Beyond Bitcoin: Mapping the Complete Crypto & Blockchain Universe

On the back of the recent US election, cryptocurrencies have been in focus with Bitcoin surpassing $80,000 for the first time. The President-elect pledged during his campaign to make the U.S. the "crypto capital of the planet" and even proposed the creation of a strategic national Bitcoin reserve. In turn and almost overnight, the digital asset landscape changed - and it's just one of many industries undergoing dramatic and radical transformation. In this fast-moving ever-changing environment, seeing beyond the surface at speed is crucial.

How can you identify ALL the players participating in and shaping an industry's future? Who is relevant? Why? And by how much? We put this to the test. While crypto-themed ETFs typically hold between 20 and 45 stocks, we compared two approaches to uncovering the broader universe:

1. Asking Claude 3.5 Sonnet; and
2. Using Theia Insights' Concept2Universe model Our analysis revealed interesting differences in both breadth and precision.

The Theia Insights Concept2Universe model (powered by Theia Insights Industry Classification - TIIC) provides two key components:

• A taxonomy of themes relevant to a concept; and
• A list of companies related to and relevant to those themes.

And from Claude, we asked "Please give me a list of 100 publicly traded companies with exposure to or related to crypto and blockchain. Please exclude micro-cap companies. - Thank you!"

In this article, we share the top 100 relevant publicly traded companies with business activities related to crypto and/or adjacent technologies such as blockchain per Theia's Concept2Universe model, and we compare those with the list generated by Claude.

Please find the full lists at the bottom of this article

Mapping the Complete Crypto & Blockchain Universe

The Crypto Ecosystem – from Theia Insights' Concept2Universe Model

Theme Taxonomy Map: Beyond the obvious crypto themes like Cryptocurrencies and Blockchain Technology, there are many indirect connections that are related to and that impact the sector. This taxonomy helps us see where opportunities lie beyond the surface - see the below map of relevant themes for visualisation:

Theme Map for Crypto & Blockchain: Theia Insights Concept2Universe

Theia's C2U List of Relevant Companies

Please note that the ranking reflects the relevance of a company's business activities to the crypto ecosystem, rather than any prediction of success or performance attribution to the theme. Well-Known Players:

• Coinbase ($COIN): Leading US crypto exchange platform with 0.46 crypto exposure, offering institutional and retail services
• Block ($SQ): Fintech pioneer with 0.15 crypto exposure through Bitcoin initiatives and Cash App
• Marathon Digital ($MARA): Major US Bitcoin mining operation with 0.39 crypto exposure
• Riot Platforms ($RIOT): Vertically integrated Bitcoin mining with 0.34 crypto exposure and US-based operations Beyond these pure-play crypto leaders, our Concept2Universe model identifies companies with strategic exposure across three key pillars of the crypto ecosystem: 1. Infrastructure Players:
• Core Scientific ($CORZ): US-based provider of blockchain infrastructure with 0.36 crypto exposure
• Bitfarms ($BITF): Multi-country mining operator with 0.36 crypto and 0.25 blockchain exposure
• HIVE Digital ($HIVE): Green energy-powered data centers with 0.24 crypto and 0.34 data center exposure 2. Technology Enablers:
• Advanced Blockchain AG ($ABK): Venture builder with 0.46 blockchain and 0.32 crypto exposure
• WisdomTree ($WT): Asset management innovator with 0.23 blockchain and 0.16 crypto exposure
• Bit Digital ($BTBT): AI and crypto convergence with 0.46 crypto and 0.32 AI exposure 3. Financial Innovation:
• Galaxy Digital Holdings ($GLXY): Digital asset services with 0.33 crypto and 0.23 investment banking exposure
• Interactive Brokers ($IBKR): Traditional broker expanding into crypto with 0.46 trading and 0.32 crypto exposure
• Bakkt Holdings ($BKKT): Institutional crypto infrastructure with 0.32 pure crypto focus

Comparison of Theia's C2U vs. Claude 3.5 Sonnet by Anthropic

To be impartial, we asked Anthropic's Claude LLM to analyse and compare the two lists (Theia's C2U list and Claude's list):

Common Ground: Core Crypto Players

Both approaches identified core companies relevant in and leading change in the crypto space, such as:

• Coinbase ($COIN)
• MicroStrategy ($MSTR)
• Marathon Digital ($MARA)
• Block Inc ($SQ)
• PayPal ($PYPL)
• CME Group ($CME)

Key Differences Between Theia'S C2U and Claude 3.5 Sonnet Coverage

Coverage Approach

• Theia Insights: Focuses on companies with substantial and measurable crypto/blockchain operations, balancing between pure-play crypto firms and integrated fintech players.

