Publicly traded companies have doubled their share of blockchain industry revenue to 16% in 2026, compared with 7% in 2022, according to analysis from crypto investment firm 1kx.
The expansion reflects both new stock market listings and growing revenue among existing companies. Stablecoin issuer Circle went public in 2025, while the 10 largest publicly traded blockchain companies in the study doubled their revenue over the past three years.
In the first half of 2026, Coinbase and Circle generated approximately $3.3 billion in combined blockchain-related revenue. Publicly traded Bitcoin miners earned roughly $2 billion, while traditional financial firms including JPMorgan, BlackRock, CME Group, Visa, and Robinhood contributed another $1.1 billion collectively.
The 1kx report analyzed data from more than 2,600 protocols and earnings reports from 104 publicly traded companies through the third quarter. The six largest publicly traded companies accounted for roughly 50% to 60% of the group's revenue, showing significant concentration.
Institutional Activity Gains Ground
Overall blockchain revenue is projected to decline 28% year over year to roughly $100 billion in 2026. Within that landscape, 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.
This category, which includes tokenized assets, payments, and prediction markets, grew 58% year over year in the first half of 2026. Together with institutional adoption, it accounted for 33% of total blockchain revenue in the third quarter, with projections of a 30% share for the full year.
The value of distributed tokenized real-world assets rose roughly 51% over the past year, from $26.16 billion in October 2025 to $39.54 billion. Tokenized equities surged 471% over the same period to $3.77 billion.
