Crypto Listings Fail to Deliver Expected Returns

The cryptocurrency market has experienced a significant shift in the past year, with the majority of new listings failing to deliver expected returns.

A recent report by Delphi Consulting analyzed 652 new listings across five major exchanges: Binance, Bybit, Coinbase, Gate, and Kraken. The findings show that only 12% of these assets have turned a profit since their debut in 2025, with the median return sitting at -82%. This trend is attributed to a combination of factors, including oversupply of new tokens, reduced liquidity, and shifting investor sentiment.

Exchanges are now pivoting to stock tokens as a new growth engine. These products represent shares of traditional companies, such as Tesla or Apple, issued on blockchain networks. However, industry observers have cautioned that the revenue generated from these instruments primarily benefits stablecoin issuers, exchanges, custodians, and tokenization platforms.