• Claude: Broadly includes companies with any level of blockchain involvement, encompassing traditional sectors dipping into blockchain.

Business Model Emphasis

• Theia: Emphasises direct operational involvement and revenue generation from crypto or blockchain activities.

• Claude: Captures companies with strategic investments or peripheral involvement in blockchain, even if it's a minor part of their business.

Types of Companies Highlighted

• Theia: Highlights technology/security companies like CrowdStrike ($CRWD) and Palantir ($PLTR), as well as fintech innovators such as Nu Holdings ($NU).

• Claude: tends to over-include hardware manufacturers like NVIDIA ($NVDA) and big tech players such as Microsoft ($MSFT), which have only tangential blockchain involvement.

Overall, Theia's model output appears to be a more reliable indicator of genuine crypto/blockchain market participation than the broader but less focused Claude list - not our words

The Bottom Line

By focusing on genuine market participation and cutting through the noise of superficial surface level connections, investors can obtain a clearer, more comprehensive view of any industry, theme or concept to make better informed decisions. This is done faster and with greater accuracy without foregoing explainability in a market that does not wait for people to figure out who does what by how much.

And remember, crypto is just one of a plethora of interesting investible themes and concepts. Theia's C2U model can quickly map the full global picture for any industry, theme, or concept with unmatched reliability. Ready to see how it can help you spot opportunities and trends in your area of interest? Reach out to our team on LinkedIn or send us an email - hello@theiainsights.com.

Appendix 1: Theia Insights Concept2Universe Crypto & Blockchain Basket (Top 100, No Micro-Cap, In Order of Relevance Scoring)"

1. Coinbase Global Inc
2. DeFi Technologies Inc
3. Galaxy Digital Holdings Ltd
4. WisdomTree Inc
5. Block Inc
6. Intercontinental Exchange Inc
7. BitFuFu Inc
8. Nasdaq Inc
9. CoinShares International Ltd
10. Kaspi[.]kz
11. Bitfarms Ltd
12. Digital Garage Inc
13. PayPal Holdings Inc
14. Core Scientific Inc
15. SBI Holdings Inc
16. Bit Digital Inc
17. Paysafe Ltd
18. Deutsche Boerse AG
19. Bitdeer Technologies Group
20. Terawulf Inc
21. CompoSecure Inc
22. GMO Internet Group Inc
23. VersaBank
24. MTN Group Ltd
25. Abaxx Technologies Inc
26. Hong Kong Exchanges and Clearing Ltd
27. Sea Ltd
28. Simplex Holdings Inc
29. Digital China Information Service Group Company Ltd
30. SoFi Technologies Inc
31. Guosheng Financial Holding Inc
32. OSL Group Ltd
33. Sinodata Co Ltd
34. Customers Bancorp Inc
35. Hengbao Co Ltd
36. Microstrategy Inc
37. Bitcoin Group SE
38. HIVE Digital Technologies Ltd
39. Xgd Inc
40. Marathon Digital Holdings Inc
41. Robinhood Markets Inc
42. Hut 8 Corp
43. Swissquote Group Holding SA
44. Interactive Brokers Group Inc
45. Plus500 Ltd
46. IG Group Holdings PLC
47. Iris Energy Ltd
48. Goldman Sachs Group Inc
49. Cipher Mining Inc
50. Rakuten Group Inc
51. Phoenix Group PLC
52. Shenzhen Ysstech Info-Tech Co Ltd
53. Fujian Rongji Software Co Ltd
54. Shenzhen Forms Syntron Information Co Ltd
55. Samsung SDS Co Ltd
56. Tansun Technology Co Ltd
57. Canaan Inc
58. Transportation Telecommunication & Information Development Inc Ltd Zhejiang
59. Sansec Technology Co Ltd
60. CrowdStrike Holdings Inc
61. Worldline SA
62. GMO Financial Holdings Inc
63. Riot Platforms Inc
64. Linklogis Inc
65. Cboe Global Markets Inc
66. Fidelity National Information Services Inc
67. CME Group Inc
68. Tanla Platforms Ltd
69. CleanSpark Inc
70. Flow Traders Ltd
71. Globant SA
72. ACV Auctions Inc
73. SI-TECH Information Technology Co Ltd
74. Virtu Financial Inc
75. Palantir Technologies Inc
76. International Business Digital Technology Ltd
77. My EG Services Bhd
78. CITIC Securities Co Ltd
79. Feitian Technologies Co Ltd
80. Izertis SA
81. Monex Group Inc
82. iSoftStone Information Technology Group Co Ltd
83. Cantaloupe Inc
84. Intchains Group Ltd
85. DigitalBridge Group Inc
86. Digital China Group Co Ltd
87. Sasken Technologies Ltd
88. Mastercard Inc
89. Inmyshow Digital Technology Group Co Ltd
90. Multipolar Technology Tbk PT
91. Koal Software Co Ltd
92. Hightech Payment Systems SA
93. Northern Data AG
94. QuantumCTek Co Ltd
95. HKE Holdings Ltd
96. Jasmine Technology Solution PCL
97. Shanghai Chinafortune Co Ltd
98. BlackBerry Ltd
99. Applied Digital Corp
100. Nexwise Intelligence China Ltd

NB we cut our list at 100 companies, noting that our models produced a significant larger cohort of relevant companies.

