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Most cryptocurrency companies that went public over the past year have struggled to maintain their share prices, even as the broader US stock market has climbed.
Circle Internet Group (NYSE: $CRCL) and Hyperliquid Strategies (NASDAQ: $PURR) are notable exceptions among roughly 20 publicly listed crypto companies reviewed in a recent market analysis by Fortune. Most others have recorded steep losses since their market debuts.
Circle, the issuer of the USDC (CRYPTO: $USDC) stablecoin, is trading near its listing price, helped by a sharp rally on its first day of trading in June 2025.
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Figure (NASDAQ: $FIGR), a blockchain-based mortgage lender, has fallen about 19% since its September 2025 listing, underperforming the S&P 500, which gained roughly 13% over the same period.
Other recent IPOs have fared worse. Crypto custodian BitGo (NYSE: $BTGO), exchange operator Bullish (NYSE: $BLSH), and trading platform eToro Group (NASDAQ: $ETOR) have lost between 55% and 65% of their share value, according to the analysis.
Gemini (NASDAQ: $GEMI) has suffered one of the steepest declines. The cryptocurrency exchange, led by Cameron and Tyler Winklevoss, has lost nearly 90% of its share price since going public in September 2025, with its market capitalization falling from $3.3 billion to about $500 million.
Companies that entered public markets through alternative routes have also struggled. CoinShares (NASDAQ: $CSHR) has dropped more than 50% since its debut, while American Bitcoin (NASDAQ: $ABTC), backed by Eric Trump, has fallen over 93%.
Hyperliquid Strategies, a digital asset treasury company focused on HYPE (CRYPTO: $HYPE), stands out with gains exceeding 200% since its debut earlier in 2026.
The declines come as more crypto <a href="https://xpertsstudio.com/crypto-banking-in-2026-what-big-banks-shift-means-for-business/” title=”Crypto Banking in 2026: What Big Banks’ Shift Means for Business”>businesses prepare to go public. Potential candidates include Kraken parent Payward, MetaMask, hardware wallet maker Ledger, MoonPay, and blockchain analytics firm Chainalysis.
Source: finance.yahoo.com