MoatScopeMoatScope

Digital Assets & Crypto

Crypto exchanges, bitcoin miners, stablecoin issuers and crypto-treasury companies.

Companies
85
With a moat
1%
Average quality
20
0 wide moat · 1 narrow moat · 83 no moat · Open in screener →
Updated 27 Sep 2026

Digital Assets & Crypto covers crypto exchanges, bitcoin miners, stablecoin issuers and companies that hold crypto as a treasury strategy. MoatScope covers 86 companies here. Only one, Coinbase, has a moat, and it is narrow; the other 85 have none.

How the industry makes money

Exchanges earn trading fees and interest on customer balances. Miners earn newly issued coins and transaction fees, so their results track crypto prices and their own power costs. Treasury companies raise money to hold crypto, so their value moves with the coins they own.

Why the moats are missing

Mining is a commodity business, holding coins is not an operating advantage, and trading fees face constant competition. Coinbase's narrow moat rests on regulatory standing, brand and custody relationships. Strategy, the9 and IREN are among the companies without a moat, and the industry averages 20 on MoatScope's quality scale.

What to watch

  • Crypto prices and trading volumes.
  • Regulation of exchanges and stablecoins.
  • Power costs and mining difficulty.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Digital Assets & Crypto into 3 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Crypto exchanges, wallets & stablecoins

Crypto trading platforms, wallets, custody, crypto finance and stablecoin issuers.

12 businesses MoatScope covers, ranked by revenue. No reliable figure for this market's total yet, so shares aren't shown. The only total found adds up the named exchanges, which would overstate their shares.

#BusinessRevenue
1COIN · Coinbase Global, Inc.$7.2B
2CRCL · Circle Internet Group, Inc.$2.7B
3BTM · Bitcoin Depot Inc.$615M
4ABIT · Athena Bitcoin Global$235M
5GEMI · Gemini Space Station, Inc.$180M
6SOS · SOS Ltd$154M
7EXOD · Exodus Movement, Inc.$122M
8DEFT · Defi Technologies, Inc.$99M
9MATH · Metalpha Technology Holding Ltd$45M
10AMBR · Amber International Holding Ltd$33M

Bitcoin miners, mining rigs & AI hosting

Bitcoin mining, mining hardware and data-center hosting.

Global market · $17.2B total revenue in 2025 · source: The Block. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. All bitcoin miners' revenue worldwide (The Block).

#BusinessMarket shareRevenue
1MARA · MARA Holdings, Inc.5.3%$907M
2CLSK · CLEANSPARK, INC.4.5%$766M
3CANG · Cango Inc.4.0%$688M
4RIOT · Riot Platforms, Inc.3.8%$647M
5CAN · Canaan Inc.3.1%$530M
6IREN · IREN Ltd2.9%$501M
7FUFU · Bitfufu Inc.2.8%$478M
8BTDR · Bitdeer Technologies Group2.0%$350M
9CORZ · Core Scientific, Inc./tx1.9%$319M
10HIVE · HIVE Digital Technologies Ltd.1.7%$298M
All other companies59.2%$10.2B

Crypto treasury companies

Companies whose main asset is a crypto holding.

41 businesses MoatScope covers, ranked by revenue. These companies compete in different national markets, so there's no single market to take a share of. These companies mainly hold crypto assets; revenue says little about their position, so no share is shown.

#BusinessRevenue
1MSTR · Strategy Inc$477M
2ZKIN · ZK International Group Co., Ltd.$71M
3MLGO · MicroAlgo Inc.$59M
4GAME · GameSquare Holdings, Inc.$45M
5DVLT · Datavault AI Inc.$39M
6INVU · Investview, Inc.$36M
7ORBS · Eightco Holdings Inc.$33M
8SBET · Sharplink, Inc.$28M
9JFU · 9F Inc.$19M
10LAES · SEALSQ Corp$18M

