The crypto industry, in five tiles — each links to the companies working that layer.
"Crypto" is often talked about as one thing, but the public companies exposed to it sit in very different businesses. A miner earning block rewards has almost nothing in common with a card network settling dollar tokens. Below is a plain map of five core value chains and the notable companies in each — most of them publicly traded, so you can follow them on the board later.
01 Bitcoin mining
Miners run warehouses of specialized ASIC computers that compete to add blocks to the Bitcoin ledger, earning newly issued bitcoin. Their economics come down to one thing: the cost of electricity. Since the 2024 halving cut block rewards, many of the largest have leaned into cheap or stranded power — and, increasingly, repurposed their power-rich sites to host AI and high-performance computing.
Largest US public miner by hashrate; also holds a sizable bitcoin treasury. Formerly Marathon Digital.
Company profile →Owns two flagship Texas campuses, leases capacity to AMD for AI hosting, and is exploring nuclear power for future growth.
Company profile →A former "pure-play" miner now dipping a toe into AI hosting — still runs on some of the sector's most efficient, low-cost power.
Company profile →Once a top-tier miner, now mostly an AI/HPC landlord — the majority of its power capacity hosts CoreWeave's GPUs.
Company profile →Actively winding down bitcoin mining at its flagship site to become a full AI-cloud provider, anchored by a $9.7B Microsoft contract.
Company profile →Self-miner and ASIC chipmaker — founded by a Bitmain co-founder — now adding an early-stage AI cloud business too.
Company profile →02 Stablecoin issuers
Stablecoins are dollar-pegged tokens backed 1:1 by reserves, mostly cash and short-term Treasuries. The issuer earns the interest on those reserves. The US GENIUS Act (signed July 2025) set a federal framework for who may issue them, splitting the market into a regulated US layer and a larger crypto-native offshore layer.
Issuer of USDC, the regulated market's default. NYSE-listed since 2025, with monthly-attested reserves.
Company profile →Issuer of USDT, the largest stablecoin globally. Offshore, with a separate US-regulated token (USAT).
Company profile →Regulated infrastructure issuer behind PYUSD, USDG and USDP — the "white-label" backbone for others.
Company profile →Consumer stablecoin PYUSD (issued via Paxos) distributed across its 400M-user network.
Company profile →03 Exchanges
Exchanges are the venues where crypto is bought, sold, and custodied. They earn fees on trading volume, so their fortunes rise and fall with market activity — which is why several are diversifying into custody, staking, stablecoins, and tokenized assets.
Largest US exchange and the first crypto-native firm added to the S&P 500. Expanding into stocks and tokenized assets.
Company profile →Institution-focused exchange that IPO'd in 2025; also owns the crypto media outlet CoinDesk.
Company profile →Regulated US exchange and custodian, now publicly listed.
Company profile →Crypto merchant bank and trading firm, expanding into data-center infrastructure.
Company profile →04 Distribution & payment rails
This is where stablecoins meet the real economy — the networks that move dollar tokens between merchants, consumers, and borders. The card giants and payment platforms are treating stablecoin settlement as a permanent complement to their existing rails, not a threat.
Runs USDC settlement infrastructure for merchant acquirers and is expanding stablecoin corridors globally.
Company profile →Building stablecoin acceptance and settlement partnerships across emerging-market corridors.
Company profile →Payments platform that acquired stablecoin infrastructure startup Bridge; offers USDC payouts across 150+ countries.
Company profile →Distributes PYUSD to consumers and merchants and routes remittances through Xoom. (Also an issuer above.)
Company profile →05 Treasury companies (DAT)
Digital Asset Treasury companies are public firms that hold crypto as a core reserve asset, effectively acting as a stock-market proxy for the coin itself. The model started with bitcoin, but by 2026 it had branched into Ethereum and Solana too — and the newer ones add a twist bitcoin can't offer: because ETH and SOL can be staked, those treasuries generate yield on top of price exposure.
BTC Bitcoin treasuries
The world's largest corporate bitcoin holder and the pioneer of the treasury model. Formerly MicroStrategy.
Company profile →A bitcoin-native public company built specifically to accumulate BTC; began trading in late 2025.
Company profile →Japan's leading bitcoin treasury company, often called the "Strategy of Asia."
Company profile →Miners like MARA also carry large bitcoin treasuries, straddling mining and the treasury theme.
Company profile →ETH Ethereum treasuries
The largest corporate Ethereum holder, led by Tom Lee; stakes most of its ETH for yield via its own validator network.
Company profile →An early, yield-oriented Ethereum treasury focused on steady accumulation and staking rewards.
Company profile →SOL Solana treasuries
The largest corporate Solana holder after a $1.65B raise backed by Galaxy, Jump, and Multicoin; stakes its SOL on-chain.
Company profile →Deeply embedded in Solana's ecosystem — runs a validator and reports a "SOL per share" metric to shareholders.
Company profile →An e-commerce firm that pivoted into a Solana treasury, staking its SOL for yield.
Company profile →A Solana-focused firm centered on validator operations and staking-driven treasury growth.
Company profile →06 FAQ
What are the main crypto industry value chains?
Five: Bitcoin mining, stablecoin issuance, exchanges, distribution and payment rails, and corporate treasuries — each with its own business model and public companies.
Why do some companies appear in more than one value chain?
Because their business genuinely spans categories — PayPal both issues (PYUSD) and distributes stablecoins, and MARA both mines bitcoin and holds it as a treasury asset.
What is a crypto treasury company?
A public company that holds crypto (bitcoin, ethereum, or solana) as a core reserve asset, acting as a stock-market proxy for the coin itself. Ethereum and Solana treasuries can also stake their holdings for yield, which bitcoin treasuries can't do.
Are bitcoin miners still just mining bitcoin?
Increasingly not. Several of the largest — including Riot, Core Scientific, and IREN — have repurposed power capacity to host AI and high-performance computing instead.
This page presents market data and educational analysis only. It does not constitute investment advice, a recommendation, or a solicitation to buy or sell any asset. Company roles, tickers, and listings are described as of 2026 and can change — verify current details before relying on them. Past performance does not guarantee future results. Company details reflect information available at the time each page was written and may not capture subsequent changes — check the company's own investor relations page for the latest figures.