What it holds
Crypto Economy Infrastructure follows the money through the Blockchain and crypto bill of materials: the parts it takes to build it, and the companies that earn their revenue supplying them. Each company is read from its own reports, so a holding reflects what it actually sells into the theme, not what it says about it.
| Part | What it covers |
|---|---|
| Mining ASIC chips | bitcoin mining ASICs, foundry leading edge, osat assembly |
| Mining rigs | asic mining rigs, power supply units, thermal management components |
| Mining site electrical infrastructure | transformers, switchgear, transmission distribution equipment, data center power distribution, building wire cable |
| Mining facility construction & cooling | data center design build contracting, data center thermal systems, liquid cooling, mining modular containers |
| Electricity supply for mining | renewable power producers, fossil power generation, nuclear power generation, distributed generation, regulated transmission, regulated distribution |
| Hosting, pools & fleet services | bitcoin mining hosting, data center onsite services, mining rig repair services, mining pools, mining firmware fleet software, hashrate marketplaces |
| Self-mining (hashrate production) | bitcoin self mining |
| Centralised spot exchanges | crypto spot exchanges |
| Crypto derivatives venues | crypto derivatives venues |
| Retail crypto brokerage & fintech apps | retail crypto brokerage |
| Institutional prime, OTC & market making | crypto prime brokerage otc, crypto market making |
| Crypto exchange-traded products | crypto etp issuance |
| Institutional custody & key management | digital asset custody, mpc wallet infrastructure, hardware security modules, encryption key management software |
| Self-custody wallets | self custody software wallets, hardware wallets, secure element ICs |
| Stablecoin issuance & reserves | stablecoin issuance, stablecoin reserve management |
| Tokenised asset platforms | rwa tokenization platforms, tokenized funds, dlt securities settlement |
| Blockchain payment & settlement networks | stablecoin settlement networks, deposit token networks, blockchain cross border payments |
| On/off ramps, merchant acceptance & cards | fiat crypto onramps, crypto merchant acceptance, crypto card programs, crypto banking services |
| Node & cloud infrastructure | blockchain node rpc services, hyperscale compute services, cloud object block storage |
| Proof-of-stake validation & staking | pos validator operations, staking as a service |
| Enterprise blockchain software & integration | enterprise blockchain platforms, blockchain developer tools, blockchain consulting integration |
| Blockchain analytics, compliance & security | blockchain analytics forensics, kyc aml identity verification, smart contract security audits |
| Crypto market data & indices | crypto market data, crypto index benchmarks |
How it breaks down
- United States88%
- Hong Kong12%
- Large cap ($10bn to $200bn)24%
- Mid cap ($2bn to $10bn)31%
- Small cap (under $2bn)45%
Shares of the strategy as of the data date.
Largest companies
| Company | Listing | Market value |
|---|---|---|
| Cleanspark | CLSK.XNAS | $2 billion |
| Riot Platforms | RIOT.XNAS | $5 billion |
| eToro Group | ETOR.XNAS | $2 billion |
| Coinbase Global | COIN.XNAS | $43 billion |
| Bit Digital | BTBT.XNAS | $348 million |
| Bakkt | BKKT.XNYS | $236 million |
| Bitmine Immersion Technologies | BMNR.XNYS | $13 billion |
| Galaxy Digital | GLXY.XNAS | $7 billion |
| Bullish | BLSH.XNYS | $4 billion |
| Circle Internet Group | CRCL.XNYS | $21 billion |
| Iren | IREN.XNAS | $10 billion |
| Sharplink | SBET.XNAS | $2 billion |
| Gemini Space Station | GEMI.XNAS | $406 million |
| 3887.Hk | 3887.HK | $670 million |
| 0863.Hk | 0863.HK | $1 billion |
Questions
- What is Crypto Economy Infrastructure?
- The infrastructure of the crypto economy: mining, exchanges and brokers, custody, stablecoins and tokenisation, payment networks, and blockchain software and data.
- What does Crypto Economy Infrastructure hold?
- Listed companies that earn their revenue from the parts it takes to build Blockchain & Crypto Infrastructure: Mining ASIC chips, Mining rigs, Mining site electrical infrastructure, Mining facility construction & cooling, Electricity supply for mining, Hosting, pools & fleet services. 20 companies as of 2026-10-28.
- What is not in Crypto Economy Infrastructure?
