Crypto Firms' Public Market Valuations Mirror Digital Asset Volatility

The recent wave of crypto companies going public has provided a dataset to evaluate whether digital asset firms can sustain public valuation when disconnected from the bullish crypto market cycle. As of July 2026, the evidence suggests that the answer is mixed.

Of the six major crypto firms that completed IPOs between mid-2025 and the first half of 2026, all are trading below their opening-day prices. Gemini has fallen approximately 89% since its September 2025 debut. BitGo trades nearly 77% below its initial January 2026 trading price.

Coinbase, which many investors considered a 'safer' vehicle for exposure to the crypto ecosystem, has proven to be a beta multiplier. When Bitcoin reached its cycle peak in October 2025, COIN hit its $420 high. With Bitcoin now experiencing an approximate 54% drawdown from that peak, COIN has lost two-thirds of its value.

Coinbase's Q1 2026 earnings report revealed a net loss of $394 million, compared to a $66 million profit in the same period last year. Total revenue fell 31% year-over-year to $1.41 billion, missing Wall Street expectations of $1.52 billion.