Appendix 2: Example Major Theme Exposures per Theia Insights Industry Classification (TIIC)

1. Coinbase Global Inc: [['Cryptocurrency & Digital Assets', 0.46], ['Blockchain & Distributed Ledger Technology', 0.32], ['Data Analytics', 0.22]]
2. DeFi Technologies Inc: [['Cryptocurrency & Digital Assets', 0.34], ['Investment Vehicle Funds', 0.24], ['Stock Exchanges & Trading Platforms', 0.16], ['Blockchain & Distributed Ledger Technology', 0.12], ['Index & Market Data', 0.08], ['Digital Transformation', 0.06]]
3. Galaxy Digital Holdings Ltd: [['Cryptocurrency & Digital Assets', 0.33], ['Investment Banking', 0.23], ['Financial Advisory & Tax', 0.16], ['Blockchain & Distributed Ledger Technology', 0.11], ['Specialized Finance & Non Bank Lending', 0.08], ['Stock Exchanges & Trading Platforms', 0.05], ['Software Development & Solutions', 0.04]]
4. WisdomTree Inc: [['Investment Vehicle Funds', 0.33], ['Blockchain & Distributed Ledger Technology', 0.23], ['Cryptocurrency & Digital Assets', 0.16], ['Index & Market Data', 0.11], ['Financial Advisory & Tax', 0.08], ['Innovation & Development Solutions', 0.05], ['Stock Exchanges & Trading Platforms', 0.04]]

Appendix 3: Claude Response List

"Certainly, here is a list of 100 publicly traded companies with significant involvement in cryptocurrency and blockchain technologies, excluding micro-cap companies:"

