Listed companies’ share of total revenue in the crypto industry jumped to 16 percent in 2026 from 7 percent in 2022, nearly doubling.

On Oct. 29 (local time), crypto media outlet Cointelegraph reported that crypto investment firm 1kx said in its latest report that the shift was driven by expanding institutional adoption and growth in services based on real-world use.

1kx analysed data from more than 2,600 protocols and results through the third quarter from 104 listed companies. Total crypto industry revenue this year was estimated at $100 billion, down 28 percent from a year earlier, but the share accounted for by listed companies increased.

New listings and rising revenue at existing companies both had an impact. Circle was included in the tally after its 2025 initial public offering. Crypto-related revenue among the top 10 companies in the survey doubled over the past three years. The report found that the top 6 accounted for about 50 to 60 percent of total revenue among listed companies, showing concentration in a small number of firms.

By company, Coinbase and Circle posted a combined about $3.3 billion in crypto-related revenue in the first half of this year. Revenue at listed bitcoin mining firms was about $2 billion. Crypto-related revenue at traditional financial firms including JPMorgan, BlackRock, CME Group, Visa and Robinhood totalled $1.1 billion.

The industry’s revenue structure also changed. In the third quarter, revenue from real-world-use areas such as tokenised assets, payments and prediction markets was about $5.3 billion, surpassing crypto infrastructure revenue of $5.1 billion for the first time.

Real-world-use areas also grew 58 percent in the first half from the same period a year earlier. 1kx estimated that revenue from institutional adoption and real-world-use areas combined accounted for 33 percent of total crypto revenue in the third quarter, and is expected to reach about 30 percent for the full year.

The tokenisation market also expanded. RWA.xyz showed the value of decentralised tokenised real-world assets rose about 51 percent to $39.54 billion on Oct. 29 this month from $26.16 billion in October 2025. Over the same period, the value of tokenised stocks rose 471 percent to $3.77 billion.

The report shows the crypto industry’s revenue base is broadening beyond trading infrastructure into areas such as tokenisation and payments. It found that even as total revenue declines, participation by listed companies and institutions is expanding and growth in real-world-use areas is standing out.