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

Coinbase stands as the largest publicly traded blockchain company, with a market cap of $71.2 billion as of February 8, 2025. This figure places it far ahead of its closest competitor, Galaxy Digital, which holds a market cap of just $6.7 billion – making Coinbase more than ten times larger.

Furthermore, the exchange’s valuation has also surpassed the combined total of the next nine largest blockchain firms, which collectively amount to $33.2 billion, according to CoinGecko’s latest report.

Coinbase Leads Public Blockchain Firms

While the blockchain industry covers various sectors, cryptocurrency mining remains the most prevalent, with 25 out of the 46 largest publicly traded firms engaged in mining operations. However, following Bitcoin’s fourth halving, which reduced block rewards from 6.25 BTC to 3.125 BTC, a growing trend of diversification has emerged.

Many mining firms, leveraging their expertise in infrastructure and high-performance computing, are expanding into AI and Web3 solutions. Notable players such as Core Scientific, Hut 8 Mining, TeraWulf, HIVE Digital Technologies, and CleanSpark are pivoting toward AI-driven data centers and cloud computing.

Despite the dominance of mining firms in sheer numbers, the blockchain sector’s overall market capitalization remains concentrated in a handful of major players, with Coinbase maintaining a lead.

Among the 46 publicly traded blockchain firms, Coinbase (COIN) is the sole representative of the exchange sector, accounting for just 2.2% of the total. However, its market capitalization significantly outpaces that of most other blockchain companies, with the exception of business intelligence company MicroStrategy (MSTR), which has an even larger valuation of $97.7 billion.

Notably, MicroStrategy follows a unique approach, leveraging debt to acquire Bitcoin and capitalize on its price fluctuations. When Michael Saylor-led company is removed from the equation, the remaining blockchain firms have a combined market cap of $121.9 billion, with Coinbase making up a dominant 63.6% of that value.

Public Blockchain Companies Hold Tiny Stake

The cryptocurrency mining sector, on the other hand, has a total market capitalization of $31.7 billion, largely driven by leading firms such as 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, while other miners remain under $3 billion.

Meanwhile, the finance and investment sector, which is worth around $7.1 billion, is heavily concentrated in Galaxy Digital, which holds $6.7 billion.

Altogether, publicly traded blockchain companies have a total market cap of $199.5 billion, which accounts for just 5.8% of the overall $3.45 trillion cryptocurrency market capitalization.