32companies in Crypto
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Compare companies, side by side

The same facts from the filings for each company in a group, where each stands among the others, and what each wrote about a topic in its latest 10-K.

Group median · 32 companies
Sales growth
+32%
Gross margin
55%
Operating margin
-195%
Net margin
-158%
Where each stands

The 3 largest, ranked among the group

Each corner is the share of Crypto companies the company is above on that ratio. The dashed line is the middle of the group. A rank, not a score.

GLXY Galaxy Digital
Revenue $37.0B, last twelve months
Year by year
Revenue growth: 41.8%, above 56% of 25 peers (their median 26.3%) REVENUE GROWTH 41.8% · above 56% Net margin: -1.2%, above 76% of 17 peers (their median -169.8%) NET MARGIN -1.2% · above 76% FCF margin: -5.8%, above 84% of 19 peers (their median -100.9%) FCF MARGIN -5.8% · above 84%
Sales growth
+42%
Operating margin
-
FCF margin
-5.8%

2 paragraphs of its Risk Factors mention China.

GME GameStop
Revenue $3.6B, last twelve months
Year by year
Revenue growth: -5.1%, above 16% of 25 peers (their median 38.2%) REVENUE GROWTH -5.1% · above 16% Gross margin: 37.9%, above 20% of 15 peers (their median 55.2%) GROSS MARGIN 37.9% · above 20% Operating margin: 13.5%, above 94% of 16 peers (their median -202.8%) OPERATING MARGIN 13.5% · above 94% Net margin: 25.2%, above 94% of 17 peers (their median -169.8%) NET MARGIN 25.2% · above 94% FCF margin: 19.4%, above 95% of 19 peers (their median -100.9%) FCF MARGIN 19.4% · above 95%
Sales growth
-5.1%
Operating margin
14%
FCF margin
19%

0 paragraphs of its Risk Factors mention China, against 0 the year before.

CRCL Circle Internet Group
Revenue $3.0B, last twelve months
Year by year
Revenue growth: 63.9%, above 76% of 25 peers (their median 26.3%) REVENUE GROWTH 63.9% · above 76% Operating margin: 11.3%, above 88% of 16 peers (their median -202.8%) OPERATING MARGIN 11.3% · above 88% Net margin: 15.3%, above 88% of 17 peers (their median -169.8%) NET MARGIN 15.3% · above 88% FCF margin: 24.4%, above 100% of 19 peers (their median -100.9%) FCF MARGIN 24.4% · above 100%
Sales growth
+64%
Operating margin
11%
FCF margin
24%

0 paragraphs of its Risk Factors mention China.

From the filings

Crypto: the same facts for each company

Showing 12 of 32, largest revenue first
Company Revenue, 12 months Sales growth Gross / operating margin Net margin Debt / equity Accounting items Insider buys Investors Open
GLXY Galaxy Digital
$37.0B
+42%
GM -OM -
-1.2% 3.53 0 of 3to read 3 0 10-K
GME GameStop
$3.6B
-5.1%
GM 38%OM 14%
25% 0.68 2 of 6to read 12 0 10-K
CRCL Circle Internet Group
$3.0B
+64%
GM -OM 11%
15% - 1 of 3to read 0 0 10-K
BKKT Bakkt
$2.3B
-32%
GM -OM -6.1%
-0.1% - 4 of 3to read 1 0 10-K
MARA MARA Holdings
$716.0M
+38%
GM -OM -393%
-411% 1.28 2 of 3to read 0 0 10-K
FIGR Figure Technology Solutions
$708.9M
+49%
GM -OM 28%
33% 0.68 1 of 3to read 0 0 10-K
CLSK CleanSpark
$679.2M
+102%
GM 55%OM -132%
-147% 2.34 4 of 3to read 0 0 10-K
RIOT Riot Platforms
$675.7M
+72%
GM -OM -211%
-211% 0.31 1 of 4to read 0 0 10-K
CORZ Core Scientific
$592.1M
-38%
GM 41%OM -73%
-18% - 4 of 3to read 3 0 10-K
MSTR Strategy
$495.1M
+3.0%
GM 68%OM -
- 0.12 1 of 4to read 0 0 10-K
HUT Hut 8
$305.5M
+45%
GM 61%OM -227%
-170% - 3 of 4to read 0 0 10-K
ABTC American Bitcoin
$270.8M
+159%
GM 49%OM -39%
-27% - 2 of 3to read 0 0 10-K
Sales growth is the last fiscal year against the one before; margins are over the last twelve months. Where each comes from

How to read this page

  • A radar shows where a company ranks among its group on six ratios. A corner at the edge means it is above every other company on that ratio.
  • A table row lists the facts as the filings give them: revenue, growth, margins, debt to equity, the accounting checks, insider buying and followed investors holding.
  • A bubble to the right grew faster, and one higher up kept more of its sales as free cash flow.
  • A bar is paragraphs that mention the topic this year, and the mark on it is last year.

