In this article, we will take a look at the 15 most valuable blockchain companies in the world. You can skip our detailed analysis of these companies, and go directly to the 5 Most Valuable Blockchain Companies in the World.
When investors and consumers come across the term ‘blockchain’, for most of them, the first thing that crosses their mind is Bitcoin. While Bitcoin and blockchains are inextricably linked, the latter is more diverse than a simple currency, even though it forms the very backbone of what Bitcoin offers, i.e., anonymity and transaction security.
In simple terms, a blockchain is a distributed collection of records, traditionally referred to as a ledger. Any party which uses this ledger for a transaction can access it and make changes, which results in multiple copies with multiple users, a concept that improves transaction integrity.
The rise of Bitcoin and associated cryptocurrencies has spurred a corresponding increase in popularity for blockchain technology firms, with the sector as a whole believed by many to be worth billions of dollars in the near-term future. For instance, a 2019 research report by MarketsandMarkets expects the global blockchain market to grow by a staggering compound annual growth rate (CAGR) 67.3% from 2020 to 2025. The report estimated that by the end of 2020, this market will have a value of $3 billion and grow to $39.7 billion by 2025 end. The research firm also believes that while small and medium enterprises (SMEs) will form the backbone of this growth, the largest share of the dollar pie will be made up of traditional financial institutions relying on blockchains.
Fortune Business Insights mirrors the CAGR and market size values shared by MarketsandMarkets. This research firm projects a CAGR of 56.1% for the global blockchain market for the years between 2019 to 2027, with the industry expected to have a value of $69 billion by 2027 end.
PricewaterhouseCoopers, more commonly known as PwC, which is one of the world’s biggest accounting firms, believes in a late 2020 report that blockchain technology can add a staggering $1.76 trillion to the global gross domestic product (GDP) by 2030. The firm also lays down in its report that the bulk of this addition will be due to firms using the technology to avoid counterfeit products and fraudulent transactions. This sector, dubbed as ‘Provenance’ by the firm, stands to add $903 billion on its own to the global GDP by 2030.
We use multiple factors when determining the value of a company. For this list, since some of the firms are not publicly traded, we will use their revenue as the primary determinant of their size. While the list is diverse, it mostly consists of firms that primarily focus on utilizing the blockchain sector for their customer offerings or are financial firms that have added cryptocurrencies to their portfolio, or whose majority of business offerings revolve around providing technology solutions that also include blockchains. Otherwise, big tech giants including Microsoft Corporation and Amazon.com, Inc also have their own blockchain divisions, but since blockchains are not their primary business, they have been omitted from the list.
Most Valuable Blockchain Companies in the World
15. Blockstream (Private)
Revenue: Estimated at $7.8 million.
Blockstream is a Canadian company founded in 2014 that also offers blockchain solutions for storing and transferring digital assets, the predominant of which is Bitcoin. Like other small blockchain firms, Blockstream also keeps its financial details private since it is not publicly traded and therefore not obligated to share the details publicly.
However, according to data aggregator Growjo, the company’s annual revenue is $7.6 million, making it one of the smallest players out there.
As governments and major companies like Square Inc (NYSE: SQ), Tesla Inc (NASDAQ: TSLA), Apple Inc (NASDAQ: AAPL) and Alphabet Inc Class A (NASDAQ: GOOGL) embrace cryptocurrency, blockchain and crypto companies like Blockstream are set to grow.
14. Intellectsoft (Private)
Revenue: Estimated at $11.43 annually
Intellectsoft is a software solution development firm which was established in 2007. It targets businesses and companies as its customers and five offices all over the globe, including one in New York and another in Miami.
Intellectsoft’s blockchain segment is dubbed Intellectsoft Blockchain Lab, which has had partnerships with big ticket names such as the London Stock Exchange, The World Bank, Ernst & Yonk and Nestle.
According to Dun & Bradstreet’s annual revenue modeling, Intellectsoft earns $11.43 million each year.
13. Deqode (formerly Techracers)
Revenue: Estimated at $19 million annually
Deqode, formally known as Techracers, founded in 2012, rose to prominence due to its all-out approach towards blockchain. The company was one of the few at the time to bring the benefits of blockchain to all aspects of the way a business and individuals within it deal with each other. Some of these aspects include wallets, contract audits, exchanges and private blockchains.
According to data aggregator Growjo, Deqode earns $19 million annually.
As governments and major companies like Square Inc (NYSE: SQ), Tesla Inc (NASDAQ: TSLA), Apple Inc (NASDAQ: AAPL) and Alphabet Inc Class A (NASDAQ: GOOGL) embrace cryptocurrency, blockchain and crypto companies like Deqode are set to grow.
12. Steem USD (CCC: STEEM-USD)
Revenue: Estimated at $24 million annually
Steem is a blockchain company founded in 2016, introducing its first service called the Genesis Block. Since then, it offers its services to three categories of users. These are developers, entrepreneurs and social users. It also offers community and development support programs.
According to the data aggregation platform Growjo, Steem is currently estimated to earn $24 million in revenue annually.
