Public Companies Double Share Of Blockchain Revenue

Publicly traded companies accounted for 16% of blockchain industry revenue in 2026, more than double their 7% share in 2022, according to a report from crypto investment firm 1kx. The shift comes as overall blockchain revenue is projected to decline 28% year over year to roughly $100 billion in 2026. The report analyzed data from more than 2,600 protocols and earnings reports from 104 publicly traded companies through the third quarter.

Growth Driven by New Listings and Earnings

Researchers attributed the expanding share of public companies partly to new stock market listings, such as stablecoin issuer Circle going public in 2025, alongside revenue growth among existing enterprises. The 10 largest publicly traded companies in the study doubled their blockchain-related revenue over the past three years.

Coinbase and Circle generated approximately $3.3 billion in combined blockchain-related revenue in the first half of 2026, according to 1kx. Meanwhile, publicly traded Bitcoin miners earned roughly $2 billion, and traditional financial firms including JPMorgan, BlackRock, CME Group, Visa and Robinhood accounted for another $1.1 billion collectively.

Concentration and Broad Economic Activity

Revenue remains concentrated among a relatively small number of businesses, with the six largest publicly traded companies accounting for roughly 50% to 60% of the group's total revenue. Concurrently, revenue from broader economic activity surpassed blockchain infrastructure revenue for the first time in the third quarter, reaching approximately $5.3 billion compared with $5.1 billion.

Key facts

• Public companies accounted for 16% of blockchain industry revenue in 2026, up from 7% in 2022.
• Overall blockchain revenue is projected to fall 28% year over year to about $100 billion in 2026.
• Coinbase and Circle generated $3.3 billion in combined blockchain revenue in the first half of 2026.
• Publicly traded Bitcoin miners earned approximately $2 billion over the same period.