While Bitcoin and Ethereum often dominate conversations in the crypto world, the real game-changers may be the companies that are quietly building the backbone of the blockchain industry.
These firms are not only enabling decentralized finance (DeFi) to function but also shaping the future of digital money and finance. In 2025, six publicly traded companies stand out as the giants of blockchain, including Nu Holdings Ltd. (NU), Coinbase Global Inc. (COIN), and Core Scientific Inc. (CORZ).
These firms aren’t simply benefitting from the hype surrounding cryptocurrencies. Instead, they are laying down the infrastructure that supports crypto adoption on a global scale.
From exchanges handling billions of dollars in trading volume each day, to financial technology platforms reaching millions of users, and mining companies producing thousands of bitcoins, these companies are at the center of blockchain’s explosive growth.
The six companies featured here are the biggest publicly traded blockchain-related firms in the United States or Canada (including those trading via American depositary receipts). They are ranked based on revenue as of mid-2024, which is the most recent available data.
Key Takeaways
- Blockchain is the underlying database technology behind Bitcoin, Ethereum, and other cryptocurrencies.
- It has grown into a multi-billion-dollar industry, giving rise to some of the largest fintech and crypto firms in the world.
- Coinbase remains one of the best-known blockchain firms, with revenues surpassing $6.5 billion in 2024.
- The industry also includes miners, fintech innovators, and exchange platforms that serve millions of customers.
What Is Blockchain?
A blockchain is essentially a distributed database shared across a network of computers. Unlike traditional databases controlled by a single authority, blockchains are decentralized, making them secure, transparent, and resistant to tampering. They are best known for their role in cryptocurrency transactions, such as Bitcoin, where they keep records of every trade in a secure and verifiable way.
The blockchain industry covers a wide range of businesses, including fintech companies, crypto exchanges, mining firms, and manufacturers of blockchain hardware. Together, they drive the adoption of digital assets and decentralized technologies across the globe.
1. Nu Holdings Ltd. (NU)
- Revenue: $8.27 billion
- Revenue Last Year: $5.63 billion
- Net Income: $1.97 billion
- Market Cap: $58.62 billion (as of Aug. 5, 2025)
- 1-Year Price Return: 0.74% (as of July 31, 2025)
- Exchange: NYSE
Nu Holdings, best known for its subsidiary Nubank, is a major digital banking company in Latin America. In March 2025, Nubank expanded its cryptocurrency platform, offering more services for its rapidly growing customer base.
Nu has been extremely successful in growing both its clientele and its revenue per customer. By early 2024, the company proudly announced that it had surpassed 100 million customers across Brazil, Mexico, and Colombia. Nubank is now the third-largest bank in Brazil by membership, showing how digital-first banking is changing traditional finance.
Despite operating in regions often viewed as economically unstable, Nu has managed to remain consistently profitable. This balance of growth and stability has positioned it as one of the most influential fintech companies in the world.
2. Coinbase Global Inc. (COIN)
- Revenue: $6.56 billion
- Revenue Last Year: $3.11 billion
- Net Income: $2.58 billion
- Market Cap: $76.57 billion (as of Aug. 5, 2025)
- 1-Year Price Return: 68.37% (as of July 31, 2025)
- Exchange: Nasdaq
Coinbase is the third-largest cryptocurrency exchange in the world by trading volume. Founded in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase has built a wide range of products for both individuals and institutional investors, such as Coinbase Wallet, Coinbase Pro, and USD Coin (USDC).
Although the company once had a headquarters in San Francisco, it shifted to a fully remote-first model in 2023, closing its physical offices.
Coinbase has also benefitted from the approval of spot Bitcoin ETFs in the U.S., as it serves as the custodian and prime broker for many of them. This has significantly boosted both its revenues and investor confidence.
The company faced regulatory challenges in recent years, especially with a lawsuit from the U.S. Securities and Exchange Commission (SEC), which accused it of acting as an unregistered securities exchange. However, in February 2025, the SEC dismissed its case, removing one of the biggest risks that had threatened Coinbase’s future earnings.
3. Core Scientific Inc. (CORZ)
- Revenue: $510.67 million
- Revenue Last Year: $502.4 million
- Net Income: -$1.32 million
- Market Cap: $4.28 billion (as of Aug. 5, 2025)
- 1-Year Price Return: 38.87% (as of July 31, 2025)
- Exchange: Nasdaq
Core Scientific is one of the largest Bitcoin mining companies in the United States. In addition to mining for itself, it also provides hosting services for third-party clients who rely on its advanced infrastructure to run their mining operations.
