Cryptocurrency Exchange
Crypto · Active
· Financials
Latest report
2026-05-01 14:05
Operators of cryptocurrency trading platforms, custody services, or digital asset exchanges (e.g. Coinbase).
Pool
81
Industries
5
Cohort
10
Cohort MCap
64.6B
Layers
6
Topology Rationale
The crypto exchange value chain is centered on trading venues, brokerages, and market infrastructure that match orders, provide liquidity, and monetize custody, staking, and institutional services. Upstream layers provide fiat rails and technical infrastructure, adjacent layers expand product utility via stablecoins and institutional wrappers, and downstream layers represent institutional allocators, custodians, and service partners that channel assets and trading flow into the ecosystem.
Value-Chain Layers
1
Crypto Trading Venues, Brokerage Platforms & Exchange Infrastructure
Core operators of crypto exchanges, brokerage-led digital asset platforms, and market venues where trading, custody, and exchange monetization occur.
14 companies
| Company | Role | Market Cap | Revenue ($M) | Net Income ($M) | Operating Income ($M) | Total Assets ($M) | Interest Income ($M) |
|---|---|---|---|---|---|---|---|
|
Coinbase Global Inc
COIN
FY2025
|
consumer and institutional crypto transaction platform
Financial Services
|
48.0B | 7,181 | 1,260 | — | 29,672 | — |
|
Bullish
|
digital asset exchange operator
Technology
|
5.5B | — | — | — | — | — |
|
Robinhood Markets Inc
HOOD
Q1-2026
|
retail brokerage with meaningful crypto trading activity
Financial Services
|
64.1B | 1,067 | 346 | — | 45,474 | — |
|
Charles Schwab Corp
SCHW
Q1-2026
|
brokerage platform and potential digital asset distribution channel
Financial Services
|
159.7B | 6,482 | 2,479 | — | 493,300 | — |
|
Interactive Brokers Group Inc
IBKR
Q1-2026
|
multi-asset electronic brokerage with crypto access
Financial Services
|
131.0B | 1,669 | 267 | — | 218,749 | 1,947 |
|
Futu Holdings Ltd
|
digital brokerage platform with trading infrastructure relevance
Financial Services
|
21.5B | — | — | — | — | — |
|
LPL Financial Holdings Inc
LPLA
FY2025
|
brokerage and advisory platform enabling digital asset distribution
Financial Services
|
26.5B | 16,989 | 863 | 1,150 | 18,493 | — |
|
Tradeweb Markets Inc
TW
Q1-2026
|
electronic marketplace operator adjacent to exchange model
Financial Services
|
25.8B | 618 | 233 | — | — | 17 |
|
CME Group Inc
CME
Q1-2026
|
regulated derivatives venue for crypto-linked trading
Financial Services
|
104.1B | 1,880 | 1,154 | 1,310 | 201,994 | — |
|
Intercontinental Exchange Inc
ICE
FY2025
|
exchange operator with digital asset market-structure relevance
Financial Services
|
88.5B | 9,931 | 3,315 | 4,929 | — | — |
|
Nasdaq Inc
NDAQ
Q1-2026
|
exchange technology and marketplace infrastructure provider
Financial Services
|
52.0B | 1,407 | 519 | 657 | 27,301 | 6 |
|
Cboe Global Markets Inc
CBOE
FY2025
|
exchange operator supporting crypto-linked market products
Financial Services
|
31.4B | 2,429 | 1,095 | 1,467 | 9,305 | 49 |
|
MarketAxess Holdings Inc
MKTX
FY2025
|
electronic trading and post-trade platform model
Financial Services
|
5.7B | 846 | 247 | — | 1,809 | 24 |
|
BGC Group Inc.
BGC
FY2025
|
brokerage and electronic execution infrastructure
Financial Services
|
5.4B | 2,942 | 155 | 214 | 4,408 | — |
2
Liquidity Provision, Market Making & Digital Asset Financial Intermediation
These firms supply execution liquidity, institutional trading services, principal capital, and structured products that support exchange activity and tighter spreads.
11 companies
| Company | Role | Market Cap | Revenue ($M) | Net Income ($M) | Comp Ratio (%) | Cash ($M) |
|---|---|---|---|---|---|---|
|
Galaxy Digital Holdings Ltd
GLXY
FY2025
|
digital assets, trading, asset management, and infrastructure
Financial Services
|
9.9B | 60,407 | -241 | — | 1,246 |
|
Virtu Financial, Inc.
