Cryptocurrency-Related Stocks and Listing Plans: Investor Guide 2025

The Traditional Stock Path in the Era of Digital Assets

In early 2024, the U.S. Securities and Exchange Commission (SEC) approved a milestone event: the spot Bitcoin ETF, which fundamentally changes how retail and institutional investors access the digital asset space. Currently, Bitcoin (BTC) trades steadily around $87,120, with a market capitalization of $1.7 trillion, while Ethereum (ETH) fluctuates near $2,910, with a circulating market cap of $35.174 billion.

Although cryptocurrencies themselves are not listed on traditional global stock exchanges, numerous publicly traded companies deeply integrated with the blockchain ecosystem offer traditional investors indirect access to the growth of digital assets. These include platforms providing crypto trading services (such as Robinhood, SoFi Technologies), companies holding digital asset reserves (like MicroStrategy), and chip manufacturers (such as NVIDIA).

Analysis of Crypto-Related Stocks and IPO Investment Value

Core Advantages of Investing in Crypto-Related Stocks

Compared to directly purchasing digital assets, investing in publicly traded blockchain-related company stocks offers multiple advantages:

First, it avoids technical barriers such as private key management and exchange risks. Stocks of traditional financial firms like PayPal and Block Inc. have investment processes similar to regular stocks, significantly lowering entry barriers.

Second, these companies’ financial data are publicly transparent, allowing evaluation based on traditional financial analysis methods. Compared to the high volatility of directly holding crypto assets, these stocks provide a relatively stable investment framework.

Third, during expansion cycles in the crypto market, the revenue and profit growth of related companies often outperform the market, providing leveraged return opportunities.

Industry Giants Building the Digital Asset Ecosystem

Payment and Trading Platform Leaders

PayPal (PYPL), listed in 2002, has evolved into a core player in the digital payment ecosystem. As of 2023, its annual revenue reached $29.77 billion, up 8.19% year-over-year, with a net profit of $4.25 billion. Its stock price fluctuated between $50.25 and $77.95 over the past 52 weeks. The company has built a bridge between traditional finance and digital assets by integrating crypto trading features and issuing PayPal USD (PYUSD) stablecoin.

Robinhood Markets (HOOD) went public on NASDAQ in July 2021, committed to “democratizing finance.” In 2023, it reported revenue of $18.7 billion, still operating at a loss, but its 52-week stock price range of $7.91–$19.42 reflects market expectations for its crypto trading business. As a primary trading tool for retail investors, its Bitcoin and other crypto trading volumes are directly linked to market sentiment.

Block Inc. (SQ), formerly Square, listed in 2015, now has a market cap of $51.77 billion. It offers crypto trading services via Cash App and holds Bitcoin reserves equivalent to about 1% of its assets. Its stock price ranged from $38.85 to $87.52 in early 2024, indicating investor recognition of its fintech innovation.

SoFi Technologies (SOFI), which went public via SPAC merger in June 2021, provides an all-in-one financial platform. In 2023, it generated revenue of $21.2 billion, up 34.91% quarter-over-quarter. Its crypto trading features make it highly correlated with the digital asset market’s prosperity.

Major Asset Holders

MicroStrategy Incorporated (MSTR), listed in 1998, started with enterprise analytics software but became a “bellwether” in the crypto market due to its aggressive Bitcoin investment strategy. Its current market cap is $26.24 billion, with 12-month revenue of $496.26 million. Its 52-week stock price swings from $230.72 to $1,815, perfectly mirroring Bitcoin price trends—rising BTC often doubles MSTR’s gains, while declines hit it hardest.

Tesla (TSLA), primarily known for electric vehicles and clean energy, has also linked to crypto markets through its Bitcoin holdings and acceptance of BTC payments. In 2023, it reported revenue of $96.77 billion, up 18.80%, with a market cap of $55.944 billion. Although it later downplayed crypto holdings due to environmental concerns, its founder Elon Musk’s interactions with the crypto community maintain this connection.

Technology and Infrastructure Layer

NVIDIA Corporation (NVDA), a GPU chip design giant, reported revenue of $60.92 billion in 2023 (up 125.85%), with net profit of $29.76 billion (up 581.32%). While its chips are widely used, their application in crypto mining creates an indirect impact on its performance. Its 52-week stock price fluctuated from $258.50 to $974, reflecting the intertwined trends of AI and crypto sectors.

Marathon Digital Holdings (MARA) directly engages in Bitcoin mining. The company recently signed a 200 MW mining farm acquisition agreement, and its stock price shows a high positive correlation with Bitcoin’s price. Mining profitability depends directly on the ratio of BTC price to electricity costs.

