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Crypto equities rise 23% in 2026 while tokens fall 36%
A widening 59-percentage-point gap reflects how fees, yield, and services can generate revenue for listed crypto firms even when token prices decline.
Bitwise found that publicly traded crypto companies gained 23% in the first half of 2026, while crypto assets overall fell 36%, creating a 59-percentage-point gap between token performance and crypto equity performance, according to CryptoSlate.
CryptoSlate notes that equities can be pricing in a recovery different from where tokens trade now, but it also points to a business mix where revenue drivers such as exchange activity, stablecoin issuance economics, and network usage can operate independently of short-term token direction.
The piece highlights stablecoins as a clear example, citing DeFiLlama estimates of near $310 billion in total stablecoin market cap and 30-day revenue of about $482 million for Tether and about $193 million for Circle, mostly tied to yield on assets backing the tokens.
CryptoSlate adds that Circle reported $653 million in reserve income last quarter, up 17% year over year, and received final OCC approval to run a national trust bank, while Coinbase’s retail derivatives revenue topped $200 million annualized in the first quarter and its prediction market business passed $100 million annualized within two months of the US launch.