption layer: spot BTC and ETH ETFs, public-company treasuries, the Strategic Bitcoin Reserve, and the mNAV-premium flywheel pioneered by Strategy.
Strategy
Largest corporate BTC holder (600K+). mNAV-premium flywheel funded by convertible debt and ATM equity.
BlackRock
IBIT is the largest spot BTC ETF by AUM. iShares Ethereum Trust (ETHA) leads spot ETH ETFs.
Franklin Resources
EZBC and EZET spot BTC and ETH ETFs. BENJI pioneering on-chain US Treasury fund.
Semler Scientific
Health-tech adopter of a Strategy-style BTC treasury at smaller scale.
Metaplanet
Japan-listed Strategy-mimic accumulating BTC via convertible bonds.
Mining & Energy
Proof-of-work hashrate, ASIC supply, energy procurement, and the AI/HPC pivot reshaping miner revenue. Public miners are operational leverage on the BTC price.
MARA Holdings
Largest US public miner by self-mining hashrate. Vertically integrated with energy assets.
Core Scientific
$9B HPC hosting deal with CoreWeave set the precedent for the miner-to-AI pivot.
IREN
100% renewable footprint. Growing AI Cloud GPU rental as a second revenue line.
CleanSpark
Industry-leading cost discipline. Positive operating cash flow through cycles.
TeraWulf
Nautilus (nuclear-powered) plus Lake Mariner. Pivoting capacity to HPC hosting.
Stablecoins & Payments
Fiat-pegged tokens have crossed $250B in aggregate supply. The GENIUS Act, MiCA, and major payment-rail integrations (Visa, PayPal, Stripe, Shopify) are turning stablecoins into mainstream payment infrastructure.
Circle
USDC issuer. IPO June 2025. Revenue is the interest spread on Treasury-backed reserves.
Block
Block's Cash App is a major US BTC on-ramp. Spiral funds open-source BTC development.
SoFi
Relaunched retail crypto trading 2025 post-SAB 121. Integrated with banking and investment products.
Exchanges & Brokers
Centralized exchanges and brokers earn transaction fees scaled to retail volume. Custodian banks earn fees on institutional AUC, with the SAB 121 rescind opening fresh capacity at BNY, State Street, and Goldman.
Coinbase
Largest US crypto exchange. Transaction fees plus USDC interest share plus custody plus staking.
Robinhood
Retail brokerage with outsized crypto exposure. Acquired Bitstamp 2024 for institutional reach.
Galaxy Digital
Trading, asset management, mining, and venture. US re-domiciliation and Nasdaq listing 2025.
BNY Mellon
Re-entered crypto custody after SAB 121 rescind 2025. Pilot institutional asset-manager customers.
Goldman Sachs
BTC and ETH futures, structured products, and prime services for institutional crypto allocators.
DeFi & On-Chain
DEX volume, lending TVL, Layer-2 activity, RWA tokenization, and the Solana ecosystem surge. The on-chain layer is harder to access via public equity but increasingly material to the sector's economics.
Coinbase
Base (Coinbase L2) is one of the fastest-growing L2s by activity and revenue.
JPMorgan Chase
Kinexys (formerly Onyx) platform tokenizes deposits and intraday repo. JPM Coin internal settlement.
BlackRock
BUIDL fund (issued via Securitize) is the largest tokenized US Treasury product on-chain.
Regulation & Policy
FIT21, GENIUS Act, and the Trump administration's pro-crypto pivot reset the US regulatory baseline in 2025. MiCA is fully effective in the EU. Global jurisdictions diverge: UAE and Singapore favorable, China still banned.
Coinbase
SEC v Coinbase dismissed Feb 2025. Now an active participant in stablecoin and securities-token rulemaking.
Circle
Primary beneficiary of the GENIUS Act stablecoin framework. EU MiCA-authorized issuer.
BlackRock
Largest institutional asset manager engaging with SEC on spot crypto ETF product approvals.
Total Crypto Market Cap by Asset Class
Quarter-end total crypto market capitalization, stacked by asset class ($B USD). BTC and ETH are circulating-supply * price. Stablecoins is aggregate fiat-pegged supply (USDT + USDC + USDe + DAI/USDS + PYUSD + smaller issuers). Other is total crypto market cap minus the three named classes. Initial v1 estimates; verify against CoinGecko and DefiLlama before publication.