Crypto-Exclusive Exchanges

Coinbase Global (COIN), listed directly on NASDAQ in April 2021, was among the first publicly traded crypto exchanges. Its market cap is $62.24 billion, with 12-month revenue of $3.11 billion and net profit of $94.75 million. Its stock price ranged from $46.43 to $276.38 over the past 52 weeks. Its performance is entirely dependent on crypto market trading activity—profits surge during volume booms, while revenue plummets in bear markets.

International Players

Metaplanet Inc. (Japan 3350), originally a hotel management company, shifted towards Web3 and Bitcoin investments in recent years. The company invested $6 million in BTC, and its stock surged nearly 90% after the announcement. This strategy offers Japanese investors a way to circumvent strict local crypto tax policies, creating a “Bitcoin proxy” similar to MicroStrategy.

2025 IPO Frontline Outlook

Upcoming Market-Shaping Listing Plans

Reddit’s Crypto Community Impact

Reddit completed its IPO in March 2024, raising funds at $34 per share, with a total market cap of $5.4 billion (fully diluted $6.4 billion). Although not a traditional crypto company, its community tokens MOON (r/CryptoCurrency) and BRICK (r/FortNiteBR), as ERC-20 tokens, showcase the integration of social platforms with blockchain ecosystems. Post-IPO, Reddit plans to incorporate Bitcoin, Ethereum, and Polygon as payment options.

Telegram’s Ton Ecosystem Ambitions

Telegram is preparing for an IPO around 2025-2026, with a potential valuation of $3–$5 billion, targeting NASDAQ or Hong Kong Stock Exchange. Its crypto connection lies in the close integration of Ton Network and Toncoin (TON, current price $1.52, market cap $3.72 billion). Telegram’s support for the Ton ecosystem once boosted TON’s market cap by $9.5 billion in just two days, demonstrating its influence on the crypto market.

Asian Exchanges’ Publicization Process

Bitkub Online, Thailand’s leading crypto exchange, plans an IPO in 2025, with an estimated valuation of about 600 million Thai Baht (~$16.5 million). Its dominant position in Southeast Asia and record-high active accounts make it attractive, though it faces competition from international players.

Stablecoin Issuers’ Fundraising Surge

Circle, the issuer behind USDC, has a market size of $76.52 billion and has filed a confidential IPO application with the SEC. As a liquidity hub, its listing could trigger ripple effects—mainstream cryptocurrencies like Bitcoin and Ethereum may fluctuate with stablecoin liquidity changes. Circle’s previous attempt to go public via SPAC (valuation $9 billion) failed; this time, opting for a traditional IPO reflects growing market recognition of crypto infrastructure firms.

Blockchain Data Service Providers’ Institutionalization

Blockchain.com, valued at $1.4 billion after its Series D funding, has over 82 million wallets and 37 million verified users, handling over $1 trillion in transactions. Its potential IPO could replicate the market enthusiasm seen during Coinbase’s listing. As a pioneer in Bitcoin block explorers and crypto wallets, its public listing would further institutionalize crypto market infrastructure.

Investment Evaluation Framework: From Financials to Ecosystem

When selecting crypto-related stocks or IPOs, investors should build a multi-dimensional evaluation system:

Fundamental Financial Analysis: Examine revenue growth, profit margins, and cash flow. For example, PayPal and Block have more stable profits than Robinhood, while Coinbase’s profitability is highly volatile.

Crypto Business Proportion: Confirm the share of crypto revenue in total revenue. MicroStrategy and Marathon have the highest crypto exposure (100%), while NVIDIA and Tesla have minimal (indirect) involvement.

Management Team Background: Assess the team’s experience in blockchain. Coinbase’s founders have deeper industry expertise than newcomers.

Regulatory Environment: Different countries have vastly different attitudes toward crypto. Thailand’s Bitkub faces stricter regulation compared to the U.S.

Technical Security Record: Past hacking incidents or system vulnerabilities directly impact market confidence. Coinbase and Blockchain.com have relatively good security reputations.

Market Sentiment Cycle: Short-term performance of crypto-related stocks is highly dependent on community sentiment and public opinion cycles, requiring macro crypto market cycle analysis.

Recommendations for Building a Balanced Investment Portfolio

The optimal strategy involves layered deployment: the foundational layer includes traditional financial giants like PayPal and Block (lower risk), the growth layer includes retail platforms like Robinhood and SoFi (medium risk), and the aggressive layer considers MicroStrategy, Marathon, or Coinbase (high risk, high reward).

For international investors, Metaplanet offers crypto exposure with lower tax costs, while Telegram IPOs and Bitkub represent institutional opportunities within the Asian crypto ecosystem.

Any investment decision should be preceded by thorough due diligence (DYOR), consulting professional financial advisors, and adjusting allocations according to personal risk tolerance. While crypto-related stocks provide a traditional pathway into digital assets, their inherent volatility remains a significant factor.