TLDR
- Public companies earned 16% of blockchain revenue in 2026, up from 7% in 2022, according to crypto investment firm 1kx.
- Total blockchain revenue is expected to fall 28% to about $100 billion in 2026, in line with a 30% drop in crypto prices.
- Coinbase and Circle earned about $3.3 billion combined in blockchain-related revenue in the first half of 2026.
- JPMorgan, BlackRock, CME Group, Visa and Robinhood earned $1.1 billion together from blockchain activity.
- Revenue from tokenized assets, payments and prediction markets passed blockchain infrastructure revenue for the first time in the third quarter.
Publicly traded companies earned 16% of all blockchain revenue in 2026, according to a new report from crypto investment firm 1kx. That is more than double their 7% share in 2022.
The report was released in October 2026. It covers data through the third quarter of the year.
Researchers studied onchain data from more than 2,600 protocols and earnings reports from 104 public companies. They also used data on private firms.
Blockchain Revenue Falls With Crypto Prices
Total blockchain revenue is expected to drop 28% from last year to about $100 billion in 2026. The decline closely follows a 30% fall in crypto prices.
In 2025, blockchain revenue reached about $140 billion. That was close to the 2021 record of $145 billion.
Decentralized finance and financial services made up 66% of revenue in 2026, or about $65 billion. 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. At the same time, the number of transactions rose 18% to 127 billion.
Staking and mining income fell 37% in the first half. It now makes up about 90% of blockchain infrastructure income.
Fees on centralized exchanges fell 25%, while fees on decentralized exchanges dropped 50%. Stablecoin issuers such as Tether and Circle grew their reserve income by 10%.
Prediction markets grew quickly. Fees went from less than $50 million to more than $1.5 billion in the first half of 2026, led by Kalshi and Polymarket.
Public Companies Take a Bigger Share
The researchers said new stock market listings helped public companies grow their share. Circle, the stablecoin issuer, went public in 2025.
The 10 largest public companies in the study doubled their blockchain-related revenue over the past three years.
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.
Traditional financial firms, including JPMorgan, BlackRock, CME Group, Visa and Robinhood, brought in another $1.1 billion together.
Revenue is still concentrated among a few businesses. The six largest public companies made up about 50% to 60% of the group’s revenue.
Tokens that pay their holders also performed well. The report’s dividend-token index rose 82% year to date.
Revenue from tokenized assets, payments and prediction markets grew 58% from last year in the first half of 2026.
Together with institutional activity, these areas made up 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. It reached about $5.3 billion, compared with $5.1 billion for infrastructure.
