# Crypto Economy Infrastructure

The infrastructure of the crypto economy: mining, exchanges and brokers, custody, stablecoins and tokenisation, payment networks, and blockchain software and data.

Theme: Blockchain and crypto (Finance and crypto). Page: https://thematiq.io/themes/blockchain-and-crypto/crypto-economy-infrastructure/

## Key facts

- **The build: 23** parts in the Blockchain & Crypto Infrastructure bill of materials, each traced to the companies that supply it (ThematIQ research)
- **The companies: 20** companies worth $132 billion, earning on average 93% of their revenue here (Annual reports and exchange data, 2026-10-28)

## What it holds

Listed companies that earn their revenue supplying these parts of the Blockchain & Crypto Infrastructure bill of materials, each read from its own reports.

| Part | 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 |

## 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 |

By listing country: United States 88%, Hong Kong 12%.

### 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

## What it is not

- 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

Data as of 2026-10-28. Source: ThematIQ (industry research, company filings, exchange data), ETFIQ (fund counts), and the publishers linked above. Not investment advice.