Despite Crypto’s Growth, Coinbase Remains the Only Major Public Exchange: CoinGecko

Coinbase stands as the biggest publicly traded blockchain firm, with a market cap of $71.2 billion as of February 8, 2025. This determine locations it far forward of its closest competitor, Galaxy Digital, which holds a market cap of simply $6.7 billion – making Coinbase greater than ten instances bigger.

Moreover, the alternate’s valuation has additionally surpassed the mixed complete of the following 9 largest blockchain companies, which collectively quantity to $33.2 billion, in keeping with CoinGecko’s newest report.

Coinbase Leads Public Blockchain Companies

Whereas the blockchain trade covers varied sectors, cryptocurrency mining stays essentially the most prevalent, with 25 out of the 46 largest publicly traded companies engaged in mining operations. Nonetheless, following Bitcoin’s fourth halving, which lowered block rewards from 6.25 BTC to three.125 BTC, a rising pattern of diversification has emerged.

Many mining companies, leveraging their experience in infrastructure and high-performance computing, are increasing into AI and Web3 options. Notable gamers equivalent to Core Scientific, Hut 8 Mining, TeraWulf, HIVE Digital Applied sciences, and CleanSpark are pivoting towards AI-driven information facilities and cloud computing.

Regardless of the dominance of mining companies in sheer numbers, the blockchain sector’s total market capitalization stays concentrated in a handful of main gamers, with Coinbase sustaining a lead.

Among the many 46 publicly traded blockchain companies, Coinbase (COIN) is the only real consultant of the alternate sector, accounting for simply 2.2% of the overall. Nonetheless, its market capitalization considerably outpaces that of most different blockchain corporations, aside from enterprise intelligence firm MicroStrategy (MSTR), which has a fair bigger valuation of $97.7 billion.

Notably, MicroStrategy follows a singular method, leveraging debt to amass Bitcoin and capitalize on its worth fluctuations. When Michael Saylor-led firm is faraway from the equation, the remaining blockchain companies have a mixed market cap of $121.9 billion, with Coinbase making up a dominant 63.6% of that worth.

Public Blockchain Corporations Maintain Tiny Stake

The cryptocurrency mining sector, however, has a complete market capitalization of $31.7 billion, largely pushed by main companies equivalent to Marathon Digital Holdings (MARA) at $7.0 billion, Core Scientific (CORZ) at $4.2 billion, Riot Platforms (RIOT) at $4.7 billion, and CleanSpark (CLSK) at $3.4 billion, whereas different miners stay beneath $3 billion.

In the meantime, the finance and funding sector, which is value round $7.1 billion, is closely concentrated in Galaxy Digital, which holds $6.7 billion.

Altogether, publicly traded blockchain corporations have a complete market cap of $199.5 billion, which accounts for simply 5.8% of the general $3.45 trillion cryptocurrency market capitalization.