Fortune magazine published its first Crypto 100 ranking on June 11, covering 3,000 companies divided into ten categories. BlackRock and Hyperliquid stand out as the big winners, each in a very different register. Does this ranking really say anything about the state of the sector, or does it mainly reflect the institutional push that is reshaping crypto since 2024?
In brief
- The Fortune Crypto 100 covers ten categories, from DeFi and stablecoins to venture capital and mining.
- BlackRock's Bitcoin and Ethereum ETFs have attracted billions of dollars of institutional capital since their launch in January 2024.
- Hyperliquid's HYPE token ETFs collected between $75 million and $160 million in their first days in May 2026.
Fortune magazine unveils its first Crypto 100 and BlackRock dominates ETFs
The Fortune Crypto 100 ranking was built in partnership with blockchain analytics firm Inca Digital, using input from more than 200 industry experts. Ten categories structure the rankings, each comprising ten companies.
BlackRock takes first position in the ETF and investment products category. Its Bitcoin and Ethereum ETFs have attracted billions of dollars of institutional capital since their launch in January 2024, making these products among the fastest-growing investment vehicles on record.
Franklin Templeton takes the lead in the TradFi segment, ahead of its historical peers, thanks to its offensive strategy on tokenization and on-chain funds.
Coinbase maintains its first place in CeFi, with Binance following closely. Robinhood dominates Fintechs, Andreessen Horowitz venture capital, Tether stablecoins, Chainalysis crypto services, and MARA mining operations.
Why is Hyperliquid’s presence at the top of DeFi significant?
Hyperliquid stands at the top of DeFi with an atypical positioning. The platform operates a decentralized perpetual contracts exchange on its own layer 1 blockchain, without relying on Ethereum or Solana. This architectural choice gives it performance that traditional DEXs struggle to achieve.
The real signal, however, comes from ETFs. In May 2026, the first regulated investment products backed by the native HYPE token were launched in the United States, raising between $75 million and $160 million in their first weeks.
This is a first: a native DeFi token, which is neither bitcoin nor ether, attracts institutional flows via a regulated vehicle. This shows that institutional appetite is starting to overflow from the two historically dominant assets.
Fortune has also described this moment as the beginning ofa “suit and tie era in crypto”. The formula is a little smooth, but it points to something real.
In short, the Fortune Crypto 100 crystallizes a trend visible since the approval of Bitcoin ETFs in the United States. The giants of traditional finance no longer approach crypto with caution, they now structure the front ranks.
BlackRock, Franklin Templeton, Coinbase on one side; Hyperliquid, Tether, Andreessen Horowitz on the other. The convergence between TradFi and DeFi is no longer a conference talk. It is quantifiable. To go further, find our major file on 2026: the year when crypto transforms financial infrastructure.
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