Companies

CompanyMoatQualityMarket
MSTR
Strategy Inc
None30Crypto treasury companies—$52.3B
COIN
Coinbase Global, Inc.
Narrow52Crypto exchanges, wallets & stablecoins—$44.4B
CRCL
Circle Internet Group, Inc.
None30Crypto exchanges, wallets & stablecoins—$20.7B
IREN
IREN Ltd
None17Bitcoin miners, mining rigs & AI hosting2.9%$13.9B
BMNR
BITMINE IMMERSION TECHNOLOGIES, INC.
None26Crypto treasury companies—$13.0B
HUT
Hut 8 Corp.
None23Bitcoin miners, mining rigs & AI hosting1.4%$8.4B
GLXY
Galaxy Digital Inc.
None15Crypto exchanges, wallets & stablecoins—†$6.1B
WULF
TERAWULF INC.
None15Bitcoin miners, mining rigs & AI hosting1.0%$6.0B
RIOT
Riot Platforms, Inc.
None19Bitcoin miners, mining rigs & AI hosting3.8%$5.2B
CORZ
Core Scientific, Inc./tx
None14Bitcoin miners, mining rigs & AI hosting1.9%$4.4B
BLSH
Bullish
None28Crypto exchanges, wallets & stablecoins—†$3.8B
CIFR
Cipher Digital Inc.
None20Bitcoin miners, mining rigs & AI hosting1.3%$3.7B
MARA
MARA Holdings, Inc.
None12Bitcoin miners, mining rigs & AI hosting5.3%$2.9B
BTDR
Bitdeer Technologies Group
None8Bitcoin miners, mining rigs & AI hosting2.0%$2.7B
CLSK
CLEANSPARK, INC.
None35Bitcoin miners, mining rigs & AI hosting4.5%$2.2B
PURR
Hyperliquid Strategies Inc
None56Crypto treasury companies—$1.8B
CANG
Cango Inc.
None16Bitcoin miners, mining rigs & AI hosting4.0%$1.8B
HIVE
HIVE Digital Technologies Ltd.
None25Bitcoin miners, mining rigs & AI hosting1.7%$1.6B
SBET
Sharplink, Inc.
None21Crypto treasury companies—$1.6B
KEEL
Keel Infrastructure Corp.
None12Bitcoin miners, mining rigs & AI hosting1.3%$1.5B
FETH
Fidelity Ethereum Fund
None22Crypto treasury companies—$1.1B
SAIH
SAIHEAT Ltd
None16Crypto treasury companies—$684M
ABTC
American Bitcoin Corp.
None23Bitcoin miners, mining rigs & AI hosting1.1%$556M
TRON
Tron Inc.
None8Crypto treasury companies—$522M
FWDI
Forward Industries, Inc.
None23Crypto treasury companies—$503M
GREEL
Greenidge Generation Holdings Inc.
None16Bitcoin miners, mining rigs & AI hosting0.3%$468M
GEMI
Gemini Space Station, Inc.
None12Crypto exchanges, wallets & stablecoins—$418M
DGXX
Digi Power X Inc.
None13Bitcoin miners, mining rigs & AI hosting0.2%$339M
BTBT
Bit Digital, Inc
None17Bitcoin miners, mining rigs & AI hosting0.7%$328M
ORBS
Eightco Holdings Inc.
None19Crypto treasury companies—$318M
DEFT
Defi Technologies, Inc.
None37Crypto exchanges, wallets & stablecoins—$310M
FUFU
Bitfufu Inc.
None26Bitcoin miners, mining rigs & AI hosting2.8%$310M
BGIN
BGIN BLOCKCHAIN Ltd
None11Bitcoin miners, mining rigs & AI hosting0.4%$300M
GAME
GameSquare Holdings, Inc.
None19Crypto treasury companies—$266M
ETHW
Bitwise Ethereum ETF
None22Crypto treasury companies—$254M
BKKT
Bakkt, Inc.
None14Crypto exchanges, wallets & stablecoins—†$248M
CNCK
Coincheck Group N.V.
None23Crypto exchanges, wallets & stablecoins—†$222M
CAN
Canaan Inc.
None17Bitcoin miners, mining rigs & AI hosting3.1%$177M
EXOD
Exodus Movement, Inc.
None19Crypto exchanges, wallets & stablecoins—$154M
TONX
TON Strategy Co
None24Crypto treasury companies—$150M
SLNH
Soluna Holdings, Inc
None15Bitcoin miners, mining rigs & AI hosting0.2%$144M
NAKA
Nakamoto Inc.
