Public Cos Now Take 16% of Blockchain Revenue as the Overall Pie Gets Smaller

Publicly traded companies accounted for 16% of blockchain industry revenue in 2026, more than double their 7% share in 2022, according to a new report from crypto investment firm 1kx. The increase came as overall blockchain revenue was 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. Researchers attributed the growing public-company share partly to new stock market listings, including stablecoin issuer Circle, which went public in 2025, and revenue growth among existing companies. 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, while publicly traded Bitcoin miners earned roughly $2 billion. Traditional financial firms, including JPMorgan, BlackRock, CME Group, Visa and Robinhood, accounted for another $1.1 billion collectively. Revenue remained concentrated among a relatively small number of businesses, with the six largest publicly traded companies generating roughly 50% to 60% of the group’s revenue.

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. The 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 1kx projecting a 30% share for the full year.

RWA.xyz data showed 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 as of Thursday. Tokenized equities surged 471% over the same period to $3.77 billion. BlackRock has filed for a third Bitcoin ETF, while institutional and real-world activity involving Solana and XRP continued to gain share of blockchain revenue. Crypto News Room has also examined whether private, fast USDT can compete with Ethereum and Tron on Bitcoin.