Crypto Infrastructure
Crypto · Active
· Information Technology
Latest report
2026-05-01 14:07
Providers of blockchain infrastructure, Web3 services, DeFi protocols, or node infrastructure (picks-and-shovels for crypto).
Pool
84
Industries
6
Cohort
15
Cohort MCap
19.3B
Layers
5
Topology Rationale
The crypto infrastructure theme is built around operators that supply compute, hosting, power access, and node uptime to blockchain networks, then extends upstream to the silicon, servers, storage, and networking required to run those workloads. Adjacent software and security vendors help orchestrate, secure, and monitor crypto infrastructure, while downstream demand comes from cloud, application, and platform layers that consume or monetize the underlying blockchain and compute stack.
Value-Chain Layers
1
Crypto Compute, Mining Hosting & Digital Infrastructure Operators
These companies directly operate mining, hosting, colocation, power-linked compute, or blockchain infrastructure capacity that sits at the center of the crypto infrastructure thesis.
4 companies
| Company | Role | Market Cap | Revenue ($M) | Net Income ($M) |
|---|---|---|---|---|
|
Hut 8 Corp. Common Stock
HUT
FY2025
|
operates compute, digital infrastructure and power-linked crypto capacity
Financial Services
|
8.0B | 235 | -248 |
|
Core Scientific, Inc. Common Stock
CORZ
Q4-2025
|
self-mining and hosted mining/colocation operator
Technology
|
6.2B | 80 | 216 |
|
Bitfarms Ltd.
|
Bitfarms entity tied to bitcoin mining infrastructure
Technology
|
1.7B | — | — |
|
Bitfarms Ltd
|
Bitfarms entity tied to bitcoin mining infrastructure
Financial Services
|
1.2B | — | — |
2
Compute Hardware, Storage & Connectivity for Blockchain Workloads
This layer supplies the servers, storage systems, communications gear, and interconnect needed to run mining farms, validators, nodes, and crypto-related data infrastructure.
16 companies
| Company | Role | Market Cap | Revenue ($M) | Gross Margin (%) | Operating Margin (%) | Operating Cash Flow ($M) | Capex ($M) | Free Cash Flow ($M) |
|---|---|---|---|---|---|---|---|---|
|
Apple Inc
AAPL
Q2-FY2026
|
hardware vendor but mostly end devices rather than crypto infra
Technology
|
4.0T | 111,184 | — | — | 82,627 | 4,344 | 78,283 |
|
Cisco Systems Inc
CSCO
Q2-FY2026
|
networking gear supporting node and data-center connectivity
Technology
|
353.8B | 15,349 | 65.0% | 24.6% | 1,822 | 283 | — |
|
Arista Networks
ANET
FY2025
|
high-performance switching for compute clusters and data networks
Technology
|
212.4B | 9,006 | 64.1% | 42.8% | 4,372 | 120 | 4,252 |
|
Sandisk Corp
SNDK
Q3-2026
|
datacenter and edge storage supplier
Technology
|
157.1B | 5,950 | 78.4% | — | 3,038 | 45 | 2,993 |
|
Seagate Technology PLC
STX
FQ3-2026
|
storage hardware for infrastructure deployments
Technology
|
144.1B | 3,112 | 46.5% | 32.1% | 1,114 | — | 953 |
|
Western Digital Corporation
WDC
Q2-2026
|
storage devices used in node and data workloads
Technology
|
141.1B | 3,017 | 45.7% | 30.1% | 745 | 92 | 653 |
|
Dell Technologies Inc
DELL
FY2026
|
enterprise servers and storage for compute infrastructure
Technology
|
133.7B | 113,538 | 20.0% | — | 11,185 | 2,633 | — |
|
Motorola Solutions Inc
MSI
FY2025
|
communications hardware and systems provider
Technology
|
71.3B | 11,682 | — | 25.6% | 2,837 | 265 | 2,572 |
|
Nokia Corp ADR
|
network infrastructure vendor
Technology
|
69.6B | — | — | — | — | — | — |
|
Ciena Corp
CIEN
Q1-2026
|
optical networking and network software supplier
Technology
|
67.2B | 1,427 | 43.8% | 13.3% | 228 | 74 | 154 |
|
Ubiquiti Networks Inc
UI
Q2-FY2026
|
enterprise and service-provider network equipment
Technology
|
58.8B | 815 | 45.9% | 35.9% | — | — | — |
|
Hewlett Packard Enterprise Co
HPE
Q1-2026
|
servers, storage and cloud infrastructure hardware
Technology
|
37.5B | 9,301 | 35.9% | 5.1% | 1,178 | 569 | 708 |
|
Nebius Group N.V.
