Public companies double share of blockchain revenue since 2022: Report

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 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.

The researchers attributed the growing share of public companies 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, according to 1kx, 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 remains concentrated among a relatively small number of businesses. The six largest publicly traded companies accounted for roughly 50% to 60% of the group’s revenue, according to the report.

Related: BlackRock files for third Bitcoin ETF, still no Solana or XRP

Institutional and real-world activity gains share of blockchain revenue

The report also found that 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, according to 1kx.

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 the report projecting a 30% share for the full year.

Institutional and broader economic activity to reach 30% of blockchain revenue in 2026. Source: 1kx report

RWA.xyz data shows 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 grew even faster, surging 471% over the same period to $3.77 billion.