Top Crypto Companies 2026: Largest by Revenue, Profit, Users

In January 2026 an accounting firm in a routine attestation confirmed that a single stablecoin issuer earned more than $10 billion of net profit in 2025. That company was Tether, issuer of the world's largest stablecoin, and the figure put it ahead of Coinbase, Robinhood and Kraken combined. The biggest crypto companies in 2026 are not the ones with the loudest marketing or the highest trading volume. They are the ones sitting on reserves, custody balances and licences, and the numbers show a sector whose profits are moving from trading fees toward interest income and infrastructure.

How we chose the top crypto companies

We ranked companies only by stated, measurable criteria as of October 2026: 2025 revenue, 2025 net profit, registered or funded users, and assets on platform or in circulation, as reported by company filings, attestations or established crypto and financial media. Where a company does not publish full financials, we describe it with the figures it does disclose. We grouped companies by type rather than giving a single 1-to-10 order, because an exchange, a stablecoin issuer and a broker earn money in very different ways.

Coverage spans the US, Europe, India and the UAE. Our list of stablecoin companies to watch goes deeper on issuers.

Which is the most profitable crypto company in 2026?

Tether is the most profitable crypto company by reported net profit. It earned more than $10 billion in 2025, according to an attestation by BDO, down from more than $13 billion in 2024. That compares with $1.26 billion for Coinbase and $1.9 billion for Robinhood as a whole, making the stablecoin issuer by far the sector's largest earner.

Tether

Tether issues USDT, the largest stablecoin. At the end of 2025 it had more than $186 billion of USDT in circulation backed by $193 billion of assets, including about $122 billion of US Treasuries and roughly 140 tonnes of gold, with $6.3 billion of excess reserves, according to The Block. As of October 2026 USDT stands at about $184 billion, roughly 60% of a $306 billion stablecoin market, per DefiLlama. Our comparison of USDT and USDC explains the difference in structure.

Circle

Circle, which issues USDC and went public in 2025, reported second-quarter 2026 revenue and reserve income of $701 million, up 7%, and net income from continuing operations of $48 million, according to its results release. USDC in circulation was $73.3 billion at the end of June, up 19%, with $14.8 trillion of onchain transaction volume in the quarter. For the full year 2025, Circle reported $2.7 billion of revenue and reserve income, up 64%, and a $70 million net loss from continuing operations driven by IPO-related stock compensation, per its fourth-quarter release. Its margins are thinner than Tether's because it pays a large share of reserve income to distribution partners. Our piece on Circle's IPO covers that arrangement.

Which is the largest crypto company by revenue?

Coinbase is the largest crypto company by reported revenue, with $7.18 billion in 2025 and net income of $1.26 billion. Kraken reported more than $2.2 billion of 2025 revenue. Robinhood earned $4.5 billion across its whole business, though crypto is only one part of it. Binance does not publish audited group revenue, so it cannot be ranked on this measure.

Coinbase

Coinbase is the largest US-listed crypto exchange. It reported 2025 revenue of $7.18 billion, including $2.83 billion of subscription and services revenue, and net income of $1.26 billion, despite a fourth-quarter net loss of $667 million tied to falling crypto prices, according to Traders Union's summary of its results. The downturn continued into 2026: Quartz reported second-quarter revenue of about $1.2 billion and a net loss of $359.5 million. Coinbase also took a minority stake in India's CoinDCX in October 2025.

KRKraken

Kraken, owned by Payward, reported 2025 revenue up 33% to more than $2.2 billion, adjusted EBITDA of $530.6 million, 5.7 million funded accounts and $48.2 billion of assets on platform, according to Finance Magnates. An $800 million raise valued it at $20 billion. In the second quarter of 2026 adjusted revenue was $508 million, up 17%, but Payward is not expected to list before the second quarter of 2027, per Crowdfund Insider. CB Insights recorded Payward buying derivatives exchange Bitnomial for $550 million and card issuer Reap for up to $600 million during the quarter.

