Here is the English translation: This year's listed crypto stocks have far outperformed 90% of altcoins and on-chain meme coins. After ending the market downturn in the first quarter, crypto finally saw an increase in May. Bitcoin rose slightly by about 9.7% amid volatility, but what many people don't know is that this year's "crypto newcomers" listed on Nasdaq have completely outperformed Bitcoin and most altcoins in recent months. Antalpha triggered a circuit breaker on its first day of listing, eToro closed up 23%, Amber Premium surged nearly 8 times in the first quarter, and Strive, which completed a reverse merger, soared over 10 times in five months. In this article, BlockBeats will analyze these most representative crypto listed companies in 2025 based on financial reports, stock performance, and business models, exploring how they gained momentum on-chain and accelerated in US stocks, completing the transition from crypto service providers to global financial institutions. [The rest of the translation follows the same approach, maintaining the structure and translating all text while preserving any HTML tags]

Galaxy's listing path appears quite representative. As early as 2018, Galaxy completed a backdoor listing on the TSX Venture Exchange through a reverse acquisition with a Canadian shell company, Bradmer Pharmaceuticals, with the stock code GLXY. With the maturation of the regulatory environment and compliance framework, Galaxy began a structural reorganization from 2022, initiating a complex Up-C architecture design, moving its registered address from the Cayman Islands to Delaware, USA, and establishing a new holding entity, Galaxy Digital Inc., as a publicly traded company to be listed on Nasdaq. This Up-C model allows the company to retain the flexibility of its existing partnership structure while optimizing public shareholders' equity and voting rights structure, which is a standard reorganization path often used by American new economy enterprises like Coinbase and Robinhood before listing. It reflects how crypto industry companies have gradually overcome traditional regulatory barriers and entered mainstream capital markets over the past few years. Asset management was one of Galaxy's most outstanding sectors in 2024. The annual Assets Under Management (AUM) grew to $5.7 billion, reaching a historical high. Of this, $3.5 billion came from ETF products issued in collaboration with global traditional financial giants like Invesco and State Street, while $2.2 billion comprised alternative investment portfolios including hedge funds and venture capital funds. Galaxy's spot BTC ETF (BTCO) and spot ETH ETF (QETH), jointly launched with Invesco, went online early and mid-year respectively, quickly entering the US mainstream market. Simultaneously, Galaxy collaborated with State Street to launch three crypto ecosystem-themed ETFs covering decentralized technology and Web3 technology indices. Moreover, Galaxy launched the multi-asset hedge fund Galaxy Absolute Return Fund during the year, a fund portfolio designed for institutional investors emphasizing zero crypto exposure. In trading and derivatives business, while the annual report did not disclose detailed annual trading revenue, Galaxy emphasized continuous investment in product diversity, institutional service depth, and compliance capabilities, introducing multiple new cryptocurrencies and leveraged trading products to enrich its derivatives platform trading tools.

Meanwhile, Galaxy reported a net loss of $295 million this quarter, which was mainly not from its core business, but due to unrealized losses from digital asset market price adjustments and asset impairment from retired Helios project mining machines. These floating items totaled $392 million, which suppressed GAAP net profit but did not actually affect its operating income and cash flow performance. From a non-GAAP perspective, Galaxy's core operating profit remains stable, with structural revenues continuously generated from asset management, trade matching, lending, and fund issuance sectors.

It can be said that this quarter's financial report is a transformation window for Galaxy to comprehensively "align with Wall Street" from operational to accounting systems. From the GAAP report, it appears as a company under market volatility pressure; but from a non-GAAP perspective, Galaxy is steadily building a global multi-asset platform with stable cash flow, extensive financial product lines, and AI data centers as a medium to long-term pivot. [The rest of the translation follows the same professional and accurate approach, maintaining the specific terminology translations as instructed.]

As of the first quarter of 2025, Strive's total Assets Under Management (AUM) have reached approximately $2 billion, representing a year-on-year growth of over 70%. Strive's primary business structure is built around ETF products, and in less than three years, the company has launched 13 exchange-traded funds covering core index strategies, thematic investments, and actively managed fixed-income funds.

