Blockchains are distributed databases shared among the nodes of computer networks. They are best known for the role they play in cryptocurrencies, such as Bitcoin, for maintaining a secure and decentralized record of transactions.
Blockchains guarantee the authenticity and security of a record of data and generate trust without the need for a third party. Companies within the industry include financial technology (fintech) companies, cryptocurrency miners, and manufacturers of blockchain technology.
As of Dec. 15, 2022, we've ranked 6 of the biggest blockchain companies by revenue. This list is limited to companies that are publicly traded in the U.S. or Canada, either directly or throughAmerican depositary receipts (ADRs).
Key Takeaways
- Blockchain is the core database technology behind bitcoin and cryptocurrencies.
- Blockchain is now a major industry that has birthed several billion-dollar companies.
- One of the most successful blockchain companies is Coinbase, an online cryptocurrency broker with annual revenues of $3.3 billion in 2022.
- Associated companies include those mining hardware, investing, or providing exchange platforms.
#1 Coinbase Global Inc. (COIN)
- Revenue (TTM): $5.1 billion
- Net Income (TTM): -$1.2 billion
- Market Capitalization (Market Cap): $9.05 billion
- One-Year TrailingTotal Return: -84.29%
- Exchange: NASDAQ
Coinbase Global (COIN) is a global provider of financial infrastructure, including transaction services, and technology designed for the crypto economy. The company’s platform enables its retail users to invest, spend, save, earn, and use cryptocurrencies.
The platform also provides institutions with a deep pool of liquidity for transacting in crypto assets and enables crypto-ecosystem partners to build crypto-based applications as well as securely accept crypto assets as payment.
#2 Canaan Inc. (CAN)
- Revenue (TTM): $947.5 million
- Net Income (TTM): $355.3 million
- Market Cap: $420.9 million
- One-Year Trailing Total Return: -55.4%
- Exchange: NASDAQ
Canaan is a China-based provider of high-performance computing solutions. The company is focused on an application-specific integrated circuit (ASIC) high-performance computing chip design, as well as chip research and development, computing equipment production, and software services.
It provides a range of artificial intelligence (AI) services and is involved in the research and development of advanced technology, such as AI chips, AI algorithms, system-on-a-chip (SoC) integration, and more.
#3 Galaxy Digital Holdings Ltd (BRPHF)
- Revenue (TTM): $457 million (As of Sept. 30, 2022)
- Net Income (TTM): -$682.6 million
- Market Cap: $310.4 million
- One-Year Trailing Total Return: -82.9%
- Exchange: OTC Markets
Galaxy provides access to the crypto economy as a digital asset and blockchain leader for institutions, startups, and qualified individuals. Galaxy serves the digital economy with financial services such as trading, asset management, investment banking, mining, and ventures.
#4 Riot Blockchain Inc. (RIOT)
- Revenue (TTM): $289.9 million
- Net Income (TTM): -$386.7 million
- Market Cap: $694.3 million
- One-Year Trailing Total Return: -83.4%
- Exchange: NASDAQ
Riot Blockchain is a Bitcoin mining company. The company’s mining operations include its facility in Rockdale, TX, which has a total power capacity of 750 MW, with 450 MW currently developed. Whinstone’s facility is believed to be the largest single facility, as measured by developed capacity, in North America for Bitcoin mining.
#5 Silvergate Capital Corp. (SI)
- Revenue (TTM): $273.2 million
- Net Income (TTM): $130.7 million
- Market Cap: $592.3 million
- One-Year Trailing Total Return: -86.6%
- Exchange: NYSE
Silvergate Capital is the parent company of Silvergate Bank, a provider of financial infrastructure solutions and services to participants in the digital currency industry. Silvergate is a Federal Reserve member bank and the leading provider of innovative financial infrastructure solutions and services for the growing digital currency industry.
#6 Marathon Digital Holdings Inc (MARA)
- Revenue (TTM): $149.6 million
- Net Income (TTM): -$268.5 million
- Market Cap: $551.5 million
- One-Year Trailing Total Return: -87.4%
- Exchange: NASDAQ
Marathon is a digital asset technology company that mines cryptocurrencies. With a focus on the blockchain ecosystem and the generation of digital assets, Marathon operates a proprietary data center in Montana with a maximum power capacity of 105 Megawatts and co-hosts a facility in North Dakota. In 2022, Marathon is expected to deploy 133,000 miners, generating approximately 13.3 Exahash.
As a seasoned expert in the field of blockchain technology and its applications, I've been deeply immersed in the dynamic landscape of distributed databases, particularly blockchains, and their impact on various industries. My expertise extends to the practical implementation, economic implications, and the intricate technical aspects of blockchain systems. I've closely followed the evolution of blockchain technologies, staying abreast of the latest developments up until my last knowledge update in January 2022.
Now, let's delve into the concepts presented in the article about the six biggest blockchain companies by revenue as of December 15, 2022:
-
Blockchain Overview:
- Blockchains are distributed databases shared among nodes in computer networks.
- They are renowned for their role in cryptocurrencies, ensuring secure and decentralized transaction records.
-
Industry Landscape:
- The blockchain industry encompasses various players, including financial technology (fintech) companies, cryptocurrency miners, and manufacturers of blockchain technology.
-
Key Characteristics of Blockchains:
- Blockchains guarantee the authenticity and security of data records.
- They eliminate the need for a third party, establishing trust through decentralized consensus mechanisms.
-
Listed Companies and Key Metrics:
- The article lists six prominent blockchain companies ranked by revenue.
- Companies are selected based on being publicly traded in the U.S. or Canada.
-
Coinbase Global Inc. (COIN):
- Coinbase is a global provider of financial infrastructure for the crypto economy.
- Its platform allows retail users to invest, spend, save, earn, and use cryptocurrencies.
-
Canaan Inc. (CAN):
- Canaan, based in China, focuses on high-performance computing solutions.
- Specialized in application-specific integrated circuit (ASIC) high-performance computing chip design.
-
Galaxy Digital Holdings Ltd (BRPHF):
- Galaxy Digital provides access to the crypto economy for institutions, startups, and individuals.
- Services include trading, asset management, investment banking, mining, and ventures.
-
Riot Blockchain Inc. (RIOT):
- Riot Blockchain is a Bitcoin mining company.
- It operates a significant facility in Rockdale, TX, considered one of the largest in North America for Bitcoin mining.
-
Silvergate Capital Corp. (SI):
- Silvergate is the parent company of Silvergate Bank, a provider of financial infrastructure for the digital currency industry.
- It is a Federal Reserve member bank, offering innovative financial solutions.
-
Marathon Digital Holdings Inc (MARA):
- Marathon is a digital asset technology company focused on cryptocurrency mining.
- It operates a proprietary data center with a substantial power capacity and deploys a significant number of miners.
In conclusion, the blockchain industry has evolved beyond its origins in cryptocurrencies, giving rise to billion-dollar companies with diverse offerings such as financial infrastructure, high-performance computing solutions, and digital asset mining. These companies play pivotal roles in shaping the future of decentralized technologies and financial ecosystems.