The company was founded in 2017 by Michael Jeffrey Levitt and Darin Feinstein and is headquartered in Dover, Delaware. While its revenues are strong, Core Scientific posted a small net loss, showing how challenging and energy-intensive the mining business can be despite booming demand for Bitcoin.
4. Strategy Inc. (MSTR)
- Revenue: $463.46 million
- Revenue Last Year: $496.26 million
- Net Income: -$1.16 billion
- Market Cap: $106.46 billion (as of Aug. 5, 2025)
- 1-Year Price Return: 148.92% (as of July 31, 2025)
- Exchange: Nasdaq
Formerly known as MicroStrategy, Strategy Inc. has transformed itself from a software company into the largest corporate holder of Bitcoin in the world.
The company has financed its massive Bitcoin purchases by issuing zero-coupon convertible notes, giving it access to large amounts of capital. In 2025 alone, Strategy raised over $10 billion through stock offerings and convertible securities.
This aggressive strategy has made Strategy Inc. one of the most valuable blockchain-related companies, even though it reported a heavy net loss in 2024.
5. MARA Holdings Inc. (MARA)
- Revenue: $656.38 million
- Revenue Last Year: $387.51 million
- Net Income: $541.25 million
- Market Cap: $5.79 billion (as of Aug. 5, 2025)
- 1-Year Price Return: -18.25% (as of July 31, 2025)
- Exchange: Nasdaq
MARA Holdings, formerly known as Marathon Digital Holdings, is another heavyweight in the Bitcoin mining industry. Based in Fort Lauderdale, Florida, the company rebranded in August 2024 to reflect its growing operations.
As of July 2025, MARA held 50,639 BTC, making it one of the largest publicly traded corporate holders of Bitcoin. Despite a slight decline in share price performance, its strong revenues and profitability make it a leading player in the mining sector.
6. Riot Platforms Inc. (RIOT)
- Revenue: $376.66 million
- Revenue Last Year: $280.68 million
- Net Income: $109.40 million
- Market Cap: $4.11 billion (as of Aug. 5, 2025)
- 1-Year Price Return: 31.60% (as of July 31, 2025)
- Exchange: Nasdaq
Riot Platforms, founded in 1998, is a long-standing player in the blockchain space. The company went public in 2003 and is now headquartered in Castle Rock, Colorado.
Riot operates two main divisions: Bitcoin mining and engineering services. In July 2025 alone, Riot mined 484 bitcoins and held a total of 19,287 BTC, while selling 475 bitcoins during the same period.
How Blockchain Companies Make Money
Blockchain itself is simply a technology—it doesn’t generate money directly. However, blockchain companies make revenue in different ways, such as:
- Charging transaction fees on crypto exchanges
- Earning block rewards from mining
- Selling enterprise blockchain products and subscriptions
- Running staking services
- Launching token sales and ICOs
- Offering consulting and development services
Which Blockchain Is the Most Powerful?
The term “powerful” can mean different things—speed, security, decentralization, or developer activity. The blockchains most often described as powerful include Bitcoin, Ethereum, Solana, Cardano, Polkadot, and Cosmos, since they rank highly in adoption and security.
Which Blockchain Is Growing the Fastest?
In recent years, newer blockchains have been experiencing rapid growth, both in transaction volumes and developer adoption. Notable examples include Solana, Polygon, Avalanche, and Cardano.
In 2024, Solana added 7,625 new developers to its ecosystem despite the challenges it faced after the FTX collapse. By mid-2025, Nasdaq listed Solana among the six fastest-growing cryptos to watch.
The Bottom Line
The blockchain sector continues to grow, with six companies standing out as industry leaders: Nu Holdings, Coinbase, Core Scientific, Strategy Inc., MARA Holdings, and Riot Platforms.
- Nu Holdings is transforming banking in Latin America with Nubank, one of the largest digital banks in the region.
- Coinbase remains a cornerstone of the crypto trading industry, benefiting from ETF approvals and regulatory clarity.
- Core Scientific provides both Bitcoin mining and infrastructure hosting services.
- Strategy Inc. has reinvented itself as the largest corporate Bitcoin holder.
- MARA Holdings and Riot Platforms continue to dominate the mining sector with massive Bitcoin reserves.
With the SEC’s approval of spot Bitcoin ETFs in 2024 and increasing institutional adoption, blockchain companies are well-positioned for even greater growth in the years ahead.
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