Robinhood

Robinhood is a broker rather than a pure crypto company, but it is one of the largest retail crypto venues in the US and, through Bitstamp, in Europe. It reported record 2025 net revenue of $4.5 billion and net income of $1.9 billion, with 27 million funded customers. Crypto revenue in the fourth quarter of 2025 was $221 million, down 38%, on $82 billion of notional volume, of which $48 billion ran through Bitstamp, according to its investor release.

Which crypto exchange has the most users?

Binance has the most users of any crypto exchange, with more than 300 million registered users and over $125 trillion of cumulative trading volume as of December 2025. It is followed at a distance by regional platforms such as India's CoinDCX, with 20.4 million users, and Europe's Bitpanda, with about 30 million customers. Registered users overstate active ones everywhere.

Binance

Binance is the world's largest crypto exchange by users. In December 2025 it received full authorisation from Abu Dhabi Global Market for three entities covering exchange, clearing and custody, and broker-dealer activity, starting operations on 5 January 2026, as AGBI reported. It cited more than 300 million registered users. The ADGM licence gives the group a single primary regulator for its global platform for the first time.

Bybit

Bybit, which holds UAE licences, describes itself as the world's second-largest exchange by trading volume. In October 2025 it became the first crypto exchange to receive a full Virtual Asset Platform Operator licence from the UAE's federal Securities and Commodities Authority, eight months after in-principle approval. It does not publish audited financials, so we list it on licences and scale claims only. Our UAE crypto regulation guide explains how SCA, VARA and ADGM licences differ.

Hyperliquid

Hyperliquid is a decentralised exchange for perpetual futures. Forbes named it to its 2026 Fintech 50 in February 2026, one of five crypto companies on the list, and it is the largest venue for onchain perpetual futures by trading volume. It does not publish audited accounts, so we do not rank it on revenue. It is the clearest sign that a meaningful share of crypto trading revenue is moving onchain.

Which crypto companies lead in India and Europe?

In India, CoinDCX is the largest crypto platform with disclosed figures in 2026: 20.4 million users and $141 million of annualised revenue at a $2.45 billion valuation in October 2025. WazirX is rebuilding after a $234 million hack. In Europe, Vienna-based Bitpanda serves about 30 million customers and put a planned Frankfurt listing on hold in September 2026.

CoinDCX

CoinDCX, founded in 2018, received investment from Coinbase in October 2025 at a $2.45 billion post-money valuation, according to The Block. As of July 2025 it reported over 20.4 million users, $165 billion of annualised transaction volume, over $1.2 billion of assets under custody and $141 million of annualised revenue. The same month it lost $44 million in an exploit that began with malware planted on an engineer's laptop. India's competition regulator cleared the Coinbase stake in December 2025. Our India crypto regulation explainer sets out the tax and compliance rules these platforms operate under.

WazirX

WazirX was once India's best-known exchange. A July 2024 breach drained about $234 million and affected roughly 4.3 million users. In October 2025 Singapore's High Court sanctioned its restructuring scheme after 95.7% of creditors voted in favour, and the company said it would restart operations within ten business days of the scheme taking effect, working with custodian BitGo, as Inc42 reported.

Bitpanda

Bitpanda, founded in Vienna in 2014, operates across Austria, Germany, Switzerland, Italy and France and recently entered the UK. In January 2026 Bloomberg reported it was preparing a Frankfurt listing at a valuation of €4 billion to €5 billion with about 30 million customers, per The Block. In September 2026 it paused the listing, citing market conditions, and said its chief executive would step down in the first quarter of 2027, as Finance Magnates reported.

Which institutional crypto firms matter?

Galaxy is a US-listed institutional crypto firm with $12 billion of assets on platform at the end of 2025. It posted a 2025 net loss of $241 million as crypto prices fell, but its trading and asset management arm earned record adjusted gross profit.

