Industry map/Finance & Business Services
Crypto & Blockchain industry map
Who earns the money in Crypto & Blockchain, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 19 companies · ¥46.3B
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥46.3B
- Companies
- 19
- Avg. salary（parent only）
- ¥6M
- Industry weather
- Sunny
YoY +2.4%
Avg. age 41.4
Operating income Back to profit
Monex Group[8698]
Crypto Asset
- Revenue
- ¥17.6B▲9.7%
- Operating income
- —
Whole company: Revenue ¥83.6B · Net income ¥10.9B
Avg. salary ¥9.4M · 43.5（parent only）
Metaplanet[3350]
Bitcoin related projects business
- Revenue
- ¥8.47B
- Operating income
- ¥7.19B
Margin 84.9%
Whole company: Revenue ¥8.9B · Net income -¥95B
Avg. salary ¥16M · 48.9（parent only）
GMO internet group[9449]
Cryptocurrency business
- Revenue
- ¥8.31B
- Operating income
- ¥2.4B
Margin 28.8%
Whole company: Revenue ¥285.3B · Net income ¥16.7B
Avg. salary ¥8.4M · 39.0（parent only）
GMO Financial Holdings[7177]
Crypto asset
- Revenue
- ¥6.67B▼11.2%
- Operating income
- ¥3.25B▼18.1%
Margin 48.7%
Whole company: Revenue ¥49.5B · Net income ¥10.4B
Avg. salary ¥10.9M · 40.3（parent only）
- GMO internet group owns 65.7%
gumi[3903]
Block Chain, etc.
- Revenue
- ¥2.49B▲86.9%
- Operating income
- ¥489.8MBack to profit
Margin 19.7%
Whole company: Revenue ¥8.94B · Net income ¥2.06B
Avg. salary ¥5.9M · 37.0（parent only）
Ceres[3696]
Financial Service Business
- Revenue
- ¥1.69B▲10.2%
- Operating income
- -¥1.08B
Margin -63.9%
Whole company: Revenue ¥29.7B · Net income ¥2.5B
Avg. salary ¥6M · 32.4（parent only）
JN Group[6634]
CryptoAssetsBlockChainBusinessReportableSegmentsMember
- Revenue
- ¥727.9M▲3400.0%
- Operating income
- ¥157.5MBack to profit
Margin 21.6%
Whole company: Revenue ¥3.56B · Net income -¥728.1M
Avg. salary ¥6.2M · 51.0（parent only）
- Fisco owns 6.3%
GIG Works[2375]
Web3 segment
- Revenue
- ¥159.7M▼36.3%
- Operating income
- -¥581.1M
Margin -363.8%
Whole company: Revenue ¥22.3B · Net income ¥272.1M
Avg. salary ¥4.8M · 45.9（parent only）
Institution for a Global Society[4265]
Platform/Web3 segment
- Revenue
- ¥48.4M▼13.6%
- Operating income
- -¥180.7M
Margin -373.6%
Whole company: Revenue ¥659.1M · Net income -¥281.6M
Avg. salary ¥6.3M · 41.4（parent only）
eole[2334]
Crypto Assets
- Revenue
- ¥45.6M
- Operating income
- -¥78M
Margin -171.1%
Whole company: Revenue ¥14.2B · Net income -¥528.2M
Avg. salary ¥5.3M · 35.2（parent only）
Def consulting[4833]
Digital Asset Treasury Business
- Revenue
- ¥37.3M
- Operating income
- ¥37.3M
Margin 100.0%
Whole company: Revenue ¥854.1M · Net income -¥2.15B
Avg. salary ¥4.1M · 28.2（parent only）
Plat'home[6836]
Web3 segment
- Revenue
- ¥34.9M
- Operating income
- -¥41.6M
Margin -119.0%
Whole company: Revenue ¥1.3B · Net income ¥22.6M
Avg. salary ¥6.5M · 48.6（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Hodl1 · CommSeed · Wize · Fisco · Torico · Caica Digital · Anap Holdings
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | Monex GroupCrypto Asset | ¥17.6B | 38.0% | — | -11.5% | ¥12.8B |
| 2new | MetaplanetBitcoin related projects business | ¥8.47B | 18.3% | 84.9% | — | ¥5.89B |
