6 Biggest Blockchain Companies
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While Bitcoin and Ethereum dominate headlines, it’s the companies building the crypto infrastructure that are perhaps most poised to leave an indelible mark on the future of finance—and in your portfolio. Enter the era of blockchain behemoths, with NU Holdings Ltd. (NU), Coinbase Global (COIN), and Core Scientific Inc. (CORZ), leading a pack of six that stand at the forefront of this transformative technology.
These industry giants aren’t just riding the wave of crypto enthusiasm; they’re building the infrastructure decentralized finance needs to work and mining new bitcoins. From cryptocurrency exchanges processing billions in daily volume to firms developing blockchain products for enterprises, these companies are the biggest publicly traded companies in the U.S. or Canada, either directly or through American depositary receipts (ADRs), as ranked by the revenue as of mid-2024.
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 and well-recognized blockchain companies is Coinbase, an online cryptocurrency broker with annual revenues of $3.11 billion in its financial year ended 2023. However, it’s found itself in the news as much for the U.S. Securities and Exchange Commission (SEC)’s battles with it as for its operations.
- Associated companies include those mining hardware, investing, or providing exchange platforms.
What Is Blockchain?
Blockchains are distributed databases shared among the nodes of computer networks. They are best known for their role in cryptocurrencies like bitcoin, for maintaining a secure and decentralized record of transactions. They do so by guaranteeing the authenticity and security of a record of data. Companies within the industry include financial technology (fintech) companies, cryptocurrency miners, and manufacturers of blockchain technology.
#1 Nu Holdings Ltd (NU)
- Revenue (TTM): $9.146 billion
- Revenue (2023): 8.029 billion
- Net income (TTM): $1.268 billion
- Market capitalization (Market Cap): $64.11 billion
- One-year trailing price return: 72.8% (as of July 15, 2024)
- Exchange: NYSE
NU specializes in providing digital banking services. One of its holdings, Nubank, has partnered with Fireblocks, a U.S.-based enterprise platform that manages digital asset operations and develops blockchain products.
Nu has made notable progress in expanding its clientele and revenue per customer and is the fourth-largest bank in Brazil in terms of members. It’s also growing in Mexico and Colombia. Despite operating in regions often perceived as risky, Nu Holdings has maintained profitability and has thus far had impressive growth. Shortly after the end of the first quarter of 2024, Nu Holdings announced that it had reached 100 million customers across Brazil, Mexico, and Colombia.
#2 Coinbase Global, Inc. (COIN)
- Revenue (TTM): $3.973 billion
- Revenue (2023): $3.108 billion
- Net income (TTM): $1.349 million
- Market cap: $53.54 billion
- One-year trailing price return: 153.7% (as of Jul 15, 2024)
- Exchange: Nasdaq
Coinbase is the largest cryptocurrency exchange in the U.S. by trading volume. Coinbase offers a variety of products for both retail and institutional investors, including Coinbase Pro, Coinbase Wallet, and USD Coin. Founded by Brian Armstrong in 2012, Coinbase is headquartered in San Francisco, California.
The approval of spot bitcoin exchange-traded funds (ETFs) in the U.S. has boosted shares in Coinbase since it plays a crucial role as their custodian and prime broker. Coinbase is embroiled in a legal battle with the SEC, which has accused the company of operating as an unregistered securities exchange. This ongoing legal issue poses risks to its future earnings and regulatory standing.
#3 Core Scientific, Inc. (CORZ)
- Revenue (TTM): $561.04 million
- Revenue (2023): $502.4 million
- Net income (TTM): -$35.41 million
- Market cap: $1.80 billion
- One-year trailing price return: 153.7% (as of Jul 15, 2024)
- Exchange: Nasdaq
Core Scientific is a crypto miner that also provides hosting services. It mines bitcoin on behalf of the company itself, while its hosting segment focuses on providing infrastructure support and services for third-party clients. Founded by Michael Jeffrey Levitt and Darin Feinstein in 2017, CORZ is based in Dover, Delaware.
#4 MicroStrategy Inc. (MSTR)
- Revenue (TTM): $489.59 million
- Revenue (2023): $496.26 million
- Net income (TTM): -$85.19 million
- Market cap: $24.77 billion
- One-year trailing price return: 237.8% (as of Jul 15, 2024)
- Exchange: Nasdaq
MicroStrategy is a prominent enterprise analytics and mobility software company. Soon, the firm is expected to launch MicroStrategy Orange, a decentralized identity product. As of the end of the first quarter of 2024, MSTR held 214,400 BTC. In July 2024, it announced a 10-for-one stock split.
#5 Marathon Digital Holdings, Inc. (MARA)
- Revenue (TTM): $501.57 million
- Revenue (2023): $387.51 million
- Net income (TTM): $605.58 million
- Market cap: $5.67 billion
- One-year trailing price return: 23.19% (as of Jul 15, 2024)
- Exchange: Nasdaq
Marathon is a major crypto mining firm. Established in 2010, the company is based in Las Vegas, Nevada. As of mid-2024, it held 18,536 BTC.
#6 Riot Platforms, Inc. (RIOT)
- Revenue (TTM): $286.74 million
- Revenue (2023): $280.68 million
- Net income (TTM): $217.99 million
- Market cap: $2.83 billion
- One-year trailing price return: -44.5% (as of Jul 15, 2024)
- Exchange: Nasdaq
Riot Platforms, Inc. is a bitcoin mining company that provides specialized cryptocurrency mining computers. It maintains investments in companies like Verady, Coinsquare, and Tess. The firm operates across three segments: bitcoin mining, data center hosting, and engineering. Founded in 2000, RIOT is headquartered in Castle Rock, Colorado.
How Do Blockchain Firms Make Money?
Blockchains themselves are essentially technologies, not entities that generate revenue directly. However, many companies have found ways to make money through transaction fees, block rewards, network services, initial coin offerings, token sales, consulting and development services, enterprise products and subscriptions, and staking.
Which Is the Most Powerful Blockchain?
“Powerful” could refer to standard metrics like transaction speed and throughput, network security, decentralization, developer activity, and adaptability. Some of the blockchains that are considered powerful include Bitcoin, Ethereum, Solana, Cardano, Polkadot and Cosmos.
Which Is the Fastest Growing Blockchain?
Blockchain technology is rapidly evolving and expanding, with many platforms experiencing significant growth in user adoption, transaction volume, and developer activity. Some rapidly growing blockchains include Solana, Polygon, Avalanche, and Cardano. In 2023, Solana went from 2,500 to 3,000 developers working on its ecosystem, and its native token SOL recorded a 920% gain from January to December 2023, according to the company.
The Bottom Line
Nubank, Coinbase, Core Scientific, MicroStrategy, Marathon Digital Holdings, and Riot Platforms have the highest revenues in the blockchain sector. Nubank is expanding its cryptocurrency offerings in Brazil, working with Fireblocks to improve security. Coinbase operates a major bitcoin trading platform—the SEC argues it’s also an unauthorized securities exchange—and offers digital payment products for businesses.
Core Scientific provides digital mining and hosting services, along with other blockchain-related offerings. MicroStrategy is developing decentralized identity systems using the Bitcoin blockchain. Marathon Digital Holdings and Riot Platforms are significant cryptocurrency mining companies, also investing in blockchain infrastructure. The sector is seeing significant growth on the back of the SEC’s 2024 approval of spot crypto ETFs.
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