11. ConsenSys (Private)
Revenue: $30 million in 2020
A small yet emerging player in the blockchain sector is ConsenSys, which was founded in 2014 and provides both cryptocurrency wallets and blockchain solutions. Unlike other similar companies, who often reveal their revenue, ConsenSys, which is a private firm, keeps relatively mute on such details.
However, the company does need to provide these details to investors when it seeks to raise additional capital, and it indirectly revealed its revenue in an April pitch where it outlined that it planned to double its revenue to $60 million by the end of this year. This implies that ConsenSys earned $30 million in 2020, which is relatively modest when compared to other companies.
As governments and major companies like Square Inc (NYSE: SQ), Tesla Inc (NASDAQ: TSLA), Apple Inc (NASDAQ: AAPL) and Alphabet Inc Class A (NASDAQ: GOOGL) embrace cryptocurrency, blockchain and crypto companies like ConsenSys are set to grow.
10. HIVE Blockchain Technologies Ltd. (NASDAQ: HVBT)
Revenue: $33 million in 2019’s final three quarters
Hive Blockchain Technologies Ltd. is a cryptocurrency miner based out of Vancouver, Canada. It also claims to use only renewable energy for mining Bitcoin and Ethereum. Its mining facilities are based in Canada, Ireland, and Sweden, and it allows its shareholders to access a portfolio of both cryptocurrencies.
The company plans to install 133,120 miners and achieve a hash rate of 13.3EH/s according to details listed on its website. Hive’s latest financial statements, filed with Canadian regulators, reveal that from April to December 2020, the company earned $33 billion in revenue, for a $9 billion annual growth.
9. Marathon Digital Holdings, Inc. (NASDAQ: MARA)
Revenue: 38 million in H1 2021
Marathon Digital Holdings, Inc. (NASDAQ: MARA) is a relatively new entrant in the Bitcoin mining sector after it began to upgrade its mining portfolio in the first quarter of last year. Throughout the course of 2020, Marathon Digital Holdings, Inc. (NASDAQ: MARA) purchased more than 100,000 Bitcoin miners and during the year it also raised capital multiple times through public and private placements. Marathon Digital Holdings, Inc. (NASDAQ: MARA) announced earlier this year that it had successfully installed 133,120 miners allowing it to drastically scale up its scope of operations.
According to its latest Form-10Q filed with the Securities and Exchange Commission, Marathon Digital Holdings, Inc. (NASDAQ: MARA) had earned $38 million in revenue during the first half of this year, marking for an astounding annual growth of $37.5 million.
As governments and major companies like Square Inc (NYSE: SQ), Tesla Inc (NASDAQ: TSLA), Apple Inc (NASDAQ: AAPL) and Alphabet Inc Class A (NASDAQ: GOOGL) embrace cryptocurrency, blockchain and crypto companies like Marathon are set to grow.
8. Argo Blockchain plc (OTC: ARBKF)
Revenue: $43 million H1 2021
Argo Blockchain is a company based in London, the United Kingdom which was founded in 2017 after the cryptocurrency boom. The company’s sole aim was to make sure that mining became a legitimate operation.
Argo’s operations are primarily based in North America, with the company owning over 21,000 mining machines that are employed in the United States and Canada. It has also filed a Form F1 with the U.S. Securities and Exchange Commission (SEC) for a public listing through an Initial Public Offering (IPO). Through its IPO Argo hopes to raise $75 million, with its filing coming at a time when Bitcoin price continues to race towards new heights.
Argo earned a whopping $43 million in revenue in the first half of this year, nearly double of what it was able to pull in the full twelve months of 2020.
7. BinanceCoin USD (CCC: BNB-USD)
Revenue: Estimated at $179 million annually
Binance is one of the world’s largest cryptocurrency exchanges. It was founded by Changpeng Zhao and Yi He in 2017 and has faced its share of controversy in the United States due to accusations of money laundering and tax crimes. It operates a separate exchange in the U.S. dubbed Binance.US which is registered with U.S. financial crime bodies.
The company reports that on average, two billion transactions take place daily on its network and it offers a decentralized cryptocurrency wallet and a community drive blockchain.
According to data aggregation firm Growjo, Binance earns roughly $179 million in revenue annually.
As governments and major companies like Square Inc (NYSE: SQ), Tesla Inc (NASDAQ: TSLA), Apple Inc (NASDAQ: AAPL) and Alphabet Inc Class A (NASDAQ: GOOGL) embrace cryptocurrency, blockchain and crypto platforms like Binance are set to grow.
6. A.P. Møller – Mærsk A/S (OTC: AMKBY)
Revenue: Estimated at $665 million
A.P. Møller – Mærsk A/S:, or simply known as Maersk, is the world’s largest shipping company. Maersk incorporates blockchain technology in its TradeLens platform, which enables its users to exchange information in a secure and transparent manner.
Maersk lists down the revenue from its TradeLens platform under the Managed by Maersk product family, which reported $665 million in revenue during the first half of this year.
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Disclosure: None. 15 Most Valuable Blockchain Companies in the World is originally published on Insider Monkey.