Crypto Stocks Crash: Coinbase and Circle Plunge by 69-72% from Highs

Coinbase and Circle stocks have plummeted to new lows, underperforming even the struggling tech sector. Since their all-time highs in July 2025, Coinbase (COIN) has dropped 69% to a third of its former value at around $140 per share. Circle (CRCL), which went public in June 2025 with an initial public offering price of $31, has seen its shares fall by 72%. This is a stark contrast to the S&P 500's relatively modest decline of just 3.5% from its recent peak.

Major tech stocks like Oracle, Salesforce, Netflix, and Palantir have fared slightly better, with declines ranging from 48% to 57% over the same period. However, the underlying assets are not faring much better. Bitcoin has pulled back by more than 54% from its October 2025 peak, now trading below $60,000, while Ether has dropped approximately 69% to around $1,500.

Coinbase's recent earnings report was a major disappointment, with revenue falling short of expectations and the company posting a net loss of $1.49 per share. The stablecoin issuer Circle faces its own set of challenges, including intense competition in its core business and regulatory uncertainty surrounding yield generation strategies.