The past decade has seen the explosive growth of the blockchain and cryptocurrency industries, with not a few companies choosing to enter the public markets to take advantage of the nearly insatiable appetite for all things decentralized. Per our last look at the space, there are now 46 public trading companies worth mentioning in the CoinGecko universe, which—if nothing else—gives you a sense of some of the potential inside the burgeoning blockchain ecosystem. Below, we profile these companies, hitting the main highlights—what they do, how they do it, and how much they’re worth—across three different trading exchanges. The Landscape of Publicly Traded Blockchain Companies CoinGecko’s research indicates that among the 46 blockchain companies that are publicly traded, 24 are listed on NASDAQ, the global stock exchange most famous for its technology-oriented listings. The biggest of these blockchain-related companies, by market capitalization, is Coinbase, the cryptocurrency exchange platform that everyone seems to know. With a truly breathtaking market cap of $74 billion, it sits atop not only NASDAQ but also the entire blockchain sector. Coinbase has such a near monopoly in the space where it operates that it is mandatory to mention it when discussing investments in the blockchain sector. Immediately following Coinbase is Marathon Digital Holdings, a principal Bitcoin mining company. Its market cap sits at around $7 billion, which is much lower than that of Coinbase, but Marathon is still a commanding presence within the mining sector. The company has profited from the rising demand for not just Bitcoin but also other cryptocurrencies. It has been consistently enlarging its scope and pushing the boundaries of what mining entails, and it has doing so with a clear and steadfast idea of Bitcoin and other cryptocurrencies as a future currency. Coinbase and Marathon rank first and second, respectively, in market cap among blockchain companies on NASDAQ. However, many of the other publicly traded, blockchain-related companies are smaller or operate in niche segments of the blockchain ecosystem. The overall increase in public blockchain-based companies reflects rising levels of interest from both retail and institutional investors in blockchain assets, applications, and services. Blockchain’s OTC and Canadian Market Presence Besides the firms listed on NASDAQ, there are also a number of blockchain firms that can be traded in decentralized over-the-counter (OTC) markets, with 18 companies currently available. These OTC companies tend to be much more speculative and much smaller than the firms you’ll find on NASDAQ, with the investment opportunities they present often hinging on the promise of blockchain-based applications that serve as the foundation for—insert here—everything from the metaverse to decentralized finance (DeFi). One of the tiniest blockchain companies that is publically traded is Blockchain Industries. It has some focus on the metaverse but is not extensively involved in that area. An OTC market security, Blockchain Industries is not going to be encountered by most investors. Yet, among a handful of blockchain companies with an earnings report, this one offers a glimpse of the diverse range of applications and business models that are emerging in the blockchain ecosystem. The global spread of blockchain companies continues to grow, with Canada emerging as a crucial hub. CoinGecko’s research shows 47 other blockchain firms are found on Canadian exchanges like the TSX, CSE, and Cboe. But, for the most part, these firms don’t make very many waves because they’re micro-cap firms, have market caps under $10 million, or are ETFs that track the performance of blockchain assets and their returns. However, there is one firm, in particular, whose reach, notoriety, and returns are much closer to the levels of firms on NASDAQ than the levels of the average Canadian blockchain firm. That firm is Galaxy Digital, and its presence on the TSX is something that Canada can flaunt. The Role of Blockchain ETFs and Small Cap Firms Yet another impressive trend in the public blockchain market is the increasing number of exchange-traded funds (ETFs) that focus specifically on blockchain. These investment tools give investors the chance to buy something akin to a public mutual fund consisting of mostly private firms. The ETFs typically hold shares of a small number of firms that are involved with the development of blockchain technology and tend to be heavy in companies that also have some connection to cryptocurrencies. The blockchain ETF trend shows burgeoning investor interest in this part of the landscape, even as crypto prices and regulations take their turns in the spotlight. By putting their money in ETFs, investors achieve something that more closely resembles a market portfolio for the still-nascent blockchain and crypto sectors—lower risk, if not a lower reward, than buying individual stocks. The future is unclear for smaller, micro-cap blockchain businesses. Some firms might experience considerable growth as blockchain technology moves toward mainstream adoption and the marketplace’s life cycle progresses. Many, however, will have a tough time maintaining their public profiles or attaining profitability. The situation is even more precarious, given that both institutional and retail investors have staked significant amounts of money in the blockchain space. With such pronounced volatility, the question becomes: how do these investors evaluate which blockchain firms to back? How many publicly traded blockchain companies are there? In our latest study, we found 46 noteworthy publicly traded blockchain companies, 24 of which are listed on NASDAQ. Read the full study: https://t.co/Fv1BNj8Sgn pic.twitter.com/pyD03eCgyR — CoinGecko (@coingecko) February 6, 2025 The Future of Public Blockchain Companies While blockchain technology continues to advance, it is anticipated that an increasing number of firms will seek to access capital through public market vehicles. Those may include direct listings, reverse mergers, or, for many still a potentially viable alternative, initial public offerings (IPOs). Beyond promise, interest in the leading edge of technology—decentralized finance, NFTs, and blockchain-based gaming, for example—coupled with asset managers’ and banks’ newfound enthusiasm for digital assets, suggests that a future in which the technology’s most frequently-cited “disruption” (of the public company space, in this instance) becomes reality may not be all that distant. For investors who want to take advantage of this new growth industry, it is essential to proceed with caution in the blockchain market. The growth potential is vast, but this remains a largely speculative sector. Volatility and regulatory uncertainty pose serious risks to capital invested in the blockchain space. The expansion of the blockchain space means that the number of publicly traded blockchain companies will probably keep rising. This signals the broader acceptance of blockchain technology and its increasing influence on the global economy. The question now is how investors will get up to speed with this exciting yet unpredictable landscape. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: Feylite/ Shutterstock.com
