Public companies double share of blockchain revenue since 2022: Report

Blockchain-related revenue is income linked to using, operating, or supporting blockchain networks and applications. It is broader than simply selling cryptocurrency. The report groups together several activities, including stablecoins, Bitcoin mining, tokenized assets, payments, prediction markets, and financial services connected to blockchain activity.

The examples show how varied this revenue can be. Coinbase and Circle generated about $3.3 billion combined during the first half of 2026. Publicly traded Bitcoin miners earned roughly $2 billion. JPMorgan, BlackRock, CME Group, Visa, and Robinhood collectively added another $1.1 billion through traditional financial activity connected to blockchain.

The figure therefore measures an economic category rather than one single product. It helps show which businesses are capturing value as institutions adopt blockchain technology and as blockchain applications reach real-world markets. The article does not provide one formal accounting definition, but it uses company earnings and protocol data to estimate the category.

Public companies captured 16% of blockchain industry revenue in 2026, compared with 7% in 2022. That is a 9-percentage-point increase and more than twice their earlier share. The change shows public companies becoming a larger part of the blockchain economy, even as the industry’s total revenue became smaller.

The overall blockchain market was projected to decline 28% year over year in 2026. Despite that drop, revenue was still expected to reach roughly $100 billion. The comparison matters because a company group can gain market share while the total market contracts. Public companies did so as new firms joined public markets and existing firms increased blockchain-related revenue.

The report based its estimate on more than 2,600 protocols and earnings reports from 104 public companies through the third quarter. It also found that the ten largest public companies in its study doubled their blockchain-related revenue over three years, helping drive the share increase.

The largest named contributors came from several industries. Coinbase and Circle, a cryptocurrency platform and stablecoin issuer, generated approximately $3.3 billion in combined blockchain-related revenue during the first half of 2026. Publicly traded Bitcoin miners earned roughly $2 billion, making mining another major source.

Traditional financial companies formed a third important group. JPMorgan, BlackRock, CME Group, Visa, and Robinhood collectively generated another $1.1 billion. Their presence shows that blockchain-related revenue is not limited to companies built entirely around digital assets. It also includes established financial businesses offering related products or services.

Revenue was highly concentrated. The report found that the six largest publicly traded companies accounted for about 50% to 60% of the group’s revenue. It also reported that the ten largest companies doubled blockchain-related revenue over three years. Together, these figures identify crypto firms, miners, and traditional finance as the leading public-company sectors.

Public companies captured more revenue mainly because their own blockchain-related businesses expanded while the overall market contracted. The report points to two direct reasons: new stock-market listings and revenue growth among companies that were already public. Circle’s 2025 listing added a major public company to the measured group.

Existing leaders also became more important. The ten largest publicly traded companies in the study doubled their blockchain-related revenue over the past three years. Coinbase and Circle together produced about $3.3 billion in the first half of 2026, while miners and traditional financial firms added substantial amounts.

At the same time, total blockchain revenue was projected to fall 28% year over year, to roughly $100 billion. This creates the central contrast: the market’s total pie became smaller, but public companies took a larger slice. Institutional adoption and real-world applications helped support that shift, with broader economic activity and institutional use reaching 33% of total revenue in the third quarter.

When a small group earns most of the public-company share, industry revenue becomes concentrated rather than broadly distributed. The report found that the six largest publicly traded companies accounted for roughly 50% to 60% of the group’s revenue. This means the performance of a few businesses can strongly affect the group’s overall results.

The concentration is visible in the leading examples. Coinbase and Circle generated about $3.3 billion combined in the first half of 2026. Publicly traded miners earned roughly $2 billion, while five traditional financial companies added $1.1 billion. These large totals help explain why the biggest firms dominate the public-company category.

The immediate implication is that public-company growth does not necessarily mean every blockchain business is growing equally. A few leaders may be expanding while smaller firms contribute less revenue. The article also reports that the ten largest companies doubled their blockchain-related revenue over three years, reinforcing how strongly major players shape the market’s measured structure.

Blockchain infrastructure is the underlying technical layer that supports blockchain activity. Broader economic activity is what happens on top of that layer when blockchain connects to products, markets, or everyday financial uses. The report places tokenized assets, payments, and prediction markets in this broader category.

The difference is visible in the revenue figures. In the third quarter, broader economic activity generated approximately $5.3 billion, compared with $5.1 billion for blockchain infrastructure. This was the first time the broader category surpassed infrastructure revenue. Its growth reached 58% year over year in the first half of 2026.

That shift suggests blockchain revenue is increasingly tied to applications with economic uses, not only the systems that maintain networks. Together with institutional adoption, broader activity accounted for 33% of total blockchain revenue in the third quarter. The report projected the combined share at 30% for the full year, while tokenized real-world assets also continued growing.

A blockchain is a shared digital ledger: a record of transactions maintained across a network of participants. Entries are grouped into linked blocks and are designed to be difficult to alter after confirmation. This shared record can give different organizations a common view of ownership, transfers, or other events.

Businesses can use such ledgers to coordinate transactions, while financial markets can use them to represent and transfer assets digitally. Real-world assets, such as equities, can be represented as digital tokens. The article reports that tokenized equities reached $3.77 billion by October 2026, after growing 471% over the previous year.

This structure can connect blockchain infrastructure with broader economic activity. The ledger provides the shared technical foundation, while tokenized assets, payments, and prediction markets are applications built around it. The article’s data shows that these applications are becoming significant: broader economic activity reached $5.3 billion in the third quarter, exceeding infrastructure revenue of $5.1 billion.