20 Biggest Blockchain Companies in the World in 2023

In this article, we will be taking a look at the 20 biggest blockchain companies in the world in 2023. To skip our detailed analysis of the blockchain sector, you can go directly to see the 5 Biggest Blockchain Companies in the World in 2023.

Blockchain is a recent technology breakthrough that derives its major value from providing decentralized database storage systems due to which it provides the ultimate form of digital security and scalability. This security means that blockchain technologies will have a major role in the progress of the digitalized economy. A report by OECD discusses how Decentralized Finance, or ‘DeFi’, will keep gaining significance due to the speed of execution, transaction costs, and security it provides. Despite cryptocurrencies having recent crises, the technology utilized in blockchains that power those currencies is indisputable.

What is DeFi?

DeFi is a more recent trend in the crypto-asset space. It is meant to replicate traditional financial activities in a decentralized and autonomous manner. This basically entails the provision of financial instruments without any reliance on intermediaries such as exchanges or brokerages. DeFi offers financial services primarily by using smart contracts on a blockchain.

One of the major uses of blockchain technology is that of cryptocurrencies. While the cryptocurrency market did see major drops in 2022, Bitcoin, along with many other cryptocurrency tokens, has seen a large rally over the past several months, and a number of crypto-focused equity names have seen substantial year-to-date moves. Investor sentiment towards cryptocurrencies also appears to be healthy, and the reintroduction of the United States legislation to allow retirement plans to include cryptocurrencies show support for the market. In February, Alabama Senator Tommy Tuberville spearheaded this move. He stated that the Financial Freedom Act, first introduced in the US Senate in May 2022, was meant to reverse the Department of Labor’s policy directing what type of investments were allowed in retirement plans. Tuberville further stated that this bill would bar the Department of Labor from interfering with the usage of brokerage windows to invest in cryptocurrency. This move of governmental support is expected to sustain the rise of cryptocurrency.

According to analysts, this rise is expected to continue due to an ease in macroeconomic activities. Companies including Coinbase Global, Inc. (NASDAQ:COIN), Mastercard Incorporated (NYSE:MA), and Paypal Holdings, Inc. (NASDAQ:PYPL) have been investing to leverage blockchain technologies and profit from the crypto rally. At the same time, investors are eyeing the blockchain and crypto sector as a potentially profitable investment option in the long run, leading to us compiling a list of the biggest blockchain companies in the world today.

Let’s now take a look at the 20 biggest blockchain companies in the world.

Our Methodology

We scoured several different financial reports to look at a number of companies involved in the usage of blockchain technologies. From among these companies, we looked at a number of factors including the companies’ investments in blockchain technologies, the scale at which they are operating, and any significant moves they have made in recent years. We then ranked these shortlisted companies according to their market capitalization as of February 2023.

Biggest Blockchain Companies in the World in 2023

20. Anchorage Digital

Market Capitalization as of February 18: N/A

Anchorage Digital is a private blockchain company based in San Francisco, California. The company has over 350 employees, and it was founded in 2017.

The company provides the technology, infrastructure, and tools institutions need to participate in the crypto-economy. Anchorage Digital owns the first-ever federally chartered cryptocurrency bank, which was by the Office of the Comptroller of the Currency in 2021.

19. Coinme Inc.

Market Capitalization as of February 18: N/A

Coinme Inc. is a cryptocurrency exchange company operating in the software and technology services sector. It is based in Seattle, Washington. The company is working to set up a nationwide network of Bitcoin kiosks that accept cash investments. It also offers the Coinme app to simplify the experience of investing in Bitcoin. Coinme Inc. is the company behind one of the first launched Bitcoin ATMs in the US.

18. Bitfarms Ltd.

Market Capitalization as of February 18: $247.3 million

Bitfarms Ltd. is a cryptocurrency mining company based in Toronto, Canada. It was founded in 2017 and primarily operates server farms that validate transactions on the Bitcoin Blockchain. In addition to this, it also provides commercial and residential clients with electrician services and hosts third-party mining hardware.

17. HIVE Blockchain Technologies Ltd.

Market Capitalization as of February 18: $269.8 million

HIVE Blockchain Technologies Ltd. is a cryptocurrency mining company based in Vancouver, Canada. It was incorporated in 1987 and changed its name to HIVE Blockchain Technologies Ltd. in 2017. The company operates in Canada, Sweden, and Iceland and carries out the mining and sale of different cryptocurrencies including, Bitcoin and Ethereum.

16. Applied Digital Corporation

Market Capitalization as of February 18: $290 million

Applied Digital Corporation, formerly known as Applied Blochkchain, Inc., is a Bitcoin mining business that also works with designing, developing, and operating next-generation data centers in North America. It was founded in 2001 and is currently based in Dallas, Texas. The company changed its name to represent its new aim of expanding to companies outside the cryptocurrency space to diversify its revenue base.

15. Canaan, Inc.

Market Capitalization as of February 18: $528.5 million

Canaan, Inc. was founded in 2013 and provides high-performance computing solutions. It creates and sells integrated circuit (IC) equipment products by integrating these with bitcoin mining and related components and is based in Beijing, the People’s Republic of China. The company also works with the assembling and distribution of mining parts and equipment.

14. Marathon Digital Holdings, Inc.

Market Capitalization as of February 18: $878.1 million

Marathon Digital Holdings Inc. is an asset technology company that mines cryptocurrencies and is based in Nevada, United States. It was founded in 2010 and as of December 2021 had 8,090 Bitcoin holdings.