|
infrastructure-oriented cloud/data-center operator
Communication Services
|
35.7B | — | — | — | — | — | — |
|
F5 Networks Inc
FFIV
Q2-FY2026
|
application delivery and traffic infrastructure
Technology
|
18.5B | 812 | 81.4% | 22.1% | 525 | 28 | 497 |
|
NetApp Inc
NTAP
Q3-FY2026
|
hybrid cloud and storage infrastructure
Technology
|
21.5B | 1,713 | 70.6% | 25.3% | 317 | 46 | 271 |
|
Pure Storage Inc
PSTG
FY2026
|
enterprise storage systems for infrastructure workloads
Technology
|
21.4B | 3,663 | 70.4% | 3.1% | 880 | 264 | 616 |
3
Semiconductor, Memory & Electronic Component Inputs
These companies provide the chips, memory, packaging, power components, foundry capacity, and interconnect that determine performance and efficiency of crypto compute and node infrastructure.
25 companies
| Company | Role | Market Cap | Revenue ($M) | Gross Margin (%) | Operating Cash Flow ($M) | Capex ($M) | Net Income ($M) | Total Debt ($M) |
|---|---|---|---|---|---|---|---|---|
|
NVIDIA Corporation
NVDA
FY2026
|
data-center accelerators for blockchain-adjacent compute
Technology
|
5.1T | 215,938 | 71.1% | 102,718 | 6,042 | 120,067 | — |
|
Taiwan Semiconductor Manufacturing
|
leading foundry for compute silicon supply
Technology
|
2.0T | — | — | — | — | — | — |
|
Broadcom Inc
AVGO
Q1-2026
|
networking and infrastructure semiconductors
Technology
|
1.9T | 19,311 | 68.1% | 8,260 | 250 | 7,349 | — |
|
Micron Technology Inc
MU
Q2-2026
|
cloud and data-center memory supplier
Technology
|
584.7B | 23,860 | 74.4% | 11,903 | 5,004 | 13,785 | — |
|
Advanced Micro Devices Inc
AMD
FY2025
|
data-center processors and accelerators
Technology
|
549.6B | 34,639 | 50.0% | 7,709 | 974 | 4,335 | 3,222 |
|
Intel Corporation
INTC
Q1-2026
|
server CPUs and foundry capability
Technology
|
474.9B | 13,577 | 39.4% | 1,096 | 4,963 | -3,728 | 45,031 |
|
Texas Instruments Incorporated
TXN
Q1-2026
|
analog and embedded chips for infrastructure systems
Technology
|
245.0B | 4,825 | — | 1,520 | 676 | 1,545 | — |
|
Arm Holdings plc American Depositary Shares
|
CPU architecture used across infrastructure silicon
Technology
|
214.2B | — | — | — | — | — | — |
|
Analog Devices Inc
ADI
Q1-2026
|
communications and industrial analog semis
Technology
|
190.1B | 3,160 | 64.7% | 1,369 | 109 | 831 | 8,139 |
|
Qualcomm Incorporated
QCOM
Q2-FY2026
|
connectivity and edge silicon supplier
Technology
|
166.6B | 10,599 | 53.8% | 7,414 | 1,082 | 7,370 | — |
|
Marvell Technology Group Ltd
MRVL
FY2026
|
data-center and communications semiconductors
Technology
|
136.9B | 2,219 | 51.7% | 374 | 114 | 396 | 4,471 |
|
Monolithic Power Systems Inc
MPWR
Q1-2026
|
power-management chips for enterprise data systems
Technology
|
75.0B | 804 | 55.3% | 250 | — | 193 | — |
|
NXP Semiconductors NV
NXPI
Q1-2026
|
communications infrastructure semiconductors
Technology
|
73.0B | 3,181 | 56.2% | 793 | 79 | 1,122 | 11,724 |
|
ASE Industrial Holding Co Ltd ADR
|
semiconductor assembly and test services
Technology
|
67.0B | — | — | — | — | — | — |
|
Microchip Technology Inc
MCHP
Q3-FY2026
|
embedded semiconductors used in infrastructure equipment
Technology
|
48.8B | 1,185 | — | — | — | — | — |
|
STMicroelectronics NV ADR
|
broad semiconductor supplier for industrial systems
Technology
|
46.8B | — | — | — | — | — | — |
|
ON Semiconductor Corporation
ON
FY2025
|
power and sensing semiconductors
Technology
|
38.9B | 5,995 | 33.1% | 1,760 | 341 | 121 | — |
|
Globalfoundries Inc
|
foundry manufacturing capacity for chips
Technology
|
34.4B | — | — | — | — | — | — |
|
Astera Labs, Inc.
