CoinGecko's recent report reveals that publicly traded blockchain companies make up just 5.8% of the total cryptocurrency market capitalization, indicating the industry's predominantly private nature. Additionally, efforts towards diversification and potential IPOs continue to evolve.

As of February 4, the report identifies only 46 notable publicly listed blockchain companies, with most (24) being listed on NASDAQ and Coinbase leading the way with a market cap of $71.2 billion. Galaxy Digital comes second with a valuation exceeding $6.68 billion.

Only two blockchain-dedicated companies are listed on the New York Stock Exchange (NYSE): Bit Mining and Hyperscale Data. Hyperscale recently rebranded from Ault Alliance and shifted focus from crypto mining to AI data center infrastructure, mirroring an industry diversification trend.

Canada hosts 47 blockchain companies across various exchanges, including the Toronto Stock Exchange (TSX) and the Canadian Securities Exchange (CSE). However, many are microcap firms or ETFs. Galaxy Digital remains a notable presence on TSX.

The largest sector among the publicly listed blockchain companies is cryptocurrency mining, comprising 25 out of the 46 firms. Marathon Digital Holdings, with a market cap of $6.09 billion, leads notable mining companies, followed by Riot Platforms and Core Scientific.

The report also highlights that some mining companies are diversifying into high-performance computing (HPC) and AI data centers, responding to the Bitcoin halving event. Core Scientific and others like Hut 8 Mining and CleanSpark are exploring these new sectors.

The data emphasizes the relatively small presence of publicly traded companies within the vast crypto market. Despite rapid industry growth, key players' diversification strategies suggest a planned future.

Several crypto firms plan to enter public markets soon, potentially increasing sector representation. BitGo, managing over $100 billion in assets, is considering an IPO by late 2025.

The move by crypto custodians aligns with a broader trend of crypto companies pursuing public listings amid favorable regulatory developments. Observers predict firms like Circle, Kraken, and Gemini may pursue IPOs by 2025, amid supportive U.S. government policy towards cryptocurrencies.

These developments could significantly increase blockchain companies' presence in public markets, offering investors more avenues to engage with the growing crypto industry.