None10Crypto treasury companies—$129M
DVLT
Datavault AI Inc.
None22Crypto treasury companies—$124M
DFDV
DeFi Development Corp.
None24Crypto treasury companies—$113M
LAES
SEALSQ Corp
None15Crypto treasury companies—$100M
GPUS
Hyperscale Data, Inc.
None13Bitcoin miners, mining rigs & AI hosting0.6%$99M
ZKIN
ZK International Group Co., Ltd.
None14Crypto treasury companies—$80M
EMPD
Empery Digital Inc.
None11Crypto treasury companies—$77M
UPXI
UPEXI, INC.
None19Crypto treasury companies—$75M
AMBR
Amber International Holding Ltd
None23Crypto exchanges, wallets & stablecoins—$70M
BTCS
BTCS Inc.
None25Crypto treasury companies—$57M
DCX
Digital Currency X Technology Inc.
None22Crypto treasury companies—$50M
NCTY
The9 LTD
None18Crypto treasury companies—$50M
EDGM
Edgemode, Inc.
None4Crypto treasury companies—$48M
HYPD
HYPERION DEFI, INC.
None18Crypto treasury companies—$44M
FRMM
FORUM MARKETS Inc
None5Crypto treasury companies—$44M
STEX
Streamex Corp.
None25Crypto treasury companies—$43M
SDEV
Stablecoin Development Corp
None30Crypto treasury companies—$43M
ABIT
Athena Bitcoin Global
None14Crypto exchanges, wallets & stablecoins—$41M
PHUN
Phunware, Inc.
None16Crypto treasury companies—$41M
MLGO
MicroAlgo Inc.
None30Crypto treasury companies—$40M
NA
Nano Labs Ltd
None27Crypto treasury companies—$40M
STKE
SOL Strategies Inc.
None7Crypto treasury companies—$40M
FGNX
FG Nexus Inc.
None18——†$40M
INVU
Investview, Inc.
None32Crypto treasury companies—$37M
JFU
9F Inc.
None43Crypto treasury companies—$31M
MATH
Metalpha Technology Holding Ltd
None33Crypto exchanges, wallets & stablecoins—$30M
FLD
Fold Holdings, Inc.
None20Crypto exchanges, wallets & stablecoins—$28M
TAOX
TAO Synergies Inc.
None18Crypto treasury companies—$24M
AIXC
AIxCrypto Holdings, Inc.
None14Crypto treasury companies—$20M
ARBK
Argo Blockchain Plc
None3Bitcoin miners, mining rigs & AI hosting0.3%$20M
SOS
SOS Ltd
None16Crypto exchanges, wallets & stablecoins—$20M
TAOP
Taoping Inc.
None19Crypto treasury companies—$20M
DRK
DarkHorse Technologies Inc.
—19Crypto treasury companies—$18M
MGTI
MGT CAPITAL INVESTMENTS, INC.
None5Crypto treasury companies—$17M
EBON
Ebang International Holdings Inc.
None18Crypto exchanges, wallets & stablecoins—$13M
ICG
Intchains Group Ltd
None29Bitcoin miners, mining rigs & AI hosting0.2%$11M
BNKK
BONK, INC.
None14Crypto treasury companies—$9M
CRCW
Crypto Co
None19Crypto treasury companies—$7M
BTM
Bitcoin Depot Inc.
None36Crypto exchanges, wallets & stablecoins—$6M
SGLY
Singularity Future Technology Ltd.
None12Crypto treasury companies—$3M
PWCM
PowerCompute, Inc.
None15Crypto treasury companies—$1M
ABTS
Abits Group Inc
None30Crypto treasury companies——
BTCT
BTC Digital Ltd.
None13Crypto treasury companies——
MVNC
Marvion Inc.
None25Crypto treasury companies——

85 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

  • † Galaxy Digital Inc., Bullish, Bakkt, Inc., Coincheck Group N.V.: Reports the gross value of the assets it trades as revenue, so its share isn't comparable.
  • † FG Nexus Inc.: Counted under FGC.

Price versus fair value for every company is in the screener.

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