ALAB
FY2025
|
connectivity silicon for high-speed compute systems
Technology
|
33.7B | 853 | 75.7% | 319 | 38 | 219 | — |
|
Credo Technology Group Holding Ltd
CRDO
Q3-FY2026
|
high-speed connectivity components for data infrastructure
Technology
|
32.4B | 406 | — | — | — | — | — |
|
United Microelectronics
|
foundry supplier for semiconductor production
Technology
|
32.1B | — | — | — | — | — | — |
|
Qnity Electronics, Inc
Q
FY2025
|
interconnect and semiconductor technologies
Technology
|
29.6B | 4,754 | 46.2% | 1,273 | 285 | 729 | 4,027 |
|
Tower Semiconductor Ltd
|
specialty foundry capacity
Technology
|
23.7B | — | — | — | — | — | — |
|
MACOM Technology Solutions Holdings Inc
MTSI
Q1-2026
|
communications semiconductor components
Technology
|
20.2B | 272 | 55.9% | 43 | 13 | 49 | 500 |
|
Amkor Technology Inc
AMKR
Q1-2026
|
outsourced packaging and test for compute chips
Technology
|
17.5B | 1,685 | — | 145 | 225 | 83 | 1,414 |
4
Infrastructure Software, Security & Node-Orchestration Enablers
This layer provides the software platforms, security, databases, and observability tools that enable deployment, protection, and operation of blockchain nodes, digital infrastructure, and Web3 services.
11 companies
| Company | Role | Market Cap | Revenue ($M) | Operating Cash Flow ($M) | Capex ($M) | Free Cash Flow ($M) | Operating Margin (%) |
|---|---|---|---|---|---|---|---|
|
Microsoft Corporation
MSFT
Q3-FY2026
|
cloud and infrastructure software platform
Technology
|
3.2T | 82,886 | 46,679 | 30,876 | 15,803 | — |
|
Oracle Corporation
ORCL
Q3-FY2026
|
cloud infrastructure and database stack
Technology
|
471.2B | 17,190 | 23,514 | 48,250 | — | — |
|
Palo Alto Networks Inc
PANW
Q2-2026
|
security platform for infrastructure environments
Technology
|
147.2B | 2,594 | — | — | — | 15.3% |
|
Crowdstrike Holdings Inc
CRWD
FY2026
|
endpoint and workload security for infrastructure
Technology
|
114.7B | 1,305 | 1,612 | 302 | 1,235 | — |
|
Cloudflare Inc
NET
FY2025
|
edge network and developer infrastructure services
Technology
|
74.6B | 2,168 | 603 | 316 | 261 | -9.6% |
|
Fortinet Inc
FTNT
FY2025
|
network security appliances and services
Technology
|
63.7B | 6,800 | 2,591 | 365 | 2,212 | 30.7% |
|
CoreWeave, Inc. Class A Common Stock
CRWV
FY2025
|
cloud compute infrastructure adjacent to crypto hosting demand
Technology
|
60.3B | 5,131 | 3,058 | 10,309 | — | -1.0% |
|
VeriSign Inc
VRSN
Q1-2026
|
internet infrastructure and domain backbone services
Technology
|
24.8B | 429 | 272 | 7 | 265 | — |
|
Zscaler Inc
ZS
Q2-FY2026
|
cloud security access layer
Technology
|
21.7B | 816 | 204 | — | 169 | -6.0% |
|
MongoDB
MDB
FY2026
|
database platform for infrastructure applications
Technology
|
20.8B | 2,464 | 505 | 5 | 493 | -6.0% |
|
CyberArk Software Ltd
|
identity security for critical systems
Technology
|
20.6B | — | — | — | — | — |
5
Web3 Platforms, Enterprise Software Demand & Treasury-Linked Crypto Exposure
These companies sit closer to end-use demand, monetizing software, applications, analytics, stablecoin/crypto treasury strategies, or platform consumption that can ride on top of blockchain and compute infrastructure.
