Fortune's first crypto ranking puts BlackRock, Hyperliquid on top

Fortune Magazine published its first-ever ranking of the crypto industry on June 11, sorting more than 3,000 companies into ten categories. BlackRock led the ETFs and DATs category. Coinbase edged out Binance for the top CeFi spot. Franklin Templeton took the TradFi crown. Hyperliquid, a decentralized perpetuals exchange running its own Layer 1, topped the DeFi list.

The list was built with blockchain analytics firm Inca Digital and input from over 200 crypto experts. Fortune itself described the moment as a "suit-and-tie era of crypto." BlackRock's spot Bitcoin profile and Ethereum profile ETFs have channeled billions in institutional capital since their 2024 launches. Franklin Templeton has been one of the most aggressive traditional asset managers pushing tokenized money-market funds and on-chain settlement.

Hyperliquid's win is the subplot most likely to shift market assumptions. The protocol launched HYPE token ETFs in May 2026 – regulated products tied to a DeFi-native token that is not Bitcoin or Ethereum. Early inflows ran between $75 million and $160 million. That figure suggests real institutional appetite for exposure beyond the two legacy assets that have historically dominated crypto fund flows, according to people familiar with the subscriptions.

The remaining category leaders: Andreessen Horowitz topped venture capital. Tether led stablecoins. Chainalysis won crypto services. MARA, the former Marathon Digital, was the top mining operation. MARA's Alpha Score sits at 33 out of 100 in AlphaScala's system, a Weak label, despite its first-place finish in the ranking. Fortune also published a companion Crypto Innovators 30 list alongside the main 100.

Each category included ten entrants, giving the full list its "Crypto 100" name. The methodology evaluated financial health, market traction, regulatory posture, and technical infrastructure. The full crypto market analysis is available on Fortune's site.