The Big Analysis

TBW - Listed Crypto Companies: A Deep Dive into North America's Top 10 Market Players

The Big Whale

25 Mar 2025 — 8 min read

As the global financial landscape continues to transform, North America is emerging as a central player in the digital asset economy. Against this backdrop, ten listed companies stand out as drivers of adoption and innovation, whether in trading, mining, payments or asset management.

The recent regulatory shift in the US is paving the way for accelerated growth across the sector. Clearer guidelines from the courts, Congress and regulators now allow traditional financial giants - like BlackRock or PayPal - to integrate cryptoassets more widely into their businesses. At the same time, industry pioneers such as Coinbase and Strategy (formerly MicroStrategy) are continuing to expand at a steady pace. This regulatory clarification is redefining the rules of the game: it is giving digital assets new legitimacy and attracting institutional capital on a massive scale.

To assess the state of health and dynamics of listed crypto companies in North America, this report relies on three key indicators calculated in the 2024 financial year: market capitalisation, earnings per share (EPS) and price/earnings ratio (P/E).

Capitalisation reflects investor confidence in a company's long-term potential; EPS measures its current profitability; and P/E gives a reading of market perception - is a stock overvalued, undervalued, or seen as a growth opportunity?

Taken together, these indicators offer a clear insight into how each player is navigating a fast-changing market.

We have chosen a mix of 100% crypto companies, as well as others for which this is not the core business (in green).

MicroStrategy (MSTR)

Focus: Bitcoin Treasury
Market Cap: $65.79 billion
EPS: -$6.06
P/E Ratio: N/A (Negative Earnings)

Formerly a business intelligence software company, MicroStrategy - now renamed "Strategy" - has transformed itself into a veritable "Bitcoin Company". With 499,096 bitcoins under its belt, or around 2% of the total supply, it holds more BTC than any other company in the world. In 2025 alone, it acquired more than 52,000, pursuing an aggressive accumulation strategy.

To finance these purchases, the company regularly raises funds via share sales and convertible bonds. The latest initiative is the launch of STRK, a convertible preference share designed to support its bitcoin purchases. Its emblematic CEO, Michael Saylor, a fervent supporter of Bitcoin, recently took part in the very first Crypto Summit organised at the White House. He is actively campaigning for the creation of a US national Bitcoin reserve.

Despite a loss per share of -6.06 dollars and the absence of a price/earnings (P/E) ratio, Strategy's capitalisation peaks at 65.79 billion dollars and reflects the company's unique situation. A level that no longer reflects the company's traditional revenues, , as is the case for a typical listed company, but rather investors' growing interest in indirect exposure to Bitcoin.

Coinbase (COIN)

Focus: Crypto exchange platform and more
Market Cap: $49.14 billion
EPS : $9.48
P/E Ratio: 20.40

Coinbase is taking advantage of a favourable regulatory environment and the recent dropping of SEC lawsuits to expand into tokenised securities, stablecoins via the USDC issued by Circle (of which Coinbase is a major shareholder) and crypto derivatives.

On the infrastructure side, the company continues to invest in Base, its own Ethereum rollup solution, which has become one of the most efficient and least expensive on the market. With zero-cost transactions, integrations with DeFi protocols such as Morpho, and appeal to developers, Base is establishing itself as a booming ecosystem.

Financial results are following suit: with earnings per share of $9.48 and a P/E ratio of 20.4, Coinbase is showing solid profitability, driven in particular by rising trading volumes. A dynamic that gives it the means to diversify its activities beyond the exchange, notably into payments and blockchain infrastructure.

Marathon Digital (MARA)

Focus : Bitcoin mining
Market capitalization: $4.86 billion
EPS: $1.72
P/E Ratio: 8.15

Marathon Digital, one of the leading players in Bitcoin mining in the US, continues to grow after an exceptional 2024. With a net profit of $541 million at a marginal cost of $28,800 per BTC, the company is showing impressive profitability.

To support this momentum, Marathon has acquired a $50 million wind farm via a securities issue. The results for the fourth quarter of 2024 testify to this acceleration, with record revenues and a Bitcoin yield of 62.9% per share.

With a capitalisation of $4.86 billion and a relatively low P/E ratio of 8.15, the market remains cautious, however. This moderate valuation could reflect the risks inherent in the mining sector, including a strong dependence on the Bitcoin price or operational concerns.

Riot Platforms (RIOT)

Focus: Bitcoin mining
Market capitalisation: $2.76 billion
EPS: $0.34
P/E Ratio: 22.85

An established player in Bitcoin mining, Riot Platforms continues to expand. In February 2025, the company generated $39.6 million in revenue, with an average cost of $35,376 per BTC. Its cash balance now stands at 17,722 bitcoins.

Faced by the reduction in rewards associated with the 2024 halving, Riot is exploring new avenues of diversification, particularly in artificial intelligence and high-performance computing - a growing trend among miners seeking to monetise their energy and computing capabilities.

Despite relatively stable earnings per share since its IPO (generally between -0.50 and +0.50 dollars), the stock has a price/earnings ratio of 22.85. A figure which suggests that investors anticipate higher future growth than its rivals such as Marathon Digital, or judge Riot's overall risk to be more moderate.

Galaxy Digital (GLXY.TO)

Focus: Financial services and infrastructure
Market cap: $2.4bn
EPS: $4.23
P/E Ratio: 4.46

Founded by former banker Mike Novogratz, Galaxy Digital combines crypto financial services and technology infrastructure. The group reported a spectacular 117% rise in counterparty trading revenues to $54m thanks to a surge in lending and derivatives. Loans jumped 23% to $863 million.

