In 2025: Crypto company stocks and initial public offerings to watch on your radar

How Cryptocurrency Companies Entered Major Exchanges

The crypto industry has significantly evolved. If previously investors had to choose between direct ownership of digital assets and not investing at all, now the situation has changed. Spot Bitcoin ETFs approved in early 2024 marked a turning point, opening the doors for both institutional and retail investors. However, this is only part of the story.

Alongside this, a whole ecosystem of publicly traded companies with deep roots in the crypto space has emerged. These are not just hypothetical tools — they are real businesses with billions of dollars in market capitalization.

Among them, several categories can be distinguished:

• Cryptocurrency exchanges and trading platforms (Coinbase, Robinhood)
• Companies with direct investments in Bitcoin (MicroStrategy, Metaplanet)
• Tech giants that depend directly or indirectly on the crypto market (NVIDIA, Tesla)
• Fintech platforms integrating crypto services (PayPal, SoFi Technologies)

Why Investors Are Now Looking at Crypto Stocks

Many traditional investors have asked themselves: “How to gain exposure to the crypto market without direct security risks and key management?” Shares of crypto companies are a logical answer.

These investments offer indirect access to the volatility and growth potential of the crypto sector, but within the familiar ecosystem of the traditional stock market. At the same time, investors do not need to understand blockchain at a technical level.

Another appeal is portfolio diversification. A company can develop in various directions, and crypto activity is just one of them.

Stocks That Are Already Delivering Results

Coinbase (COIN)

Coinbase Global is the most direct crypto exchange. The company started trading publicly on April 14, 2021, via direct listing on NASDAQ.

Today, its market capitalization is $62.24 billion. Over the past twelve months, revenue reached $3.11 billion, and net profit was $94.75 million.

The stock price of COIN fluctuates between $46.43 and $276.38 over 52 weeks. Analysts recommend buying, although target price expectations vary.

Why does Coinbase depend on the crypto market? Simply because most of its revenue is generated from trading commissions. When volatility increases, trading volume rises — and the company’s income grows along with it.

MicroStrategy (MSTR)

MicroStrategy is an interesting case. Officially, it is a company developing enterprise analytics software. However, in recent years, it has transformed into a sort of “Bitcoin holding” for the public market.

Its market cap reaches $26.24 billion. Revenue over twelve months is $496.26 million. But the most interesting part is its Bitcoin portfolio, which the company accumulates aggressively.

Shares fluctuate from $230.72 to $1 815 over 52 weeks — a clear expression of crypto asset volatility. The price dynamics of MicroStrategy shares are almost synchronized with Bitcoin’s price movements.

Robinhood (HOOD)

Robinhood Markets went public on July 29, 2021, with a mission to “democratize finance.” The platform allows users to trade stocks, ETFs, options, and cryptocurrencies.

Revenue in 2023 was $1.87 billion. Shares trade in the range of $7.91–$19.42 over 52 weeks.

Although Robinhood actively expands its services beyond crypto, crypto trading remains a key driver of user activity. In 2021, the Robinhood brand became almost synonymous with Bitcoin trading among retail investors.

PayPal (PYPL)

PayPal is a more traditional company on this list. However, it recognized the potential of crypto payments early on.

Revenue in 2023 reached $29.77 billion with an 8.19% year-over-year growth rate. Net profit was $4.25 billion.

PayPal’s connection to cryptocurrencies is less straightforward than Coinbase’s, but the company is developing its own tools for crypto transactions and remains a player in this sphere.

NVIDIA (NVDA)

NVIDIA produces graphics processors. At first glance, it seems unrelated to crypto. However, GPUs are critical for cryptocurrency mining.

Revenue in 2023 reached $60.92 billion, growing 125.85% year-over-year. Profit increased by 581.32% to $29.76 billion.

Shares trade in the range of $258.50–$974.00 over 52 weeks. Analysts recommend a “Strong Buy.”

Demand for GPUs depends on many factors, but crypto mining remains a significant component. When cryptocurrency prices rise, miners invest in new equipment.

Tesla (TSLA)

Tesla has invested in Bitcoin and previously accepted it as a payment method. However, the company also expressed concerns about the environmental impact of Bitcoin mining.

Revenue in 2023 was $96.77 billion with an 18.80% growth rate. Market capitalization stands at $559.44 billion.

Tesla’s connection to the crypto market exists but is more indirect compared to Coinbase or MicroStrategy.

Marathon Digital (MARA)

Marathon Digital is a specialized Bitcoin miner. The company is based in Fort Lauderdale, Florida, and is one of the largest and most stable miners in North America.

Recently, the company signed an agreement to acquire a mining data center with a capacity of 200 megawatts near a wind farm. This indicates expansion ambitions.

Marathon Digital’s results are directly dependent on Bitcoin’s price and electricity costs. When Bitcoin’s price rises, mining profitability increases.

IPOs That Could Change the Game

Reddit

Reddit conducted an IPO in 2024 with an estimated valuation of around $6.4 billion. The company plans to integrate crypto payments, including Bitcoin, Ethereum, and Polygon, as methods of payment.

Additionally, Reddit launched Community Points — ERC-20 tokens (MOON and BRICK), which reward users for community activity. These tokens can be traded on secondary markets.

Exceeding demand for IPOs and optimistic sentiment about crypto integration indicate that investors take the platform seriously as a player in the crypto space.

Telegram

Telegram reportedly plans an IPO within the next two years with a potential valuation from $30 to $50 billion. The company is considering a direct listing on Nasdaq or the Hong Kong Stock Exchange.

A key point — Telegram supports The Open Network (TON). In recent days, after announcements of deeper integration, TON’s value increased from $6 billion to $15.5 billion. This demonstrated Telegram’s influence on the crypto sector.

As of 2025, TON is trading at $1.52 with a market cap of $3.73 billion. However, this is a significant increase compared to the previous year.

The growth in TON’s value is directly related to Telegram’s IPO considerations, highlighting their interconnection.

Circle

Circle is the company behind USDC, one of the largest stablecoins by market cap. In January 2024, Circle confidentially filed for an IPO with the SEC.

Currently, USDC’s market cap is $76.52 billion, and its price is fixed at $1.00 by design of the stablecoin.

Circle’s IPO is of interest because the company plays a central role in crypto market infrastructure. The decision to go public was made after a previous attempt via SPAC in 2021 was canceled.

Further developments with Circle are expected to impact the entire crypto sector, especially stablecoins and market stability.

Blockchain.com

Blockchain.com is one of the first Bitcoin block explorers and a popular crypto wallet. Reports indicate the company is negotiating an IPO, possibly as early as 2025.

During its latest Series D funding round, Blockchain.com was valued at $14 billion. The platform has created over 82 million wallets and processed transactions totaling over $1 trillion.

Such metrics point to the company’s central role in the ecosystem. Its IPO could have an impact similar to Coinbase’s IPO in 2021.

Bitkub

Thailand’s leading crypto exchange, Bitkub Online, is preparing for an IPO in 2025 with a potential valuation of around 6 billion baht ($165 million).

This decision was made amid rising demand for crypto trading in Thailand. However, the company faces regulatory challenges and competition from other players.