Blockchain Revenue Share Captured by Public Firms Doubles From 2022 Levels: New Study
Fresh analysis from 1kx demonstrates that publicly listed corporations are securing an expanded portion of blockchain industry revenues, propelled by institutional acceptance and practical real-world use cases.
Revenue generated by publicly listed corporations represented 16% of the total blockchain sector revenue in 2026, reflecting more than a twofold increase from the 7% portion they held in 2022, based on fresh findings from cryptocurrency investment firm 1kx.
This upward trend emerges even as total blockchain industry revenue is expected to contract by 28% on a year-over-year basis to approximately $100 billion in 2026. The analysis examined information from over 2,600 protocols alongside earnings documentation from 104 publicly listed corporations covering data through the third quarter of the year.
According to the researchers, the expanding proportion captured by public corporations can be partially explained by fresh stock exchange debuts, such as stablecoin provider Circle's 2025 public offering, combined with revenue expansion among companies already trading publicly. The study's 10 largest publicly traded entities doubled their blockchain-associated revenue throughout the preceding three-year period.
During the initial six months of 2026, Coinbase and Circle produced around $3.3 billion in aggregate blockchain-associated revenue, based on 1kx findings, while Bitcoin mining operations that are publicly traded generated approximately $2 billion. Legacy financial institutions, encompassing JPMorgan, BlackRock, CME Group, Visa and Robinhood, collectively contributed an additional $1.1 billion.
The distribution of revenue continues to be heavily concentrated within a relatively limited number of enterprises. According to the analysis, the six most prominent publicly traded corporations represented approximately 50% to 60% of the entire group's revenue generation.
Institutional and real-world activity gains share of blockchain revenue
The study additionally discovered that revenue originating from wider economic activities exceeded blockchain infrastructure revenue for the initial time during the third quarter, achieving roughly $5.3 billion in comparison to $5.1 billion, as reported by 1kx.
This category, encompassing tokenized assets, payment systems and prediction markets, experienced 58% year-over-year expansion during the first six months of 2026. Combined with institutional adoption trends, it represented 33% of aggregate blockchain revenue throughout the third quarter, with the analysis forecasting a 30% proportion for the complete year.
Information from RWA.xyz indicates the valuation of distributed tokenized real-world assets climbed approximately 51% throughout the past year, rising from $26.16 billion in October 2025 to $39.54 billion as of Thursday. Tokenized equity securities demonstrated even more rapid growth, skyrocketing 471% across the identical timeframe to reach $3.77 billion.