Risk Factors and XBRL figures from each company's latest 10-K, read nightly from SEC EDGAR. Nothing here is a rating.

By topic · 10-K Item 1A

China: paragraphs that mention it

TRON 39 vs 7 FWDI 20 vs 43 BTBT 13 vs 25 MSTR 10 vs 9 CLSK 4 vs 3 HYPD 4 vs 12 ABTC 3 vs 4 EXOD 3 vs 1 FIGR 3 HUT 3 vs 3 NAKA 3 vs 0 ASST 2 vs 1 CORZ 2 vs 4 DJT 2 vs 0 GLXY 2
All 32 companies
XXI 2 BKKT 1 vs 1 GEMI 1 HSDT 1 vs 1 LITS 1 vs 1 MARA 1 vs 1 SBET 1 vs 1 SUIG 1 vs 0 UPXI 1 vs 1 BMNR 0 vs 0 BTCS 0 vs 0 CIFR 0 vs 4 CRCL 0 DFDV 0 vs 0 GME 0 vs 0 RIOT 0 vs 0 WULF 0 vs 0

Risk Factors paragraphs in each company's latest 10-K, most mentions first. The bar is this year and the mark is last year.

In their words

What the companies wrote

The paragraphs as filed, each linked to its filing on sec.gov

TRON Tron Inc.

39 paragraphs

… Given the recent statements by the Chinese government indicating an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in Mainland China-based issuers, any extension of these actions, statements or policies …

Item 1A, Risk Factors, 10-K Mar 25, 2026

There are uncertainties regarding the enforcement of PRC laws, and rules and regulations in China can change with little advance notice. The Chinese government may intervene or influence our Hong Kong subsidiary or our TRX treasury business at any time, which could result in a material change in the Hong Kong aspects of our operations and/or the value of the securities we are registering for sale.

Item 1A, Risk Factors, 10-K Mar 25, 2026

FWDI Forward Industries, Inc.

20 paragraphs

In Fiscal 2024, cash used in financing activities of $500,000 consisted of principal payments on the promissory note held by Forward China.

Item 7, MD&A, 10-K Dec 11, 2025

… The Company did not manufacture any of its OEM products and sourced substantially all of these products from independent suppliers in China, through Forward Industries Asia-Pacific Corporation, a British Virgin Islands corporation (“Forward China”), a related party owned by …

Item 7, MD&A, 10-K Dec 11, 2025

BTBT Bit Digital, Inc

13 paragraphs

… and China, the unknown impact of current and future U.S. and Chinese trade regulations, and geopolitical risks between the U.S, Canada, where WhiteFiber’s data centers are located, between the U.S. and Mexico, where certain components are …

Item 1A, Risk Factors, 10-K Mar 27, 2026

Pursuant to laws and regulations of the PRC, there are two ways for foreign legal persons/entities to be considered to be engaging in operation activities within the territory of China. One way is to establish a foreign-invested enterprise …

Item 1A, Risk Factors, 10-K Mar 27, 2026

MSTR Strategy Inc

10 paragraphs

• in China, the People’s Bank of China and the National Development and Reform Commission have outlawed cryptocurrency mining and declared all cryptocurrency transactions illegal within the country.

Item 1A, Risk Factors, 10-K Feb 19, 2026

… In addition, the types of data subject to protection as personal data in the European Union, China, the United States, and elsewhere have been expanding. In recent years, the collection and use of personal data by companies have come under …

Item 1A, Risk Factors, 10-K Feb 19, 2026

CLSK CLEANSPARK, INC.

4 paragraphs

… China, India, and Russia, it is illegal to accept payment in bitcoin and other cryptocurrencies for consumer transactions and banking institutions are barred from accepting deposits of cryptocurrencies. In addition, in March 2021, the governmental authorities for the Chinese province …

Item 1A, Risk Factors, 10-K Nov 25, 2025

… The global supply of miners is unpredictable and presently heavily dependent on manufacturers headquartered in China, with manufacturing in Asia, which was severely affected by the emergence of the COVID-19 pandemic. We currently utilize several types of ASIC miners …

Item 1A, Risk Factors, 10-K Nov 25, 2025

HYPD HYPERION DEFI, INC.