21 companies
| Company | Role | Market Cap | Revenue ($M) | Operating Cash Flow ($M) | Capex ($M) | Free Cash Flow ($M) | Operating Margin (%) | Gross Margin (%) |
|---|---|---|---|---|---|---|---|---|
|
Palantir Technologies Inc.
PLTR
FY2025
|
application software consuming underlying infrastructure
Technology
|
330.7B | 4,475 | 2,134 | 34 | — | 32.0% | — |
|
SAP SE ADR
|
enterprise application demand rather than infra supply
Technology
|
200.5B | — | — | — | — | — | — |
|
Shopify Inc
SHOP
FY2025
|
merchant software platform and potential Web3 commerce demand
Technology
|
157.8B | 11,556 | 2,033 | 26 | 2,007 | — | 48.1% |
|
Applovin Corp
APP
FY2025
|
application platform, not crypto infrastructure core
Communication Services
|
149.1B | 5,481 | 3,971 | 0 | 3,952 | — | 87.9% |
|
Salesforce.com Inc
CRM
FY2026
|
enterprise applications layer
Technology
|
148.2B | 41,525 | 14,996 | 594 | 14,402 | 20.1% | 77.6% |
|
Intuit Inc
INTU
Q2-FY2026
|
financial software end-market demand
Technology
|
109.9B | 4,651 | 2,207 | 84 | — | — | — |
|
Adobe Systems Incorporated
ADBE
Q1-2026
|
creative and marketing software end demand
Technology
|
98.5B | 6,398 | 2,958 | 37 | — | — | — |
|
ServiceNow Inc
NOW
Q1-2026
|
workflow software consumer of infrastructure
Technology
|
91.7B | 3,770 | 1,670 | 141 | 1,665 | 13.5% | 75.0% |
|
Cadence Design Systems Inc
CDNS
Q1-2026
|
EDA software supports chip ecosystem but not direct crypto infra
Technology
|
91.1B | 1,474 | 356 | 49 | 307 | 29.3% | — |
|
MicroStrategy Incorporated
MSTR
Q4-2025
|
software company with bitcoin treasury exposure
Technology
|
55.4B | 123 | — | — | — | — | 66.1% |
|
Autodesk Inc
ADSK
FY2026
|
application software end demand
Technology
|
49.8B | 7,206 | 2,452 | 43 | 2,409 | 22.0% | 91.0% |
|
Snowflake Inc.
SNOW
FY2026
|
data platform consuming cloud infrastructure
Technology
|
48.8B | 4,684 | 1,222 | 102 | 1,120 | -31.0% | — |
|
Datadog Inc
DDOG
FY2025
|
observability software sold into infrastructure operators
Technology
|
47.4B | 3,427 | 1,050 | 50 | 915 | -1.0% | — |
|
Thomson Reuters Corporation Common Shares
|
information software end-market demand
Industrials
|
41.3B | — | — | — | — | — | — |
|
Workday Inc
WDAY
FY2026
|
enterprise applications layer
Technology
|
31.5B | — | — | — | — | — | — |
|
Zoom Video Communications Inc
ZM
FY2026
|
communications application software
Technology
|
28.2B | 4,869 | 1,989 | 65 | 1,924 | 23.1% | — |
|
Veeva Systems Inc Class A
VEEV
FY2026
|
vertical SaaS end application
Healthcare
|
26.0B | 3,195 | 1,415 | 29 | 1,386 | 28.7% | — |
|
Fair Isaac Corporation
FICO
Q2-2026
|
analytics and decision software demand layer
Technology
|
24.8B | 692 | 223 | — | 214 | — | — |
|
Atlassian Corp Plc
TEAM
Q2-FY2026
|
collaboration software consuming infrastructure
Technology
|
18.6B | 1,586 | 178 | 9 | 169 | -3.0% | — |
|
Samsara Inc
IOT
FY2026
|
IoT application platform downstream from infrastructure
Technology
|
17.1B | 444 | 70 | 8 | 62 | 2.0% | — |
|
SS&C Technologies Holdings Inc
SSNC
Q1-2026
|
financial software and services with digital-asset adjacency
Technology
|
16.8B | 1,647 | 300 | 68 | 232 | 24.2% | 48.7% |
Report History
| Generated | Pool | Layers |
|---|---|---|
| 2026-05-01 14:07 | 84 | 5 |