Publicly traded companies earned 16% of all blockchain revenue in 2026, more than double the 7% share they held in 2022, according to the annual 1kx Blockchain Revenue Report released in October 2026 by crypto investment firm 1kx. The report, which covers data through the third quarter of the year, found that total blockchain revenue is expected to fall 28% from 2025 to roughly $100 billion, in line with a 30% drop in crypto prices. It also found that institutions and the broader economy now generate about 30% of blockchain revenue.

Researchers behind the study analyzed onchain data from more than 2,600 protocols alongside earnings reports from 104 public companies, supplemented with data on private firms. 1kx announced the release of the report in a post on X on October 29, 2026.

Revenue Decline Tracks Crypto Prices

In 2025, blockchain revenue reached about $140 billion, close to the record of $145 billion set in 2021. For 2026, decentralized finance and financial services made up 66% of revenue, or about $65 billion, while blockchain infrastructure brought in $22 billion, its lowest level since 2020.

Transaction fees paid on blockchains fell by half in the first six months of the year, even as the number of transactions rose 18% to 127 billion, according to the report — a combination that left less fee revenue per transaction. Staking and mining income fell 37% in the first half, and now makes up about 90% of blockchain infrastructure income. Fees on centralized exchanges declined 25% over the same period, while fees on decentralized exchanges dropped 50%.

Stablecoin issuers such as Tether and Circle grew their reserve income — earnings on the reserves backing their tokens — by 10%. Prediction markets, where users trade on the outcomes of events, grew quickly during the period, with fees climbing from less than $50 million to more than $1.5 billion in the first half of 2026, led by Kalshi and Polymarket.

In a post on X announcing the report, 1kx summarized the headline findings:

The annual 1kx Blockchain Revenue Report is out today. Blockchain revenue is on track for $100B in 2026, down 28% with prices. Institutions and the broader economy now generate 30% of it. In Q3, broader-economy revenue passed blockchain infrastructure for the first time. Public… pic.twitter.com/UTFWOUQwo4

— 1kx (@1kxnetwork) October 29, 2026

Public Companies Take a Bigger Share

The researchers said new stock market listings helped public companies grow their share of blockchain revenue, pointing to stablecoin issuer Circle's public listing in 2025. The 10 largest public companies in the study doubled their blockchain-related revenue over the past three years. On the report's roughly $100 billion revenue estimate, the 16% public-company share works out to about $16 billion for the year.

Coinbase and Circle earned about $3.3 billion combined in blockchain-related revenue in the first half of 2026. Public bitcoin miners earned about $2 billion over the same period. Traditional financial firms, including JPMorgan, BlackRock, CME Group, Visa and Robinhood, brought in another $1.1 billion together.

Revenue remains concentrated among a small number of businesses. The six largest public companies made up roughly 50% to 60% of the group's revenue. Tokens that pay their holders also performed well, with the report's dividend-token index rising 82% year to date.

Broader-Economy Revenue Overtakes Infrastructure

Revenue from tokenized assets, payments and prediction markets grew 58% from a year earlier in the first half of 2026, according to the report. Together with institutional activity, these areas accounted for 33% of total blockchain revenue in the third quarter. The report expects that share to reach 30% for the full year.

In the third quarter, revenue from broader economic uses passed blockchain infrastructure revenue for the first time, reaching about $5.3 billion compared with $5.1 billion for infrastructure. Because the report covers data only through the third quarter, fourth-quarter figures will show whether the crossover held and whether full-year revenue lands near the projected $100 billion.

Source: Blockonomi