Summary Points:
- I explored crypto stocks in India.
- No listed crypto exchanges or crypto mining companies exist.
- Regulatory uncertainty limits listings.
- WazirX and CoinDCX are unlisted.
- Some listed IT companies do offer blockchain based business to their clients (check this list).
- Investors can buy crypto directly instead of a crypto stock.
Introduction
I tried to do a comprehensive examination of whether there are any crypto stocks listed on the Indian stock market. My focus was on companies that are directly involved in the cryptocurrency industry. I would consider any company that is either engaged in the business of crypto exchanges or crypto mining. I’ve done this analysis by digging into the varios listed companies on the BSE, regulatory environments, and industry trends as of today.
A Brief Background on Crypto Stocks
Crypto stocks are publicly traded companies whose primary business revolves around cryptocurrencies. This includes cryptocurrency exchanges, like Coinbase. Crypto exchange companies facilitate the trading of various cryptocurrencies like Bitcoin, Ethereum, etc.
Then there are crypto mining companies, like MARA Holdings or Riot Platforms, which mine cryptocurrencies using specialized hardware.
But all these companies are listed in the U.S. on exchanges like NASDAQ.
The situation in India differs due to regulatory and market dynamics.
Regulatory Context in India
India’s approach to cryptocurrencies has been mostly cautious since last 5-7 years in particular.
There have with ongoing debates about legalization and oversight. The RBI has expressed concerns about capital flight and monetary policy disruptions if India formally adopts a cryptocurrency like Bitcoin. The Indian government has been collecting data on companies’ exposure to crypto assets, as noted in a 2021 report by BusinessToday Govt looking to gauge Indian companies’ exposure to cryptocurrencies.
I think, this kind of regulatory scrutiny and uncertainty likely discourages companies from listing as crypto-focused entities on Indian exchanges.
Let’s Examine A Companies (Listed & Non-Listed)
It is clear that out of all companies listed on the NSE and BSE, there is company that are primarily involved in cryptocurrency trading or mining business.
Though in the unlisted space, there are a couple of Indian crypto exchanges. The first is WazirX (now part of Binance) and CoinDCX. These are are privately held and not listed on stock exchanges.
- WazirX: is India’s largest cryptocurrency exchange. It was launched in 2018 and later acquired by Binance in 2019. It is based in Mumbai, it serves over 15 million Indian users. The platform claims that users can trade in 300+ cryptocurrencies, including Bitcoin and its native WRX token. WazirX faced a major setback in July 2024 after a $230 million cyberattack. It lead to suspended operations and a restructuring process.
- CoinDCX: It was founded in 2018 and has a headquarter in Mumbai. This crypto exchanges has about 16 million registered users. It offers trading in 500+ cryptocurrencies. This platform has gained prominence for its educational initiatives and robust security measures.
Blockchain Companies and Indirect Exposure To Crypro
While there are no direct crypto stocks, some Indian companies listed on the NSE and BSE are involved in blockchain technology (on which all cryptocurrencies are based).
For example, Equitymaster’s reports highlight companies like Infosys, Tata Consultancy Services (TCS), and HCL Tech as offering blockchain solutions for supply chain, finance, and healthcare industries (read this post here).
Here is a table summarizing the blockchain based area of expertise of these listed companies.
| Company | Description | Primary Business |
|---|---|---|
| Infosys | Offers blockchain solutions for supply chain, finance, government; partnerships with VMware, ConsenSys (read more here). | IT Services |
| TCS | Provides “Quartz” suite with Smart Solutions, customizable ledgers; partnerships with Hyperledger (read more here). | IT Services |
| HCL Tech | Offers consulting, development via “Blockchain Labs”; CoTrust platform for supply chain, finance (read more here). | IT Services |
| Bajaj Finserv | Uses blockchain for travel insurance claims; chairman supports digital currency (read more about it here). | Financial Services |
| Tech Mahindra | Developed ‘Block Ecosystem’ and ‘Stablecoin-as-a-Service’; recognized in Forbes’ top 50 blockchain companies for 2021 (read about it here). | IT Services |
These companies, however, derive their primary revenue from IT services or other sectors, not from cryptocurrency activities. So it will only be fair to that they do not qualify as typical crypto stocks. But yes, the way they have adopted blockchain in their business model, we can say that they are a tiny bit of crypto business.
Crypto Mining in India
Crypto mining, which involves using specialized hardware to validate transactions. This is another area where crypto stocks might exist. However, India’s high electricity costs and regulatory environment make it less viable for mining companies to operate and list on exchanges. Though, if you want to know about the word’s biggest crypto-mining companies, check this post.
Conclusion
Based on my research research, it is clear that there are no crypto stocks listed on the Indian stock market (as of April 2025).
The lack of listed crypto exchanges or mining companies is likely due to regulatory uncertainties and the focus on private operations for crypto businesses.
For investors seeking exposure to cryptocurrencies, options may include investing directly in crypto assets (like Bitcoin or Ethereum) through exchanges like WazirX or CoinDCX, rather than through stocks. To know more about Cryptocurrency, check this resource.
Future regulatory clarity could potentially lead to some India listings of such companies. But currently, the market does not support crypto stocks in the traditional sense.
Have a happy investing.
