Public companies accounted for 16% of the blockchain industry’s 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 total blockchain revenue is expected to fall 28% year-over-year to around $100 billion in 2026 report analyzed data from more than 2,600 third-quarter minutes and earnings reports of 104 publicly traded companies.
Researchers attributed the growing share of listed companies in part to new listings, including stablecoin issuer Circle, which went public in 2025, and revenue growth at existing companies. The ten largest listed companies in the study have doubled their blockchain revenue in the last three years.
According to 1kx, Coinbase and Circle combined generated about $3.3 billion in blockchain revenue in the first half of 2026, while publicly traded Bitcoin miners earned about $2 billion. Traditional financial companies such as JPMorgan, BlackRock, CME Group, Visa and Robinhood accounted for a total of another $1.1 billion.
Sales continue to be concentrated in a relatively small number of companies. According to the report, the six largest listed companies generated around 50% to 60% of the group’s revenue.
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Institutional and real-world activities gain share in blockchain revenue
The report also noted that revenue from broader economic activity exceeded blockchain infrastructure revenue for the first time in the third quarter, reaching about $5.3 billion, compared to $5.1 billion, according to 1kx.
The category, which includes tokenized assets, payments and prediction markets, grew 58% year-on-year in the first half of 2026. Combined with institutional adoption, it accounted for 33% of total blockchain revenue in the third quarter, with the report forecasting a 30% share for the full year.
Institutional and broader economic activity is expected to reach 30% of blockchain sales in 2026. Source: 1kx report
RWA.xyz Data shows that the value of distributed tokenized real-world assets has increased by about 51% over the past year, from $26.16 billion in October 2025 to $39.54 billion on Thursday. Tokenized Shares grew even faster, rising 471% to $3.77 billion over the same period.
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