4 paragraphs

in China, the People’s Bank of China and the National Development and Reform Commission have outlawed cryptocurrency mining and declared all cryptocurrency transactions illegal within the country, and

Item 1A, Risk Factors, 10-K Mar 30, 2026

… China’s CBDC project, known as Digital Currency Electronic Payment, has reportedly been tested in a live pilot program conducted in multiple cities in China. Central banks representing at least 130 countries have published retail or wholesale CBDC work ranging …

Item 1A, Risk Factors, 10-K Mar 30, 2026
Show all 32 companies' quotes

ABTC American Bitcoin Corp.

3 paragraphs

Although currently digital assets generally are not regulated or are lightly regulated in most countries, countries such as China have taken harsh regulatory action to curb the use of digital assets and may continue to take regulatory action in the …

Item 1A, Risk Factors, 10-K Mar 27, 2026

… There is currently significant uncertainty about the future relationship between the United States and other regions, including Canada, Mexico, China, the European Union, and others, with respect to trade policies, treaties, tariffs, and taxes. These events and circumstances are largely …

Item 1A, Risk Factors, 10-K Mar 27, 2026

FIGR Figure Technology Solutions, Inc.

3 paragraphs

… trade and international investment policies, particularly with important trading partners (including China and the European Union) have in recent years negatively impacted financial markets and could have negative implications in the future. Geopolitical instability, including actions taken by other countries …

Item 1A, Risk Factors, 10-K Mar 16, 2026

… sensitive personal data” and “government-related data” by “countries of concern” (including China, Russia, Iran, North Korea, Cuba, and Venezuela) and “covered persons” (as all such terms are defined in the DSP). Effective as of April 8, 2025, and fully …

Item 1A, Risk Factors, 10-K Mar 16, 2026

HUT Hut 8 Corp.

3 paragraphs

Although currently digital assets generally are not regulated or are lightly regulated in most countries, countries such as China have taken harsh regulatory action to curb the use of digital assets and may continue to take regulatory action in the …

Item 1A, Risk Factors, 10-K Feb 25, 2026

… There is currently significant uncertainty about the future relationship between the United States and other regions, including Canada, Mexico, China, the European Union, and others, with respect to trade policies, treaties, tariffs, and taxes. These events and circumstances are largely …

Item 1A, Risk Factors, 10-K Feb 25, 2026

NAKA Nakamoto Inc.

3 paragraphs

Various digital assets compete with Bitcoin, including alternative cryptocurrencies using different validation mechanisms (such as Ethereum’s proof-of-stake), stablecoins backed by fiat currencies, and central bank digital currencies (CBDCs) being developed by governments including China, the United States …

Item 1A, Risk Factors, 10-K Mar 30, 2026

… and implemented the Financial Services and Markets Act 2023, which regulates market activities in “cryptoassets”; in China, the People’s Bank of China and the National Development and Reform Commission have outlawed cryptocurrency mining and declared all cryptocurrency transactions illegal …

Item 1A, Risk Factors, 10-K Mar 30, 2026

ASST Strive, Inc.

2 paragraphs

… Financial Services and Markets Act 2023 (“FSMA 2023”), which regulates market activities in “cryptoassets,” and in China, the People’s Bank of China and the National Development and Reform Commission have outlawed cryptocurrency mining and declared all cryptocurrency transactions illegal …

Item 1A, Risk Factors, 10-K Mar 19, 2026

Additionally, central banks in some countries have started to introduce digital forms of legal tender. For example, China’s central bank digital currency (“CBDC”) project was made available to consumers in January 2022, and governments including the United States and the European Union have discussed the potential creation of new CBDCs.

10-K, 10-K Mar 19, 2026

DJT Trump Media & Technology Group Corp.

2 paragraphs

in China, the People’s Bank of China and the National Development and Reform Commission have outlawed cryptocurrency mining and declared all cryptocurrency transactions illegal within the country.

Item 1A, Risk Factors, 10-K Feb 27, 2026

… For example, China’s central bank digital currency (“CBDC”) project was made available to consumers in January 2022, and governments including Japan, the United Kingdom and the European Union have been discussing the potential creation of new CBDCs. Further, some …

Item 1A, Risk Factors, 10-K Feb 27, 2026

GLXY Galaxy Digital Inc.

