Public Companies' Blockchain Revenue Share Doubles Amidst Overall Market Contraction, 1kx Report Reveals

Public companies have more than doubled their share of the blockchain industry’s revenue since 2022, capturing 16% in 2026 compared to 7% three years prior, according to a new report from crypto investment firm 1kx. This significant increase in market share for established entities occurs even as the overall blockchain industry revenue is projected to decline by 28% year over year to approximately $100 billion in 2026.

The 1kx report, which analyzed data from over 2,600 protocols and earnings reports from 104 publicly traded companies, attributes the growing dominance of public companies to several factors. These include increased institutional adoption of blockchain technology, the emergence of new stock market listings for blockchain-related firms, and the revenue growth experienced by existing public companies in the sector. Notably, stablecoin issuer Circle went public in 2025, contributing to this trend.

Key Revenue Contributors and Concentration

Over the past three years, the 10 largest publicly traded companies included in the study have doubled their blockchain-related revenue. In the first half of 2026 alone, major players like Coinbase and Circle generated a combined $3.3 billion in revenue. Publicly traded Bitcoin miners earned approximately $2 billion during the same period. Traditional financial firms such as JPMorgan, BlackRock, CME Group, Visa, and Robinhood collectively contributed another $1.1 billion.

Despite this growth among public companies, revenue within the blockchain sector remains concentrated. The six largest publicly traded companies accounted for roughly 50% to 60% of the total revenue generated by the group of public companies analyzed in the report.

Shift Towards Broader Economic Activity

Furthermore, the report highlights a significant shift in the composition of blockchain revenue. For the first time in the third quarter, revenue derived from broader economic activity within the blockchain ecosystem surpassed revenue from blockchain infrastructure. Broader economic activity, which encompasses tokenized assets, payments, and prediction markets, generated approximately $5.3 billion in the third quarter, compared to $5.1 billion for blockchain infrastructure.

This category of broader economic activity has seen substantial growth, increasing by 58% year over year in the first half of 2026. By the third quarter, it accounted for 33% of the total blockchain revenue, and the report projects it may hold a 30% share for the full year 2026.

Growth in Tokenized Assets

The value of distributed tokenized real-world assets (RWAs) has also seen considerable expansion. Over the past year, the value of these assets rose approximately 51%, from $26.16 billion in October 2025 to $39.54 billion. Tokenized equities experienced even more dramatic growth, surging 471% over the same period to reach $3.77 billion.

The 1kx report indicates a maturing blockchain industry where established public companies are solidifying their financial presence, driven by both institutional interest and the expanding utility of blockchain technology in broader economic applications, even as the overall market navigates a period of contraction.

Why This Matters

The materials describe a narrow update: A report by 1kx indicates that public companies’ share of the blockchain industry revenue increased from 7% in 2022 to 16% in 2026. The exact date for the ‘current’ value of tokenized real-world assets is not specified beyond ‘as of Thursday’.

Broader Context

Source materials place the factual news in this context: A new 1kx report finds that public companies are capturing a larger share of blockchain revenue, driven by institutional adoption and real-world applications.