Tether: With a net profit of approximately $13 billion in 2024, it remains at the top of the list. Coinbase: Revenue ≈ 6.6 billion, net profit ≈ 2.6 billion, strong profitability. Circle: Revenue of 1.5-1.6 billion, missing profit information, but structurally high profit margin (interest collateral model). Marathon: Bitcoin mining company, annual gross loss ≈ 159 million