2025 Cryptocurrency-Related Listed Companies and IPO Opportunities to Watch

New Investment Opportunities in the Digital Asset Era

In early 2024, the U.S. Securities and Exchange Commission approved a decision on spot Bitcoin exchange-traded funds, marking another key integration between traditional finance and crypto assets. This turning point opens new doors for a broad range of investors—not only institutional investors but also retail investors who now have the opportunity to participate in this financial revolution. Although cryptocurrencies are not yet directly tradable in global traditional stock markets, many tech companies and financial service providers are strategically building bridges between the two worlds.

Why Are Crypto-Related Stocks Worth Watching?

Compared to directly holding digital assets, which involves security risks and technical barriers, investing through listed company stocks offers a more reliable approach. These companies either directly invest in digital assets, provide trading platforms for users, or engage in mining or underlying technology development. The key point is: they are regulated and protected in traditional markets, with higher financial transparency and more standardized risk management.

Current Notable Crypto-Related Public Companies

Robinhood: Retail Investors’ Trading Platform

Robinhood Markets (HOOD) went public on July 29, 2021, with a mission to simplify investing. The platform offers a variety of investment tools including stocks, ETFs, options, and digital assets.

Key Data:

• 2023 Revenue: $1.87 billion
• 52-week Price Range: $7.91 - $19.42
• Core Competency: Zero-threshold trading, including popular cryptocurrencies like Bitcoin

Robinhood’s connection to the crypto market stems from its early bold attempts. During the 2021 crypto boom, the brand almost became synonymous with retail participation in digital assets. The platform’s performance closely correlates with overall market sentiment—when crypto activity is high, trading volume surges.

PayPal: The Evolution of Traditional Finance

PayPal Holdings (PYPL) traces its roots back to February 2002, as a pioneer in global digital payments.

Financial Performance:

• 2023 Total Revenue: $29.77 billion (up 8.19% YoY)
• Net Income: $4.25 billion
• 52-week Stock Price Range: $50.25 - $77.95

PayPal’s innovation lies in breaking down barriers between traditional finance and the crypto ecosystem. Users can buy, hold, and sell various cryptocurrencies directly within their accounts. Furthermore, the company launched its own stablecoin PYUSD, further strengthening its voice in the digital asset space. These initiatives cause its stock movement to be linked to both online payments and crypto market fluctuations.

Block Inc. (formerly Square): A Fintech Jack-of-All-Trades

Block Inc. (SQ), listed since November 2015, has evolved from a payment processor into a comprehensive fintech enterprise.

Market Position:

• Early 2024 Market Cap: approximately $51.77 billion
• 52-week Price Fluctuation: $38.85 - $87.52
• Core Products: Cash App and integrated financial applications

Cash App’s crypto features allow users to buy, trade, and transfer Bitcoin, directly tying the company’s financial outlook to the crypto market. Notably, Block strategically holds Bitcoin as part of its reserves (about 1% of total assets), which further amplifies its sensitivity to crypto price swings.

MicroStrategy: Corporate Bitcoin Advocate

MicroStrategy Incorporated (MSTR) has a unique and aggressive story. Founded in 1998 as a business intelligence software company, it has recently undergone a thorough strategic transformation.

Key Metrics:

• Market Cap: around $26.24 billion
• Annual Revenue: $496 million
• 52-week Price Range: $230.72 - $1,815.00 (highly volatile)

MicroStrategy’s boldness lies in turning itself into a de facto Bitcoin investment vehicle. Its significant stock price volatility directly reflects its aggressive crypto asset allocation strategy—when Bitcoin rises, MSTR often surges; when the market declines, it drops more sharply. This high-beta characteristic attracts investors seeking high risk and high return.

SoFi Technologies: Advocate for Financial Freedom

SoFi Technologies (SOFI) entered the public eye through a merger with a special purpose acquisition company (SPAC) in 2021.

