Publicly traded companies captured 16% of blockchain industry revenue in 2026, more than double the 7% share they held in 2022, according to a new report from crypto investment firm 1kx.

The shift comes even as overall blockchain revenue is projected to decline 28% year over year to roughly $100 billion in 2026. The study drew on 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 — as well as revenue growth among existing companies. The 10 largest publicly traded companies in the study doubled their blockchain-related revenue over the past three years. Listings of this kind also bring blockchain-linked earnings into mainstream equity markets, where they surface through routine shareholder filings.

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, with the six largest publicly traded companies accounting for roughly 50% to 60% of the group's revenue, according to the report. That concentration means the group's overall performance depends heavily on the results of a handful of large firms.

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 crossover marks a shift in the composition of the industry's revenue, with activity tied to broader economic use now outpacing the infrastructure layer.

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. Because the study's data runs only through the third quarter, the full-year figure will depend on fourth-quarter results.

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.

Source: Cointelegraph