VIRT
Q1-2026
|
market making and execution services
Financial Services
|
10.9B | 1,095 | 347 | — | 973 |
|
Stonex Group Inc
SNEX
Q1-2026
|
institutional trading and self-directed retail execution
Financial Services
|
8.2B | 39,030 | 139 | — | 1,593 |
|
Jefferies Financial Group Inc
JEF
Q1-2026
|
capital markets intermediary for trading and issuance
Financial Services
|
9.7B | 2,017 | 156 | — | — |
|
Stifel Financial Corporation
SF
Q1-2026
|
institutional and wealth brokerage platform
Financial Services
|
12.0B | 1,478 | 242 | 57.5% | — |
|
Xp Inc
|
brokerage-led investment platform
Financial Services
|
9.5B | — | — | — | — |
|
Freedom Holding Corp
FRHC
Q3-FY2026
|
broker-dealer and trading infrastructure exposure
Financial Services
|
9.0B | 629 | 76 | — | — |
|
Evercore Partners Inc
EVR
Q1-2026
|
institutional capital markets intermediary
Financial Services
|
12.8B | 1,392 | 301 | 64.0% | 986 |
|
Houlihan Lokey Inc
HLI
Q3-FY2026
|
advisory platform with limited but relevant market intermediation role
Financial Services
|
10.9B | 717 | 117 | 61.5% | — |
|
Piper Sandler Companies
PIPR
FY2025
|
equity brokerage and fixed income services
Financial Services
|
6.2B | 1,899 | 281 | 61.4% | — |
|
PJT Partners Inc
PJT
Q1-2026
|
advisory intermediary tied to capital markets ecosystem
Financial Services
|
6.0B | 418 | 89 | — | — |
3
Fiat On-Ramps, Stablecoin Rails & Payments Connectivity
This layer connects bank money and payment credentials to crypto platforms through card funding, transfers, merchant settlement, embedded wallets, and stablecoin transaction rails.
17 companies
| Company | Role | Market Cap | Revenue ($M) | Net Income ($M) | Operating Cash Flow ($M) | Capex ($M) | Operating Margin (%) |
|---|---|---|---|---|---|---|---|
|
Visa Inc. Class A
V
Q2-2026
|
global card network for exchange funding and spending rails
Financial Services
|
637.0B | 11,230 | 6,021 | 9,788 | 761 | — |
|
Mastercard Inc
MA
Q1-2026
|
payment network supporting crypto on-ramp connectivity
Financial Services
|
464.5B | 8,398 | 3,882 | 2,999 | 335 | 60.8% |
|
American Express Company
AXP
Q1-2026
|
card-based consumer funding and settlement channel
Financial Services
|
215.4B | 18,907 | 2,971 | — | — | — |
|
PayPal Holdings Inc
PYPL
FY2025
|
wallet and payments platform with crypto user access
Financial Services
|
45.8B | 33,172 | 5,233 | 6,416 | 852 | 19.2% |
|
Block, Inc
XYZ
FY2025
|
Cash App and bitcoin ecosystem tie to retail crypto flows
Technology
|
41.4B | 24,194 | 1,306 | 2,580 | 155 | 20.1% |
|
Fiserv, Inc.
|
merchant and banking rails for fiat movement
Technology
|
34.3B | — | — | — | — | — |
|
Fiserv, Inc. Common Stock
FISV
FY2025
|
merchant and financial solutions for payment connectivity
Technology
|
33.2B | 21,193 | 3,480 | 6,062 | 1,763 | 37.4% |
|
Fidelity National Information Services Inc
FIS
FY2025
|
banking and capital markets infrastructure for money movement
Technology
|
23.9B | 10,677 | 382 | 2,608 | 989 | — |
|
Global Payments Inc
GPN
FY2025
|
merchant acquiring and payments acceptance rails
Industrials
|
19.5B | 7,706 | 1,400 | 2,657 | 618 | 44.2% |
|
Corpay Inc
CPAY
FY2025
|
corporate payments infrastructure
Technology
|
20.3B | 4,528 | 1,070 | 1,500 | 201 | — |
|
Wex Inc
WEX
Q1-2026
|
specialized payments rails and settlement services
Technology
|
5.4B | 674 | 78 | -331 | 38 | 36.2% |
|
Circle Internet Group, Inc.
