The largest regulated crypto exchange in the US. Earns revenue from trading fees, custody, and staking. Is the custodian for most Bitcoin ETFs including BlackRock's IBIT — making it essential crypto infrastructure even for investors who never touch the exchange.
Holds more Bitcoin than any other publicly traded company — over 200,000 BTC bought with a combination of cash and leveraged debt. Functions as a leveraged Bitcoin proxy, amplifying both upside and downside moves in the underlying asset.
One of the largest Bitcoin miners in North America. Earns Bitcoin directly through proof-of-work mining. Revenue depends on the Bitcoin price, mining difficulty, and energy costs. A high-beta play on Bitcoin.
Linked to Crypto Mining and Bitcoin. Relies on NVIDIA. Competes with MARA Holdings and TeraWulf.
Linked to Crypto Mining and Bitcoin. Competes with MARA Holdings and IREN.
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