Crypto Assets usher in a new era of finance, who will become the leader of "coin stock M7"?

In the US stock market, the "Magnificent 7" (referred to as M7) has become a well-known concept, referring to a group composed of seven major technology giants. As of June 2025, the total market capitalization of M7 is as high as approximately $14 trillion, accounting for over 30% of the market capitalization of the S&P 500 index, and its global influence profoundly shapes the landscape of the technology economy.

Meanwhile, the Crypto Assets sector is nurturing a group of emerging giants that occupy a core position in Web3 applications and infrastructure, while some listed companies are directly purchasing Crypto Assets as a strategic reserve. Although the market capitalization and influence of Crypto Assets-related listed companies are still relatively inferior compared to the M7 of the US stock market, their rapid growth and disruptive potential cannot be ignored. With the maturity of blockchain technology and the increase in global adoption rates, these companies are reshaping the future of finance and technology.

With the emergence of Crypto Assets listed companies and an increasing number of companies incorporating Crypto Assets into their strategic reserves, many companies have demonstrated the potential to reshape the digital economy landscape. Can "Coin Stocks M7" show influence like the US Stocks M7? In the following analysis, we will focus on listed companies related to Crypto Assets, dissect their core businesses, market positioning, and their impact on the digital economy. Let's take a look at which companies have the potential to become "Coin Stocks M7"?

Note: Due to market fluctuations, the current market value and prices mentioned in the text may vary. The relevant data is based on the market conditions on the date of publication "June 30, 2025, 19:00 (UTC+8)".

Strategic Reserve

MicroStrategy Incorporated

Reserve coin: 582345 BTC, valued at approximately 6.29 billion US dollars.

The market capitalization is approximately 107.234 billion USD. MicroStrategy is an enterprise software company that has transformed into a Crypto Assets platform by holding about 592,345 coins of Bitcoin, dedicated to promoting the adoption of blockchain assets by enterprises and solidifying its position in decentralized finance.

In August 2020, the company became the first publicly traded company to adopt Bitcoin as a primary reserve asset, initiating its "digital gold" strategy. In 2023, it invested over $6 billion to purchase Bitcoin and held an event in May 2024 to promote corporate Bitcoin investment. In June 2025, it increased its holdings by 10,000 coins and collaborated with a blockchain company to provide enterprise-level encryption data services.

The chairman and former CEO of MicroStrategy is a staunch supporter of Bitcoin, believing that Bitcoin is a superior store of value, often referring to it as "digital gold," capable of resisting inflation and currency depreciation. His strategic vision has driven the company to transform Bitcoin into its primary reserve asset, setting a benchmark for corporate diversification of asset allocation.

XXI CEP

Reserve coins: 37,230 BTC, worth approximately 4.019 billion US dollars.

The restructuring and relisting will take place in July-August, with a current valuation of 12 billion. XXI CEP refers to Twenty One Company, whose original stock code was CEP, and will change to code XXI after merging with the parent company to be listed on a certain exchange. Currently, the company has secured investments and has received Bitcoin provided by a certain stablecoin issuer.

In April 2025, XXI Capital was established through a merger with a certain company's SPAC, holding approximately 42,000 coins of Bitcoin, making it the third largest Bitcoin reserve company in the world. The merger included the purchase of 4,812 coins of Bitcoin (average price of approximately $95,320 per coin) through a certain stablecoin issuer, totaling about $458.7 million. In June 2025, the company advanced the development of Bitcoin-native financial products and planned to enhance Bitcoin's popularity through content, media, and education.

Metaplanet Inc.

Reserve coin: 12,345 coins BTC, valued at 1.333 billion USD

The market capitalization is approximately 6.25 billion USD. Metaplanet Inc. is a Japanese investment company that has transformed into a Bitcoin reserve company by holding Bitcoin, committed to enhancing shareholder value and promoting corporate adoption of blockchain assets, solidifying its position in the decentralized finance sector. The company was established in 1999, and its business covers hotel management, Web3-related operations, and provides professional consulting services to assist companies in integrating Bitcoin strategies.