- Immersion tanks, fluids, CDUs and dry coolers: Mining facility construction & cooling, not Mining rigs; rig-level cold plates, fans and heatsinks shipped inside the miner: Mining rigs, not Mining facility construction & cooling Staking commissions earned by exchanges, custodians and validator operators: Proof-of-stake validation & staking, not Centralised spot exchanges or Institutional custody & key management Reserve income share paid to distributors: Stablecoin issuance & reserves, not Centralised spot exchanges or On/off ramps, merchant acceptance & cards
Sources
Every part of the bill of materials is researched from published industry sources, and every company from its own annual reports and exchange data. Nothing is estimated that cannot be sourced.
Industry research: ccaf.io/cbnsi/cbeci/methodology · ccaf.io/cbnsi/cbeci/mining_map/mining_data · cryptoetf.today/en/blog/bitcoin-etf-expense-ratios-compared · data.coindesk.com/reports/exchange-review-april-2024 · en.wikipedia.org/wiki/Circle_Internet_Group · greencalculus.com/standards/cambridge-cbeci-bitcoin-electric · investors.robinhood.com/news-releases/news-release-details/r · miningdisrupt.com/guides/asic-miners · tether.io/news/tether-hits-13-billion-profits-for-2024-and-a · coinglass.com/learn/2025-annual-report-en · crowdfundinsider.com/2025/02/236654-cryptocurrency-trading-v · dlnews.com/articles/markets/tether-13-billion-profit-beats-w · kucoin.com/news/flash/bitcoin-etfs-attract-over-100-billion- · sec.gov/Archives/edgar/data/1679788/000167978824000186/q324s · simplemining.io/insights/post/bitcoin-mining-hosting-pricing · stakingrewards.com/asset/solana/analytics
What it is not
Where an item could belong to two parts, these rules decide which owns it; items outside every part are not counted.
- Immersion tanks, fluids, CDUs and dry coolers: Mining facility construction & cooling, not Mining rigs; rig-level cold plates, fans and heatsinks shipped inside the miner: Mining rigs, not Mining facility construction & cooling
- Staking commissions earned by exchanges, custodians and validator operators: Proof-of-stake validation & staking, not Centralised spot exchanges or Institutional custody & key management
- Reserve income share paid to distributors: Stablecoin issuance & reserves, not Centralised spot exchanges or On/off ramps, merchant acceptance & cards
- Revenue of listed miners from own fleets: Self-mining (hashrate production), not Electricity supply for mining or Hosting, pools & fleet services; cost lines for power and hosting they buy: Electricity supply for mining or Hosting, pools & fleet services, not Self-mining (hashrate production)
- Standalone or subscription firmware and fleet management software: Hosting, pools & fleet services, not Mining rigs; firmware bundled in the rig price: Mining rigs, not Hosting, pools & fleet services
- Behind-the-meter and flare-gas generation equipment and power sold to miners: Electricity supply for mining, not Self-mining (hashrate production); generation a miner owns for its own use is costed in Electricity supply for mining and not Self-mining (hashrate production)
- Card network to issuer settlement in stablecoins: Blockchain payment & settlement networks, not On/off ramps, merchant acceptance & cards; consumer card programs and merchant acquiring: On/off ramps, merchant acceptance & cards, not Blockchain payment & settlement networks
- Tokenised fund management fees and DLT repo/collateral settlement: Tokenised asset platforms, not Crypto exchange-traded products, Stablecoin issuance & reserves or Institutional prime, OTC & market making
- Lending, financing, OTC and market making for institutions: Institutional prime, OTC & market making, not Centralised spot exchanges or Retail crypto brokerage & fintech apps
- Secure-element ICs in hardware wallets: Self-custody wallets, not Institutional custody & key management; standalone HSMs for institutions: Institutional custody & key management, not Self-custody wallets
- Power cabling, PDUs and switchgear to the rig plug: Mining site electrical infrastructure, not Mining facility construction & cooling; site shells, containers and cooling: Mining facility construction & cooling, not Mining site electrical infrastructure
- Installation labour is included in the product bucket (Mining rigs, Mining site electrical infrastructure or Mining facility construction & cooling); ongoing on-site O&M is in Hosting, pools & fleet services; design-build contractors are in Mining facility construction & cooling
- Cloud compute, storage and node/RPC services: Node & cloud infrastructure, not Hosting, pools & fleet services or exchange buckets
- KYC/AML, analytics and audits: Blockchain analytics, compliance & security, not Enterprise blockchain software & integration; integration projects: Enterprise blockchain software & integration, not Blockchain analytics, compliance & security
- Index and benchmark licensing: Crypto market data & indices, not Crypto exchange-traded products or Crypto derivatives venues
Not investment advice. Figures are dated and sourced; ThematIQ does not estimate figures it cannot source.