Development Trajectory:

• 2023 Revenue: $2.12 billion (up 34.91% YoY)
• 2023 Net Loss: $300.7 million
• Founded in 2011, now covering multiple regions in North America

SoFi’s platform integrates lending, savings, consumer finance, investing, and protection services. The addition of crypto trading features has led to user base growth that correlates with crypto market enthusiasm. When digital asset trading volume increases, platform engagement and transaction activity tend to rise.

Coinbase: Infrastructure of the Crypto Ecosystem

Coinbase Global (COIN) went public via direct listing on NASDAQ on April 14, 2021, marking the maturity of the crypto industry.

Company Data:

• Market Cap: approximately $62.24 billion
• Revenue in the past 12 months: $3.11 billion
• Net Profit: $94.75 million
• 52-week Price Range: $46.43 - $276.38

As a specialized crypto exchange, Coinbase’s performance moves in tandem with the crypto market. Trading volume, user activity, platform fee income—all key metrics are directly affected by the health of the crypto ecosystem. When the market is bullish, Coinbase benefits most directly.

Marathon Digital: Mining with an Energy Transition

Marathon Digital Holdings (MARA) is North America’s largest and most environmentally friendly Bitcoin mining company.

Operational Scale:

• Core Business: Bitcoin mining in the U.S.
• Strategic Expansion: Acquiring 200 MW mining centers, collaborating with wind farms
• Analyst Ratings: Consistently positive

Marathon’s business model is straightforward: earn new coins through Bitcoin mining, with profits directly tied to Bitcoin’s price. Increased mining difficulty or falling prices compress margins, making its stock highly sensitive to crypto market trends.

Tesla: The Fusion of Energy and Innovation

Tesla Inc. (TSLA), known for electric vehicles and clean energy, also has a notable relationship with the crypto market.

Performance Overview:

• 2023 Revenue: $96.77 billion (up 18.80% YoY)
• Market Cap: approximately $559.44 billion
• 52-week Price Range: $152.37 - $299.29

Tesla previously invested in Bitcoin and accepted it as payment, though it adjusted its stance due to environmental concerns. This history indicates an open attitude toward crypto assets. Currently, Tesla’s connection to the crypto market is more about brand image and innovation rather than direct asset holdings.

NVIDIA: Chips and AI’s Crypto Connection

NVIDIA Corporation (NVDA)’s graphics cards were once the standard for mining rigs.

Growth Momentum:

• 2023 Revenue: $60.92 billion (up 125.85% YoY)
• Net Profit: $29.76 billion (up 581.32%)
• Analyst Ratings: Strong Buy

While NVIDIA has shifted focus toward AI, its GPUs’ historical demand in crypto mining and the emergence of AI crypto projects keep it indirectly linked to the crypto ecosystem. The booming AI concept has also indirectly boosted the value of AI-related tokens in the crypto market.

Metaplanet: A Crypto Window for Asian Investors

Metaplanet Inc., a Japanese company, has undergone a radical transformation—from operating budget hotels to investing in Web3.

Key Decisions:

• Invested over $6 million in Bitcoin
• Stock price surged about 90% after announcement
• Collaborations with Sora Ventures and Morgan Creek Capital

Metaplanet offers Japanese investors a legal way to bypass strict crypto income taxes. This strategy is similar to MicroStrategy’s logic but adapted to the local market environment.

Upcoming Crypto-Related IPO Wave

Reddit’s Community Token Ecosystem

In 2024, Reddit plans to raise funds through an IPO, issuing 2.2 billion shares at $34 per share, valuing the company at $5.4 billion. Although this valuation is below the $10 billion in 2021, it remains one of the most anticipated public offerings of 2024.

Reddit aims to expand its crypto payment features, including accepting Bitcoin, Ethereum, and Polygon. Its Community Points (such as ERC-20 tokens MOON and BRICK) have attracted widespread attention. These tokens incentivize community engagement and can be used for transactions, memberships, or governance votes. When Reddit’s IPO outlook improves, these community tokens often rally.

Telegram’s TON Ambitions

Telegram plans to go public within the next two years, with a potential valuation between $30 billion and $50 billion, targeting major exchanges like NASDAQ or Hong Kong.