It produced 687 Bitcoin in January 2023 which was a 45% increase compared to December 2022. George Soros, a billionaire investor, revealed that he has an investment of nearly $9 million on February 14, 2023. Marathon Digital Holdings, Inc. has a projected hash rate growth of 6x from the third quarter of 2022 to the second quarter of 2023. In 2021, it had an annual revenue of $150.4 million.

13. Riot Platforms, Inc.

Market Capitalization as of February 18: $1.1 billion

Riot Blockchain Inc. is another Bitcoin mining company formerly known as Riot Blockchain, Inc. It was incorporated in 1998 and is headquartered in Colorada, United States. Riot Platforms, Inc. also works in the fields of data center hosting, electrical products, and engineering.

It owns the Whinstone facility which is the largest facility in terms of developed capacity and mined 659 Bitcoin in December 2022 which was a 26% increase from November 2022. It also sold 600 Bitcoins in December which generated above $10 million in net proceeds.

12. MicroStrategy Incorporated

Market Capitalization as of February 18: $2.2 billion

MicroStrategy Incorporated, an application software company, owns a significantly large amount of Bitcoin, according to its balance sheet. The crypto holding values up to $2.2 billion.

The co-founder of MicroStrategy Incorporated (NASDAQ:MSTR), Michael Saylor, is among the most bullish Bitcoin investors today. As a result, the company has added to its Bitcoin stake through 2022, ensuring that when the cryptocurrency shoots back up, MicroStrategy Incorporated (NASDAQ:MSTR) will be among the biggest benefactors of the rise.

11. Galaxy Digital Holdings Ltd.

Market Capitalization as of February 18: $2.3 billion

Galaxy Digital Holdings Ltd. is another asset management firm that operates in digital assets as well as the cryptocurrency and blockchain technology industries. Founded in 2018, it is based in New York, United States, and has diversified offerings including trading, mining, investment banking, and principal investments as well. The company also provides financial services as well as financial tools to North American miners.

It recently acquired the Helios facility from Argo Blockchain and the CEO recently made a statement saying that the company expects Bitcoin to continue rising. CI Global Asset Management has the largest share in the company at 7.9% but it is individual investors who own more than 69% of the shares.

10. Robinhood Markets, Inc.

Market Capitalization as of February 18: $8.47 billion

Robinhood Markets, Inc. is a stock brokerage app that provides trade services for stocks, cryptocurrencies, and ETFs. The company was incorporated in 2013 and is based in California, United States. It also provides educational solutions, news stories, and alerts that allow consumers to monitor their trade. It also provides trade recommendations to first-time users.

It has recently made efforts to expand its consumer base to foreign markets, foreign securities, and retirement accounts. It generated a revenue of $1.36 billion in 2022 and is expected to see growth to lead to a $1.82 billion revenue in 2023.

9. Coinbase Global, Inc.

Market Capitalization as of February 18: $14.44 billion

Coinbase Global, Inc. is another provider of financial infrastructure and transaction services and is based in Delaware, United States. It was founded in 2012 and offers crypto accounts to retailers, a marketplace for crypto assets for institutions, and services that create crypto-based ecosystems for transactions.

The Securities and Exchange Commission has recently attacked the staking of Kraken, Paxos, and Binance which has left Coinbase Global, Inc. at an advantage as it has been left alone. The company generated $7.84 billion in revenue in 2021.

8. Block, Inc.

Market Capitalization as of February 18: $44.9 billion

Block, Inc., formerly known as Square, is a payment processing ecosystem and a financial platform based in California, United States. It was founded in 2009 and also provides products including chips, magnetic stripe cards, and other financial processing hardware as well as services such as its buy-now-pay-later financing.

The company changed its name to show its aim of being focused on blockchain technology solutions. It reported more than $10 billion in Bitcoin purchases through its Cash App and generated a total revenue of $17.6 billion in 2021.

7. CME Group Inc.

Market Capitalization as of February 18: $62.8 billion

CME Group Inc., a financial exchanges and data company, operates markets for the trading of futures and options on futures contracts globally. The company also provides cleared swaps products and services in trade processing, mitigation, and data.

The company is primarily driven by its interest rate derivatives products. Here, CME Group Inc. dominates the market in the exchange trading of these derivatives. It had a 10% jump in its quarterly dividend to $1.10 per share per quarter, bringing its dividend yield to 2.4%. The annual volume of contracts for CME Group Inc. rose by 19% in 2022 to an average of 23.3 million average daily volume and an expected free cash flow yield of 5.0% in 2023.

6. Paypal Holdings, Inc.

Market Capitalization as of February 18: $83.9 billion

Paypal Holdings, Inc. provides a platform for digital payments across the world and is based in California, United States. It was founded in 1998 and has since then accumulated over 400 million global users. In cryptocurrencies, it deals with Bitcoin, Bitcoin Cash, Litecoin, and Ethereum currencies.

PayPal Holdings, Inc. offers popular services among gig workers (independent contractors) and this market is expected to grow with a CAGR of 16.2% to reach $873 billion by 2028. It has shown consistent growth in revenue over the past few years and generated $27.5 billion in 2022.

Paypal Holdings, Inc., like Coinbase Global, Inc. (NASDAQ:COIN) and Mastercard Incorporated (NYSE:MA), is one of the major players in the blockchain technology field.

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