These ETF products have become their main recurring revenue source, rapidly expanding to over 7,000 Registered Investment Advisor (RIA) teams and entering multiple corporate 401(k) retirement platforms after gaining retail market acceptance. Simultaneously, the company has made breakthroughs in technology platform services, beginning to generate "technology platform fees" from high-net-worth clients and institutions through direct investment portfolios, customized index services, and tax optimization tools, which have become a new revenue growth curve.

Although the company has not yet published complete GAAP financial statements, its investor documents from May 2025 reveal an increasingly clear revenue structure. Expenditure is focused on organizational expansion and market promotion, heavily relying on social media and content operations for market penetration. The company has over 200,000 users on TikTok and Discord, with millions of annual interactions. Additionally, as Strive prepares to enter the public market, expenses related to compliance, human resources, and listing infrastructure have significantly increased, constituting its primary operating costs.

Concurrent with the merger, Strive launched a groundbreaking financial engineering plan: opening a $1 billion Bitcoin equity exchange window. Through IRS Section 351, the company allows Bitcoin holders to exchange BTC for Strive equity without triggering capital gains tax. This mechanism, termed "Bitcoin Balance Sheet Engineering," aims not just to hoard coins but to transform BTC into a fundamental anchor for corporate value pricing, creating a capital allocation platform with BTC as a reserve asset and stable income streams.

Furthermore, Strive has formally established Bitcoin as the "Hurdle Rate" for internal capital deployment, meaning any investment decisions, mergers and acquisitions, or financing activities must be judged based on whether they outperform BTC's long-term annualized returns. Behind this concept is the company's firm belief in a Bitcoin-denominated economy: if an investment cannot provide returns superior to BTC, it is not worth pursuing.

From a nascent ETF issuer to a compliant listed platform constructing a "Bitcoin Treasury" model, Strive's transformation can almost be described as "aggressive". However, looking at its capital structure, business performance, and user community stickiness, it is redefining the boundaries of asset management companies in a manner distinctly different from traditional Wall Street.

Amber Premium

Founded in 2017 and headquartered in Hong Kong, Amber Group is a global crypto financial services provider. On March 12, 2025, Amber Group's crypto financial institution service and solution provider, Amber International (brand name: Amber Premium), completed a merger with iClick Interactive Asia Group Limited and began trading on the Nasdaq Global Market under the stock code "AMBR".

As a core subsidiary of Amber Group, Amber Premium will fully leverage its proprietary blockchain and financial technology, AI-enabled risk management, and Amber Group's years of market experience and influence to continue strengthening execution services, expanding compliant products, and promoting institutional-level digital asset finance through deepened institutional collaboration and enhanced compliance and safety.

In 2024, Amber International remained in a critical transition period of large-scale strategic transformation. From a financial performance perspective, while still in a loss-making state, several core indicators began showing signs of improvement, particularly with the initial release of new business segment growth potential.

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It is worth noting that Amber DWM, the business entity that the company will officially complete merging in 2025, has shown excellent independent financial performance in 2024. Although not yet consolidated, Amber disclosed in its annual report that the segment's full-year revenue has exceeded $42 million, with significant profit growth in the second half of the year. This business entity operates under the Amber Premium brand and is the core segment of the company's comprehensive transformation towards compliant crypto financial services, covering institutional crypto asset custody, OTC liquidity matching, portfolio management, and payment solutions for high-net-worth clients, all of which have high added value and growth potential.

Looking ahead to 2025, Amber Premium is expected to perform well. The company anticipates that its first-quarter revenue will reach $12.5 million to $13.5 million, achieving nearly 30% of DWM's previous year's revenue in just one quarter, demonstrating rapid expansion. Additionally, Amber has announced the establishment of a $10 million crypto asset reserve fund, formally incorporating crypto assets into its balance sheet for the first time. This not only represents the beginning of its financial system's evolution towards a Web3 financial model but also marks Amber's transition from the old model to a comprehensive crypto technology financial platform.

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