Most notably, Telegram’s deep integration with the TON blockchain has caused its token, TON, to surge. When news broke of a possible IPO, TON’s market cap jumped from $6 billion to $15.5 billion within two days, a rise of over 150%. This linkage demonstrates Telegram’s influence on the crypto ecosystem.

Telegram also plans to introduce cutting-edge features like AI chatbots, further cementing its role as a tech pioneer.

Bitkub: Southeast Asia’s Exchange Listing Pace

Thailand’s leading crypto exchange, Bitkub Online, plans to go public in 2025, with an estimated valuation of 6 billion Thai Baht (about $165 million).

Despite pressures from international competitors and local regulators, Bitkub’s dominant position in Thailand’s crypto trading remains firm. Active accounts continue to hit new highs, though the company faces competition from some international exchanges.

Circle’s Stablecoin Strategy Shift

Circle, issuer of USDC, has a market cap of about $76.51 billion and plays a key role in the crypto ecosystem.

Development Timeline:

• Initially planned to go public via SPAC (2021 Concord Acquisition Corp merger canceled)
• Submitted a confidential S-1 filing in January 2024
• Currently under SEC review

USDC provides a stable store of value in the crypto market. Circle’s IPO prospects directly influence liquidity and market expectations for major cryptocurrencies like Bitcoin and Ethereum. When Circle’s IPO outlook brightens, market sentiment generally improves.

Blockchain.com: Public Infrastructure Emerges

Blockchain.com is in talks with multiple banks about an IPO, potentially launching in 2024. The company was valued at $14 billion during its Series D funding.

Platform Scale:

• Over 82 million wallets created
• 37 million verified users
• Transaction volume exceeding $1 trillion

As a pioneer in Bitcoin block explorers and a widely used wallet provider, Blockchain.com’s IPO could stir significant market attention, similar to Coinbase’s listing.

How to Evaluate Crypto-Related Investment Opportunities

Revenue Models and Market Position

First, understand how the company makes money. Is it through trading fees, subscriptions, hardware sales, or asset gains? What role does the company play in the crypto ecosystem—intermediary, infrastructure provider, or direct investor? How large is the target market, and what is the demand growth?

Management Team and Regulatory Environment

Assess the leadership’s experience in both crypto and traditional finance. Pay close attention to the regulatory policies in the company’s operating regions. Favorable policies can drive growth, while restrictive ones may hinder it.

Financial Health and Growth Potential

Analyze financial statements thoroughly—profitability, cash flow, capital efficiency. Benchmark against industry peers to understand competitive advantages. Evaluate whether current valuation aligns with future growth prospects.

Technical Infrastructure and Security Record

Check if the company’s technical architecture is robust and innovative. Review history of security breaches or hacking incidents. Strategic partnerships and ecosystem completeness are also important signals.

Market Sentiment and Risk Management

Crypto markets are highly volatile and sentiment-driven. Short-term gains often stem from emotional swings rather than fundamentals. It’s crucial to assess the role of the investment within a diversified portfolio, emphasizing risk control.

Important Reminder: Conduct thorough research and due diligence. Consult a professional financial advisor if necessary. Before making investment decisions in crypto and blockchain, ensure you fully understand the associated risks.

New Investor Perspectives in 2025

Crypto-related public companies and IPOs offer traditional investors new avenues to participate in digital asset growth. By choosing companies strategically involved in the crypto ecosystem or participating in IPOs of firms like Circle and Blockchain.com, investors can indirectly tap into the upward potential of the crypto market.

However, this path is not without challenges. Deep research, a thorough understanding of each company’s crypto business, and prudent risk management are essential for success in this rapidly evolving investment landscape.

Latest Market Data for Reference:

• Bitcoin (BTC): $87,300, circulating market cap $1,743.17B
• Ethereum (ETH): $2,920, circulating market cap $352.86B
• TON Token: $1.52, circulating market cap $3.74B
• USDC Stablecoin: circulating market cap $76.51B

These figures reflect real-time market dynamics. Investors should regularly update information to avoid making decisions based on outdated data.