CRCL
FY2025
|
stablecoin issuer central to crypto settlement rails
Financial Services
|
25.4B | 2,747 | -70 | — | — | — |
|
Broadridge Financial Solutions Inc
BR
Q3-FY2026
|
financial messaging and processing infrastructure
Technology
|
18.8B | 1,954 | 276 | 668 | 35 | 21.5% |
|
Joint Stock Company Kaspi.kz
|
payments ecosystem and wallet connectivity
Technology
|
16.3B | — | — | — | — | — |
|
PayPay Corporation American Depository Shares
|
consumer payments wallet and checkout network
Technology
|
13.6B | — | — | — | — | — |
|
Klarna Group plc
|
consumer payments app and wallet distribution
Technology
|
5.1B | — | — | — | — | — |
|
Chime Financial, Inc. Class A Common Stock
CHYM
FY2025
|
payments platform with retail wallet adjacency
Technology
|
8.2B | 2,187 | -1,010 | 53 | — | — |
4
Hosting, Cloud, Network Resilience & Compute Infrastructure
Crypto exchanges rely on always-on cloud, colocation, networking, security, and low-latency infrastructure to maintain uptime, custody access, and trading responsiveness.
10 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Operating Cash Flow ($M) | Gross Margin (%) | Free Cash Flow ($M) |
|---|---|---|---|---|---|---|---|
|
Cloudflare Inc
NET
FY2025
|
network security and application delivery infrastructure
Technology
|
74.6B | 2,168 | 316 | 603 | — | 261 |
|
CoreWeave, Inc. Class A Common Stock
CRWV
FY2025
|
cloud compute capacity for exchange and blockchain workloads
Technology
|
60.3B | 5,131 | 10,309 | 3,058 | — | — |
|
Nebius Group N.V.
|
cloud and infrastructure services provider
Communication Services
|
35.7B | — | — | — | — | — |
|
VeriSign Inc
VRSN
Q1-2026
|
core internet naming infrastructure supporting platform reliability
Technology
|
24.8B | 429 | 7 | 272 | 88.5% | 265 |
|
Akamai Technologies Inc
AKAM
FY2025
|
edge delivery, security, and cloud infrastructure
Technology
|
14.7B | 4,208 | 818 | 1,519 | — | — |
|
IREN Ltd
IREN
Q2-FY26
|
bitcoin and cloud infrastructure operator
Financial Services
|
14.2B | 185 | 719 | 72 | — | — |
|
Godaddy Inc
GDDY
Q1-2026
|
internet platform infrastructure and domain services
Technology
|
11.4B | 1,267 | 5 | 472 | — | 474 |
|
DigitalOcean Holdings Inc
DOCN
FY2025
|
cloud hosting for digital-native financial platforms
Technology
|
10.1B | 901 | 140 | 310 | 60.0% | — |
|
Applied Digital Corporation
APLD
Q3-2026
|
data center hosting and cloud services
Technology
|
9.3B | 127 | 1,577 | -43 | 42.5% | — |
|
Core Scientific, Inc. Common Stock
CORZ
Q4-2025
|
digital asset hosting and compute infrastructure
Technology
|
6.2B | 80 | 279 | 278 | 26.0% | — |
5
Institutional Custody, Asset Gathering & Crypto Product Distribution
These firms represent the institutional client layer that allocates to digital assets, uses custody and servicing, launches wrappers like ETFs, and channels end demand into exchanges.
