Exchanges and brokers, the stablecoin issuer and its distributors, bitcoin-treasury companies and miners — revenue line by line and the share sales and convertible bonds that fund them.
10 companies, $12.2B of revenue in the last twelve months. Trailing twelve months to Sep 30, 2026, from SEC filings.
The money-flow chart (open the interactive one above).
The theme quarter by quarter
Each supplier's quarterly revenue scaled by the share of it this chain takes (its attributed share of the trailing twelve months), summed; 8 companies in the latest quarter, -23% against a year earlier.
