The financial world witnessed a significant milestone on May 19, 2025, as Coinbase Global Inc. (Ticker: COIN) joined the S&P 500 index. This historic inclusion—marking the first crypto-native stock in the S&P 500—sparked a 10% after-hours trading surge. Dan Dolev, Senior Payments Analyst at Mizuho Securities, noted: "This is a signature moment, legitimizing cryptocurrency equities within mainstream finance."
Recent market activity further highlights this trend:
- Antalpha Technologies surged 70% on its Nasdaq debut, triggering trading halts
- Galaxy Digital (GLXY) completed a restructuring and direct listing
- Growing investor interest in crypto equities as bellwethers for market trends
From exchanges to mining titans, financial services to hardware innovators, traditional markets and crypto are converging. Below, we analyze the global landscape of publicly traded crypto enterprises.
Major Crypto Public Companies
Coinbase Global Inc. (COIN)
Listed: April 14, 2021 | Exchange: NASDAQ
Key Metrics: +28.83% monthly growth
Overview: The industry-leading exchange serves 120M+ users across 100 countries, managing $200B+ in assets. Beyond trading, Coinbase operates in custody services, blockchain infrastructure, and payments. Its S&P 500 inclusion signals institutional adoption.
👉 Discover how Coinbase reshapes finance
Hut 8 Corp (HUT)
Listed: March 2018 (TSX) | Exchange: NASDAQ/TSX
Performance: +36.72% monthly
Business: Canadian mining leader expanding into AI compute infrastructure. Recent merger with American Bitcoin will create a Nasdaq-listed mining entity by Q3 2025.
Gryphon Digital Mining (GRYP)
Listed: February 26, 2018 | Exchange: NASDAQ
Surge: +446% monthly
Specialty: Sustainable Bitcoin mining using renewable energy. Its May 2024 price rally included multiple trading halts.
CoreWeave (CRWV)
IPO Date: March 28, 2025
Pivot: Transitioned from crypto mining to GPU cloud services, now supporting AI model training and high-performance computing.
Emerging Trends in Crypto Equities
Upstream Innovation:
- 24 mining/hardware companies diversifying into AI and advanced computing
- Examples: CleanSpark's HPC solutions, Core Scientific's AI infrastructure
Midstream Growth:
- Trading platforms like Robinhood expanding crypto offerings
- Enhanced regulatory compliance frameworks
Downstream Services:
- Asset managers bridging traditional and crypto finance
- Exchanges launching stock trading via crypto pairs (e.g., Bybit's USDT-denominated CFDs)
FAQs
Q: Why are crypto stocks gaining mainstream attention?
A: They offer regulated exposure to crypto growth while meeting institutional investment requirements.
Q: How do crypto stocks impact the broader market?
A: Their performance often correlates with crypto sentiment, serving as leading indicators.
Q: What's next for crypto IPOs?
A: Circle and Kraken are potential candidates, signaling continued industry maturation.
👉 Explore crypto investment opportunities
Market data sourced from TradingView and company filings
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