In April 2024, Metaplanet launched a Bitcoin investment strategy, becoming the first listed company in Japan to use Bitcoin as a primary reserve asset to hedge against yen depreciation and high government debt risk. In June 2025, the company increased its holdings by 1,088 coins, bringing its total holdings to over 2,200 coins, ranking among the top ten listed companies globally in terms of Bitcoin ownership. In 2025, the company's stock price soared by 255% due to the Bitcoin investment frenzy, reaching a historical high of 1,423 yen. Additionally, Metaplanet partnered with blockchain companies to develop enterprise-level Crypto Assets solutions, further promoting the adoption of Bitcoin in Japan.

SharpLink Gaming, Inc.

Reserve coins: 194,000 ETH, worth 467 million USD

The market value is approximately 581 million USD. SharpLink is an online gaming and Crypto Assets management company focused on integrating blockchain technology with gaming services to build a crypto financial ecosystem.

In October 2024, SharpLink launched an Ethereum reserve strategy, increasing its holdings to 188,478 ETH (approximately 474 million USD). In June 2025, all ETH was used for staking, generating a yield of 120 ETH, and acquiring a 10% stake in a gambling platform, launching an Ethereum-based gambling platform, and collaborating with a blockchain to develop an on-chain settlement system.

Nano Labs Ltd.

Reserve coins: BNB strategic reserve, worth 160 million USD BNB and BTC

Market capitalization of approximately 235 million USD. A Web3 underlying infrastructure service provider, focused on high-performance computing solutions, and committed to promoting innovative development in the Bitcoin ecosystem.

At the end of 2024, Nano Labs purchased 400 coins of Bitcoin through a trading platform. On June 23, 2025, it announced its active application for Hong Kong Dollar and offshore Renminbi stablecoin licenses. On June 24, Nano Labs announced a financing plan for $500 million in convertible bonds for BNB strategic reserves and plans to acquire $1 billion worth of BNB through convertible notes and private placements. In terms of long-term goals, Nano Labs plans to hold 5% to 10% of the total circulating supply of BNB.

SRM Entertainment, Inc.

Reserve coin: Invest 210 million USD strategic reserve TRX

The market capitalization is approximately 137 million USD. SRM is a toy and souvenir design company that explores the Web3 entertainment and digital collectibles space through investment in Crypto Assets and blockchain technology.

On June 16, 2025, SRM secured a $100 million equity investment, launching a TRON token (TRX) reserve strategy, collaborating with TRON to develop a digital collectibles platform, and planning to go public on an exchange through a reverse merger, with the stock price skyrocketing over tenfold.

Web3 Industry Applications

Coinbase Global Inc.

The market capitalization is approximately 90.2 billion USD. Coinbase is a global leading Crypto Assets trading platform that provides buying and selling services for Bitcoin, Ethereum, and other assets for retail and institutional investors, lowering the entry barrier to the crypto market.

On April 14, 2021, Coinbase went public on a certain exchange, becoming the first publicly traded crypto exchange. In January 2024, it handled $4.6 billion in Bitcoin ETF trading volume. On May 13, 2025, it was included in a certain stock index, with the stock price rising by 8%, and launched an upgraded version of the Web3 wallet, supporting multi-chain NFT transactions.

Robinhood Markets Inc.

The market capitalization is approximately 73.271 billion USD. Robinhood is a retail investment platform that provides young users with convenient access to the crypto market through crypto asset trading and Web3 wallet services.

In December 2019, Robinhood launched Crypto Assets trading services, supporting Bitcoin and Ethereum. In August 2021, it acquired a technology company to enhance shareholder interaction. On March 26, 2025, it hosted a corporate event to announce the expansion of Crypto Assets trading pairs (including certain Crypto Assets) and launched the beta version of its Web3 wallet, collaborating with a decentralized exchange to optimize DeFi trading.