2 paragraphs

… China has made transacting in cryptocurrencies illegal for Chinese citizens in mainland China, and additional restrictions may follow. China’s central bank has further restricted digital asset-related activities, stating that activity by overseas digital asset trading platforms, and services …

Item 1A, Risk Factors, 10-K Feb 26, 2026

… United States and may therefore impede the growth or sustainability of the digital asset economy in the European Union, China, Japan, Russia, the Bahamas and the United States and globally, or otherwise negatively affect the value of digital assets that …

Item 1A, Risk Factors, 10-K Feb 26, 2026

XXI Twenty One Capital, Inc.

2 paragraphs

In China, the People’s Bank of China and the National Development and Reform Commission have outlawed cryptocurrency mining and declared all cryptocurrency transactions illegal within the country. Other jurisdictions, including Egypt, Morocco and the Dominican Republic have also made …

Item 1A, Risk Factors, 10-K Mar 31, 2026

… For example, China’s central bank digital currency project was made available to consumers in January 2022, and governments including the United States, the European Union, and Israel have been discussing the potential creation of new central bank digital currencies …

Item 1A, Risk Factors, 10-K Mar 31, 2026

BKKT Bakkt, Inc.

1 paragraph

• More recently, the DOJ recently issued a final rule which took effect in April 2025 that places limitations, and in some cases prohibitions, on certain transfers of sensitive personal data to data and business partners located in China or with other specified links to China (and other designated countries).

Item 1A, Risk Factors, 10-K Mar 19, 2026

GEMI Gemini Space Station, Inc.

1 paragraph

Certain countries, including China, which have taken harsh regulatory action in the past, may take regulatory actions in the future that could severely restrict the right to acquire, own, hold, sell, or use these digital assets or to exchange them …

Item 1A, Risk Factors, 10-K Mar 31, 2026

HSDT Solana Co

1 paragraph

… Sensitive Personal Data and Government-Related Data by Countries of Concern or Covered Persons, which places additional restriction on certain data transactions involving countries of concern (e.g., China, Russia, Iran) and covered persons (i.e., individuals and entities who …

Item 1A, Risk Factors, 10-K Mar 31, 2026

LITS Lite Strategy, Inc.

1 paragraph

… continuing disruptions to and volatility in the credit and financial markets in the United States and worldwide, including resulting from the ongoing conflicts between Russia and the Ukraine, conflicts in the Middle East and increasing tensions between China and Taiwan.

Item 1A, Risk Factors, 10-K Sep 28, 2026

MARA MARA Holdings, Inc.

1 paragraph

… The global supply of miners is unpredictable and presently heavily dependent on manufacturers based in China. Geopolitical matters, including the relationship between the United States and other countries and trade restrictions and tariffs (or the threat of trade restrictions or …

Item 1A, Risk Factors, 10-K Mar 2, 2026

SBET Sharplink, Inc.

1 paragraph

… For example, China’s CBDC project was made available to consumers in January 2022, and governments including the United Kingdom, the European Union, and Israel have been discussing the potential creation of new CBDCs. Whether or not they incorporate blockchain …

Item 1A, Risk Factors, 10-K Mar 9, 2026

SUIG SUI Group Holdings Ltd.

1 paragraph

… including due to the ongoing Russia-Ukraine, Israel-Hamas and U.S.-Venezuela conflicts and any potential conflict involving China and Taiwan), pandemic, the effects of climate change, or other catastrophic event, as well as power outages, telecommunications infrastructure outages …

Item 1A, Risk Factors, 10-K Feb 27, 2026

UPXI UPEXI, INC.

1 paragraph

… China’s CBDC project, known as Digital Currency Electronic Payment, has reportedly been tested in a live pilot program conducted in multiple cities in China. Central banks representing at least 130 countries have published retail or wholesale CBDC work ranging …

Item 1A, Risk Factors, 10-K Sep 17, 2026

BMNR BITMINE IMMERSION TECHNOLOGIES, INC.

0 paragraphs

Not mentioned in the latest 10-K.

BTCS BTCS Inc.

0 paragraphs

Not mentioned in the latest 10-K.

CIFR Cipher Digital Inc.

0 paragraphs

Not mentioned in the latest 10-K.

CRCL Circle Internet Group, Inc.

0 paragraphs

Not mentioned in the latest 10-K.

DFDV DeFi Development Corp.

0 paragraphs

Not mentioned in the latest 10-K.

GME GameStop Corp.

0 paragraphs

Not mentioned in the latest 10-K.

RIOT Riot Platforms, Inc.

0 paragraphs

Not mentioned in the latest 10-K.

WULF TERAWULF INC.

0 paragraphs

Not mentioned in the latest 10-K.