Despite a drop in fees - an indirect consequence of the FTX bankruptcy - assets under management remained solid at $4.6 billion. In addition, assets under staking rose by 58% to $3.4 billion. In a move to diversify, Galaxy also signed an agreement to host AI services on its Helios campus, marking its foray into tech infrastructure.

With earnings per share of $4.23 but a very low P/E ratio (4.46), the market remains cautious. Galaxy's performance remains highly correlated with crypto cycles, which explains the volatility of its results and the scepticism of some investors.

CleanSpark (CLSK)

Focus: Bitcoin mining
Market capitalisation: $2.32bn
EPS: 0.27 dollars
P/E Ratio: 30.09

CleanSpark is establishing itself as one of the most dynamic Bitcoin miners on the market. In 2024, the company had a record year with $162.3 million in revenue (+120% year-on-year) and $246.8 million in net profit, maintaining a marginal cost of around $34,000 per BTC.

With more than 10,556 Bitcoins in reserve, the company continues to invest in optimising its infrastructure. Its sites in Wyoming, Georgia and Tennessee illustrate a strategy focused on access to cheap, sustainable energy.

This approach seems to be appealing to investors: despite a modest capitalisation of $2.32 billion, CleanSpark has a P/E ratio of 30.09, among the highest in the sector. A sign of confidence in its ability to maintain growth and stand out for its technological mastery.

Robinhood (HOOD)

Focus: Retail trading platform
Market Cap: $33.96 billion
EPS: 1.56 dollars
P/E Ratio: 24.56

Long a symbol of uninhibited finance for individuals, Robinhood is accelerating its crypto moult. In the fourth quarter of 2024, its revenues from trading digital assets exploded by 700% year-on-year, reaching $358 million. Volumes, meanwhile, came close to 70 billion. A boom driven by retail demand, but also by favourable regulatory winds.

The launch of Robinhood Legend, a desktop version dedicated to active traders, has proved a resounding success, generating an annual run rate of $50 million. The platform is also taking an institutional turn, with the ongoing acquisition of Bitstamp. The aim is to expand its offering internationally, tokenise real-world assets and improve its wallet.

Robinhood currently offers 22 cryptocurrencies in the US and is planning international expansion (still tentative in Europe due to the presence of heavyweight local players such as Revolut and Trade Republic). Its CEO, Vlad Tenev, makes no secret of his ambitions: to make crypto a strategic pillar of the group. With earnings per share of $1.56 and a P/E of 24.56, Robinhood's valuation primarily reflects its overall strength, even if the crypto segment is gaining in weight. Analysts predict that crypto trading volumes could triple by 2026, cementing Robinhood's long-term position in digital assets.

Block (SQ)

Focus: Payments and Bitcoin
Market Cap: $34.56 billion
EPS: $4.56
P/E Ratio: 12.21

Directed by Jack Dorsey (co-founder of Twitter), Block - which includes Square, Cash App, Afterpay, TIDAL (the music streaming platform initially launched by Jay-Z), Bitkey and Proto - continues to dig into the Bitcoin groove. Despite the volatility of the market, Cash App recorded stable growth in its revenues from buying and selling BTC.

Block is also expanding Bitkey, its self-hosted wallet, which is now available in more than 95 countries. Its Proto initiative, focused on mining, has reached a milestone with the supply of chips to Core Scientific. The company confirms its commitment to promoting financial inclusion via Bitcoin and building a decentralised infrastructure.

With an EPS of $4.56 and a moderate P/E ratio of 12.21, Block remains attractive. But its hybrid structure - between fintech, hardware, crypto and music - seems to be holding back some investors looking for more readable pure players.

PayPal (PYPL)

Focus: Payments and stablecoins
Market Cap: $68.00bn
EPS: 3.99 dollars
P/E Ratio: 17.20

A pillar of digital payments, PayPal is betting more and more on stablecoins. Its in-house project, PYUSD, is gradually being integrated into its services, notably through a partnership with FV Bank. The latter enables users to receive and send PYUSD to their dollar account, with instant conversion, making outgoing payments more fluid.

These efforts demonstrate PayPal's ambition to make PYUSD an everyday tool, for consumers and merchants alike. While the crypto business remains marginal in the results, it is becoming a focus for innovation and differentiation.

With a capitalisation of $68 billion and a P/E of 17.20, PayPal continues to attract investors, who see its stablecoin strategy as a long-term opportunity in the global adoption of crypto-assets. While crypto only plays a small role in revenues at the moment, PayPal's perception as a leader in the institutional crypto space would likely contribute to a higher market cap and P/E ratio.

BlackRock (BLK)

Focus: Asset Management
Market Cap: $143.51 billion
EPS: $42.01
P/E Ratio: 22.05

With more than $10 trillion in assets under management, BlackRock doesn't need crypto to shine. But since 2024, the American giant has been playing a growing role in it. Its Bitcoin and Ethereum ETFs have raised more than $51 billion and $2.3 billion respectively.

BlackRock has also launched a tokenised fund - BUIDL - now deployed on several blockchains such as Ethereum, Polygon, Arbitrum, Avalanche, Aptos and Optimism. More recently, the manager announced it was including 1-2% exposure to Bitcoin in its model portfolios, reflecting their recognition of Bitcoin's growing role in diversified investment strategies.

With an impressive earnings per share of $42.01 and a P/E of 22.05, BlackRock remains primarily valued for its overall performance. But its growing interest in digital assets - marginal though it may be - sends a strong signal that crypto is gradually taking hold in the most institutional portfolios.

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