22 companies
| Company | Role | Market Cap | Revenue ($M) | AUM ($M) | Net Income ($M) | Interest Expense ($M) |
|---|---|---|---|---|---|---|
|
BlackRock Inc
BLK
Q1-2026
|
asset manager with digital assets and ETF distribution
Financial Services
|
161.5B | 6,698 | 13,894,600 | 2,212 | — |
|
The Bank of New York Mellon Corporation
BK
Q1-2026
|
asset servicing and custody infrastructure
Financial Services
|
90.8B | 5,409 | 2,100 | 1,630 | — |
|
State Street Corp
STT
Q1-2026
|
custody bank and institutional servicing partner
Financial Services
|
42.0B | 3,796 | 5,620,000 | 764 | — |
|
Northern Trust Corporation
NTRS
Q1-2026
|
asset servicing and custody client base
Financial Services
|
30.5B | 2,206 | 1,785 | 526 | 1,580 |
|
Ameriprise Financial Inc
AMP
Q1-2026
|
wealth and asset management distribution channel
Financial Services
|
42.8B | 4,812 | 1,700,000 | 915 | — |
|
T. Rowe Price Group Inc
TROW
Q1-2026
|
institutional asset manager and product distributor
Financial Services
|
21.9B | 1,857 | 1,709,700 | 498 | — |
|
Invesco Plc
IVZ
Q1-2026
|
ETF and index asset manager exposed to crypto products
Financial Services
|
11.4B | 1,744 | 2,159,500 | 230 | 24 |
|
Franklin Resources Inc
BEN
Q2-FY2026
|
global asset manager and end-investor channel
Financial Services
|
15.3B | 2,295 | 1,682 | 268 | 20 |
|
Janus Henderson Group PLC
JHG
FY2025
|
institutional asset management demand channel
Financial Services
|
7.9B | 3,097 | 493,200 | 816 | 24 |
|
Affiliated Managers Group Inc
AMG
FY2025
|
multi-boutique asset management exposure
Financial Services
|
7.7B | 2,074 | 813,300 | 717 | 136 |
|
SEI Investments Company
SEIC
Q1-2026
|
investment platform and advisor servicing layer
Financial Services
|
10.9B | 622 | 554 | 174 | — |
|
Stepstone Group Inc
STEP
Q3-FY2026
|
advisory and fund platform serving allocators
Financial Services
|
6.4B | 587 | 219,800 | -162 | 5 |
|
Apollo Global Management LLC Class A
APO
Q1-2026
|
alternative asset manager and institutional allocator
Financial Services
|
70.5B | — | — | — | — |
|
Blackstone Group Inc
BX
Q1-2026
|
large alternatives manager and capital allocator
Financial Services
|
146.5B | 3,618 | 1,304,018 | 1,258 | 137 |
|
Brookfield Corp
|
diversified asset owner and allocator
Financial Services
|
96.6B | — | — | — | — |
|
KKR & Co LP
KKR
FY2025
|
institutional capital allocator and product sponsor
Financial Services
|
92.0B | 19,464 | 744,000 | 2,252 | — |
|
Brookfield Asset Management Ltd.
BAM
Q4-2025
|
asset management platform for end-investor access
Financial Services
|
75.4B | — | 1,000,000 | 615 | 39 |
|
Ares Management LP
ARES
Q1-2026
|
alternative credit and institutional client channel
Financial Services
|
36.6B | — | 644,000 | 143 | — |
|
Carlyle Group Inc
CG
FY2025
|
alternatives platform and allocator network
Financial Services
|
17.2B | 4,780 | 477,000 | 809 | — |
|
TPG Inc
TPG
Q4-FY2025
|
private capital allocator and institutional client interface
Financial Services
|
16.2B | 1,491 | — | 77 | — |
|
Blue Owl Capital Inc
OWL
Q4-FY2025
|
capital solutions platform serving wealth channels
Financial Services
|
13.9B | 147 | — | 48 | — |
|
Blue Owl Capital Corporation
OBDC
FY2025
|
public vehicle for private credit investor exposure
Financial Services
|
5.6B | — | 16,471 | — | 596 |
6
Market Data, Indexing, Ratings & Analytics Enablement
These companies support price discovery, benchmark construction, analytics, and reference data that make crypto products more tradable, investable, and institutionally legible.
4 companies
| Company | Role | Market Cap | Revenue ($M) | Operating Margin (%) | Free Cash Flow ($M) | Capex ($M) | Revenue Growth (%) |
|---|---|---|---|---|---|---|---|
|
S&P Global Inc
SPGI
Q1-2026
|
indices and market intelligence for investable products
Financial Services
|
128.2B | 4,171 | 51.8% | 919 | 27 | 10.0% |
|
Moodys Corporation
MCO
Q1-2026
|
ratings and data analytics supporting institutional adoption
Financial Services
|
80.4B | 2,079 | 53.2% | 844 | 95 | — |
|
MSCI Inc
MSCI
Q1-2026
|
index and analytics provider for digital asset products
Financial Services
|
43.5B | 851 | — | 278 | 29 | — |
|
Morningstar Inc
MORN
Q4-2025
|
indexing and investment research ecosystem support
Financial Services
|
7.2B | — | 23.9% | — | — | 8.5% |
Report History
| Generated | Pool | Layers |
|---|---|---|
| 2026-05-01 14:05 | 81 | 6 |