Centralized crypto companies generated $70 billion in annual revenue, outpacing on-chain protocols by 8.5 times, per ARK Invest analysis.
ARK Invest CEO Cathie Wood emphasized the dominance of centralized crypto firms, which produced $70 billion in annual revenue in 2025, compared to $8 billion for on-chain protocols. The analysis, conducted by ARK analyst Lorenzo Valente, highlights exchanges, brokers, and stablecoin issuers as key revenue drivers.
Valente’s research suggests that businesses controlling distribution and customer relationships monetize crypto adoption more effectively. Early investments in Layer 1 blockchains and traditional exchanges often outperformed token investments from a venture perspective.
Despite crypto price pressures in 2026, some platforms are diversifying revenue streams beyond trading, though major exchanges face declining activity.