1. Coinbase Global Inc. (COIN) – Cryptocurrency exchange platform.
2. MicroStrategy Inc. (MSTR) – Business intelligence firm with substantial Bitcoin holdings.
3. NVIDIA Corporation (NVDA) – Designs GPUs used in cryptocurrency mining.
4. Marathon Digital Holdings Inc. (MARA) – Bitcoin mining company.
5. Riot Platforms Inc. (RIOT) – Focuses on Bitcoin mining operations.
6. Block Inc. (SQ) – Financial services company supporting Bitcoin transactions.
7. PayPal Holdings Inc. (PYPL) – Offers cryptocurrency buying and selling services.
8. Hut 8 Mining Corp. (HUT) – Cryptocurrency mining firm.
9. Canaan Inc. (CAN) – Develops cryptocurrency mining hardware.
10. Galaxy Digital Holdings Ltd. (GLXY) – Operates in digital asset management and trading.
11. Silvergate Capital Corporation (SI) – Provides banking services to cryptocurrency businesses.
12. Bitfarms Ltd. (BITF) – Bitcoin mining company.
13. Argo Blockchain plc (ARBK) – Cryptocurrency mining firm.
14. Hive Blockchain Technologies Ltd. (HIVE) – Mines cryptocurrencies like Bitcoin and Ethereum.
15. Ebang International Holdings Inc. (EBON) – Manufactures cryptocurrency mining equipment.
16. SOS Limited (SOS) – Engages in cryptocurrency mining and blockchain services.
17. The9 Limited (NCTY) – Operates cryptocurrency mining business.
18. Cipher Mining Inc. (CIFR) – Bitcoin mining company.
19. CleanSpark Inc. (CLSK) – Provides energy solutions and engages in Bitcoin mining.
20. Greenidge Generation Holdings Inc. (GREE) – Bitcoin mining and power generation company.
21. Stronghold Digital Mining Inc. (SDIG) – Bitcoin mining firm.
22. Terra Tech Corp. (TRTC) – Engages in blockchain technology applications.
23. DMG Blockchain Solutions Inc. (DMGI) – Blockchain and cryptocurrency company.
24. BIGG Digital Assets Inc. (BBKCF) – Operates cryptocurrency trading platforms.
25. Voyager Digital Ltd. (VYGVF) – Cryptocurrency brokerage firm.
26. BTCS Inc. (BTCS) – Engages in blockchain technology development.
27. Mogo Inc. (MOGO) – Offers financial services including cryptocurrency trading.
28. BIG Blockchain Intelligence Group Inc. (BBKCF) – Provides blockchain technology solutions.
29. Neptune Digital Assets Corp. (NPPTF) – Cryptocurrency and blockchain investment company.
30. Banxa Holdings Inc. (BNXA) – Provides payment services for cryptocurrency exchanges.
31. Net Savings Link Inc. (NSAV) – Operates cryptocurrency trading platforms.
32. Future FinTech Group Inc. (FTFT) – Develops blockchain-based e-commerce platforms.
33. Ideanomics Inc. (IDEX) – Invests in blockchain and fintech solutions.
34. Overstock.com Inc. (OSTK) – E-commerce platform accepting cryptocurrency payments.
35. IBM Corporation (IBM) – Develops blockchain solutions for enterprises.
36. Advanced Micro Devices Inc. (AMD) – Produces GPUs used in cryptocurrency mining.
37. Intel Corporation (INTC) – Develops hardware for blockchain applications.
38. Microsoft Corporation (MSFT) – Offers blockchain services through Azure.
39. Amazon.com Inc. (AMZN) – Provides blockchain solutions via AWS.
40. Alphabet Inc. (GOOGL) – Invests in blockchain technology through various ventures.
41. Facebook Inc. (FB) – Developing blockchain-based financial services.
42. Visa Inc. (V) – Exploring blockchain for payment solutions.
43. Mastercard Incorporated (MA) – Invests in blockchain technology for payments.
44. Square Inc. (SQ) – Offers Bitcoin trading through Cash App.
45. Robinhood Markets Inc. (HOOD) – Provides cryptocurrency trading services.
46. eBay Inc. (EBAY) – Exploring cryptocurrency payment options.
47. Tesla Inc. (TSLA) – Holds Bitcoin as part of its treasury.
48. JPMorgan Chase & Co. (JPM) – Develops blockchain-based payment systems.
49. Goldman Sachs Group Inc. (GS) – Offers cryptocurrency investment products.
50. Morgan Stanley (MS) – Provides cryptocurrency investment services.
51. Bank of America Corporation (BAC) – Holds blockchain-related patents.
52. Citigroup Inc. (C) – Invests in blockchain technology for financial services.
53. Wells Fargo & Company (WFC) – Researches blockchain applications in banking.
54. American Express Company (AXP) – Explores blockchain for payment solutions.
55. BNY Mellon Corporation (BK) – Offers cryptocurrency custody services.
56. State Street Corporation (STT) – Provides digital asset services.
57. Northern Trust Corporation (NTRS) – Develops blockchain solutions for asset management.
58. Charles Schwab Corporation (SCHW) – Offers cryptocurrency investment options.
59. Fidelity Investments (Private) – Provides cryptocurrency custody and trading services.
60. TD Ameritrade Holding Corporation (AMTD) – Offers cryptocurrency trading.
61. Interactive Brokers Group Inc. (IBKR) – Provides cryptocurrency trading services.
62. E*TRADE Financial Corporation (ETFC) – Offers cryptocurrency investment options.
63. CME Group Inc. (CME) – Provides cryptocurrency futures trading.
64. Intercontinental Exchange Inc. (ICE) – Operates Bakkt, a digital asset platform.
65. Nasdaq Inc. (NDAQ) – Invests in blockchain technology for financial markets.
66. Deutsche Börse AG (DB1) – Develops blockchain solutions for trading.
67. London Stock Exchange Group plc (LSEG) – Explores blockchain for financial services.
68. Hong Kong Exchanges and Clearing Limited (0388.HK) – Invests in blockchain technology.
69. Toronto Stock Exchange (TSX) – Lists blockchain and cryptocurrency companies.
70. Australian Securities Exchange Ltd. (ASX) – Implements blockchain for settlement systems.
71. SIX Swiss Exchange – Develops blockchain-based digital asset exchange.
72. Euronext N.V. (ENX) – Invests in blockchain technology for trading.
73. Baidu Inc. (BIDU) – Develops blockchain solutions for various applications.
74. Alibaba Group Holding Ltd. (BABA) – Invests in blockchain technology for supply chain.
75. Tencent Holdings Ltd. (TCEHY) – Develops blockchain-based services.
76. Samsung Electronics Co. Ltd. (SSNLF) – Invests in blockchain technology.

Disclaimer: The information provided in this blog post is for general informational purposes only and should not be considered investment advice. We do not guarantee the accuracy, completeness, or reliability of the information. Any opinions expressed are solely those of the author and do not constitute a recommendation or endorsement for any investment or strategy. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions. We are not responsible for any losses or damages resulting from reliance on the information provided.