US Public Companies and Their Digital Asset Money Makers. Part 1

With President Trump signing the GENIUS Act into law, many are celebrating a new era for crypto. But here's the real question: what kind of digital assets are truly mainstream today?

Here is a powerful signal. Block (formerly Square) is added to the S&P 500, replacing Hess Corp, an oil & gas giant.

That is a metaphor for our time: the world used to run on physical oil. Now it runs on digital rails. And Block is in the business of digital asset exchange facilitation and Bitcoin treasury.

So which other US public companies have significant digital asset businesses? I mapped out the top public companies generating meaningful revenue from digital assets.

Here are the 8 leaders by market cap:

• Coinbase – Exchange

• Robinhood – Exchange

• Block – Exchange & Bitcoin Treasury

• CME Group – Exchange

• PayPal – Exchange & Stablecoin

• Circle – Stablecoin

• BlackRock – Asset Management

• MicroStrategy – Bitcoin Treasury

  
  

Across these, four major digital asset business models are emerging:

1. Exchange

2. Stablecoin

3. Asset Management

4. Bitcoin Treasury

   
   

These aren’t just experiments — they’re validated by real revenue, public markets, and index inclusion.

In this series, we’ll unpack each vertical:

• How big are they?

• What trends are driving growth?

• Who’s likely to join them next?

  
  

Part One drops today: The Exchange Business — the most proven revenue engine in crypto.  Let’s dive in.

Exchange Business: Coinbase, Robinhood, Block, PayPal, CME

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