| 3new | GMO internet groupCryptocurrency business | ¥8.31B | 17.9% | 28.8% | — | ¥43.5B |
| 4▼2 | GMO Financial HoldingsCrypto asset | ¥6.67B | 14.4% | 48.7% | -13.8% | ¥10.7B |
| 5 | gumiBlock Chain, etc. | ¥2.49B | 5.4% | 19.7% | — | -¥2.54B |
| 6▼2 | CeresFinancial Service Business | ¥1.69B | 3.6% | -63.9% | +3.3% | ¥1.18B |
| 7▲4 | JN GroupCryptoAssetsBlockChainBusinessReportableSegmentsMember | ¥727.9M | 1.6% | 21.6% | -0.3% | -¥48.7M |
| 8▼1 | GIG WorksWeb3 segment | ¥159.7M | 0.3% | -363.8% | — | -¥26.2M |
| 9 | Institution for a Global SocietyPlatform/Web3 segment | ¥48.4M | 0.1% | -373.6% | — | ¥8.3M |
| 10new | eoleCrypto Assets | ¥45.6M | 0.1% | -171.2% | — | ¥879.2M |
| 11new | Def consultingDigital Asset Treasury Business | ¥37.3M | 0.1% | 100.0% | — | — |
| 12new | Plat'homeWeb3 segment | ¥34.9M | 0.1% | -119.0% | — | -¥142.4M |
| 13▼10 | Hodl1 | ¥26.6M | 0.1% | -1844.3% | -64.2% | -¥646.5M |
| 14▼6 | CommSeedBlock chain business | ¥15.4M | 0.0% | -357.5% | — | -¥101.3M |
| 15▼9 | WizeIP investment development business | ¥11.2M | 0.0% | -647.8% | — | -¥374.9M |
| 16▼4 | FiscoCrypto Currency/Blockchain Business | ¥3.5M | 0.0% | 98.2% | — | ¥32.3M |
| 17new | ToricoDigital asset | ¥1.6M | 0.0% | -146.7% | — | ¥39.4M |
| 18▼8 | Caica DigitalFinancial service business | ¥1.3M | 0.0% | -9166.4% | -81.6% | ¥51.7M |
| 19new | Anap HoldingsInvestment-related business | ¥609K | 0.0% | -1620.7% | — | -¥2.5B |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- SG&A
- Other
- Operating profit
- Metaplanet2871
- GMO Financial Holdings6032
- Monex Group7721
- GMO internet group403821
- Ceres56368
- CommSeed6727
- gumi7719
- eole6831
- Plat'home5742
- Fisco4158
- Caica Digital8316
- GIG Works7822
- Torico6042loss ¥2
- JN Group5848loss ¥6
- Wize4072loss ¥12
- Institution for a Global Society4293loss ¥35
- Def consulting9554loss ¥49
- Anap Holdings50132loss ¥82
- Hodl171937loss ¥1844
Ownership links
From the major-shareholder section of annual securities reports.
- GMO internet groupIn industry
- SubsidiaryGMO Financial Holdings65.7%
- SBIホールディングス株式会社Outside
- Affiliategumi30.5%
- AffiliateMonex Group20.3%
- FiscoIn industry
- StakeCaica Digitalcross-held13.4%
- StakeJN Group6.3%
- Caica DigitalIn industry
- StakeFiscocross-held8.5%
- 株式会社大塚商会Outside
- StakeGIG Works5.4%
- 株式会社テイツーOutside
- StakeTorico4.5%
- 株式会社サイバーエージェントOutside
- StakeCeres4.3%
- 日本証券金融株式会社Outside
- Stakegumi3.0%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
All companies in Crypto & Blockchain (by revenue)
All 19 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- Monex Group¥17.6B
- Metaplanet¥8.47B · 84.9%
- GMO internet group¥8.31B · 28.8%
- GMO Financial Holdings¥6.67B · 48.7%
- gumi¥2.18B · 25.4%
- Ceres¥1.69B · -63.9%
- JN Group¥727.9M · 21.6%
- GIG Works¥159.7M · -363.8%
- Institution for a Global Society¥48.4M · -373.6%
- eole¥45.6M · -171.2%
- Def consulting¥37.3M · 100.0%
- Plat'home¥34.9M · -119.0%
- Hodl1¥26.6M · -1844.3%
- CommSeed¥15.4M · -357.5%
- Wize¥11.2M · -647.8%
- Fisco¥3.5M · 98.2%
- Torico¥1.6M · -146.7%
- Caica Digital¥1.3M · -9166.4%
- Anap Holdings¥609K · -1620.7%
Revenue · Op. margin
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