Block, Inc.

Market capitalization is approximately 40.979 billion USD. Block is a payment and blockchain technology company that provides payment solutions through its products, develops decentralized platforms, and promotes decentralized finance.

In 2013, Block launched a payment application that supports Bitcoin transactions. In 2021, it acquired a payment company to expand its buy now, pay later services. In March 2025, the decentralized platform launched a Web3 payment protocol that supports USDC and Bitcoin settlements, integrates an oracle with a certain blockchain, and collaborates with another blockchain to develop a mobile Crypto Assets payment application.

Circle Internet Group Inc.

The market capitalization is approximately 40.153 billion USD. Circle is a leading company in the stablecoin sector, and its issued USDC is the most widely used dollar stablecoin globally, applied in cross-border payments, smart contracts, and decentralized trading.

In July 2021, Circle announced a plan to go public via SPAC, valuing it at $4.5 billion. In June 2024, a USDC payment solution was launched in collaboration with a payment company. On June 5, 2025, Circle went public on a certain exchange, with the stock price soaring 168% on the first day. On June 17, benefiting from stablecoin legislation, it collaborated with a fintech company to optimize global merchant payments.

Galaxy Digital Holdings Ltd

Market capitalization is approximately 2.614 billion USD. Galaxy Digital is a digital asset investment company that offers Crypto Assets trading, asset management, and consulting services, promoting the application of blockchain technology.

In 2021, Galaxy was listed on a certain exchange. In 2024, it launched a $100 million Web3 fund to invest in NFT and Layer 2 projects. In May 2025, it increased its holdings by 5,000 coins and collaborated with a certain blockchain to develop enterprise-level blockchain services.

BC Technology Group Limited

The market capitalization is approximately $1.235 billion. BC Technology is a Crypto Assets trading platform company, and its exchange provides Bitcoin and Ethereum trading services, aiming to develop the Asian Crypto Assets market.

On December 15, 2020, its exchange became the first regulated Crypto Assets platform in Hong Kong. In November 2023, a certain company acquired a 30% stake in it. In June 2025, the platform was upgraded to support multi-chain trading and tested the digital Hong Kong dollar with the Hong Kong Monetary Authority.

Amber International Holding Limited

The market capitalization is approximately 1.029 billion USD. Amber is an institutional encryption financial services company that offers Crypto Assets trading, wealth management, and custody services through its platform.

In November 2024, Amber merged with a certain company to enhance digital wealth management capabilities. On March 28, 2025, it was listed on a certain exchange, and in May, it launched a $100 million Crypto Assets fund to invest in assets such as Bitcoin and XRP, obtaining a Hong Kong SFC license.

Sinohope Technology Holdings Limited

Market capitalization of approximately 233 million USD. New Fire Technology provides one-stop digital asset services, including data centers, SaaS, virtual asset management, trust and custody, over-the-counter trading, and strategic investments.

In 2020, a certain exchange obtained a Hong Kong SFC license. In November 2024, it merged with a certain company to enhance its wealth management capabilities. In May 2025, it launched a multi-chain trading platform supporting Bitcoin, Ethereum, and USDT, and applied for a Hong Kong SFC virtual asset license.

Web3 Infrastructure & Service Providers

Marathon Digital Holdings Inc.

Market capitalization of approximately $5.289 billion. Marathon is a Bitcoin mining company that supports blockchain network security through large-scale mining and holding Bitcoin.

In March 2021, Marathon changed its name to Marathon Digital Holdings, focusing on Bitcoin mining. In December 2023, it acquired two mining facilities from a certain company for $178.6 million. In May 2025, it deployed 15 EH/s of computing power, purchased mining machines from a certain brand, and collaborated with a certain company to develop green mining facilities.

Marathon's shareholders include large institutional investors, such as a certain asset management company (holding about 15%) and another investment firm, which also