GAGalaxy

Galaxy runs trading, lending, asset management and a fast-growing data centre business. For 2025 it reported a net loss of $241 million, record digital-asset adjusted gross profit of $505 million, total equity of $3.0 billion and $2.6 billion of cash and stablecoins, according to its results release. Its Helios campus in Texas has over 1.6 gigawatts of approved power, with CoreWeave contracted for 526 megawatts of critical IT load, a pivot that makes it partly an AI infrastructure company.

How do the biggest crypto companies compare?

Company	Base	What it does	Latest dated metric
Tether	El Salvador	USDT stablecoin issuer	$10B+ net profit, 2025
Coinbase	US	Exchange, custody, USDC partner	$7.18B revenue, 2025
Robinhood	US	Broker with crypto and Bitstamp	$4.5B revenue, 2025 (whole firm)
KRKraken	US	Exchange and brokerage	$2.2B+ revenue, 2025
Hyperliquid	Onchain	Decentralised perpetuals exchange	Forbes Fintech 50, Feb 2026
Circle	US	USDC stablecoin issuer	$701M revenue, Q2 2026
Binance	Multi-jurisdiction; ADGM-licensed	Exchange	300M+ registered users, Dec 2025
GAGalaxy	US	Institutional trading, data centres	$12B assets on platform, end-2025
Bitpanda	Austria	Retail investing platform	~30M customers, Jan 2026
CoinDCX	India	Exchange	$2.45B valuation, Oct 2025
Bybit	Multi-jurisdiction; SCA-licensed	Exchange	SCA full licence, Oct 2025
WazirX	India	Exchange in restructuring	Scheme sanctioned, Oct 2025

Worked example: why a stablecoin issuer out-earns an exchange

The profit gap between issuers and exchanges comes down to arithmetic. Circle's second-quarter 2026 figures make it visible.

1. Reserve income: $668 million in the quarter, while USDC in circulation moved between about $77 billion at the end of March and $73.3 billion at the end of June. On a rough $75 billion average, each $100 of USDC earned Circle about $3.50 annualised.
2. After distribution: revenue less distribution costs was $289 million, a 41% margin. So of that $3.50, roughly $1.44 stayed with Circle and the rest went to partners such as exchanges.
3. Tether by comparison: it reported more than $10 billion of 2025 profit on roughly $186 billion of USDT at year end. That is above $5 of profit per $100 of tokens, helped by gold and other investment gains on top of interest income.
4. Coinbase by comparison: $1.26 billion of net income on $7.18 billion of revenue in 2025 is a 17.5% net margin, and trading revenue falls sharply when prices do, as the second quarter of 2026 showed.

Exchanges earn when people trade; issuers earn when people simply hold, and holding has proved the steadier business.

The flip side is rate sensitivity. If short-term US rates fall by one percentage point, an issuer's income on each $100 of reserves falls by about $1, which is why issuers are racing to add payments and other fee income. Our explainer on how stablecoin issuers make money covers that shift.

What should you watch next among crypto companies?

• Q3 2026 earnings season. Coinbase, Robinhood, Circle and Galaxy report third-quarter results over the coming weeks, the first full read on whether the 2026 trading slump has bottomed.
• Kraken's IPO, not before Q2 2027. Payward has filed confidentially with the SEC; timing depends on market conditions.
• Bitpanda's listing. A Frankfurt IPO at €4 billion to €5 billion was planned for the first half of 2026 but paused in September; the company says it remains on the agenda, with a CEO handover due in the first quarter of 2027.
• Mastercard's BVNK deal, by end-2026. A completed acquisition would mark a card network directly owning stablecoin infrastructure.
• WazirX distributions. Creditor token distributions follow the scheme taking legal effect and will be watched closely in India.

This list is editorial research, not investment advice or an endorsement of any company or token. Company figures are as reported by the linked sources; private and offshore firms are not audited to public-company standards. Readers should check with a qualified adviser before making any investment decision.

About this researchMuffinPay InsightsIndependent analysis of stablecoins, CBDCs, cross-border payments and digital public infrastructure. Every figure is linked to its source. Read our editorial standards →