A July 8 report from 10x Research found that shares of crypto-related companies have largely struggled after going public, with many losing a substantial portion of their value from post-listing peaks. While the report estimated that the group was down an average of 73%, updated historical closing-price data from Yahoo Finance through July 7 indicates that the eight companies analyzed are now trading an average of 67.3% below their respective peak closing prices.

Among the companies tracked, Amber (AMBR) and Gemini (GEMI) have posted the steepest declines, reflecting the continued volatility facing publicly traded crypto firms even as the broader digital asset industry continues to grow.

The numbers behind the slump

In the updated data from Yahoo Finance, it has been found that the price of AMBR has fallen by 88.7% from its all-time peak of $12.79 registered on 17th March 2025 to $1.45 as of 7th July. The figure for GEMI is an 87.1% fall from the post-listing high of $32.52 to $4.19.

Circle (CRCL) has shown a decline of 75.3% from its high of $263.45. On the other hand, BitGo (BTGO) is down 72.6%. Similar losses were reported for Bullish (BLSH) at 65.5%, Figure (FIGR) at 58.0%, and Coinbase (COIN), which saw a drop of 57.1% since its all-time high price of $381 dollars in 2021. The figure for the new company in the sector, Securitize (SECZ), shows a loss of 34.5% since its launch on July 2.

The sectoral average has been cut down considerably compared to earlier figures released by the 10x Research report. However, it still shows that investors who bought near peak valuations remain substantially underwater across much of the sector.

According to 10x Research, crypto-related stocks have also underperformed the broader equity market. Oracle, Salesforce, Netflix and Palantir have each fallen between 48% and 57% from their highs, while the S&P 500 has remained within a few percentage points of recent record levels.

CoinMarketCap data shows that Bitcoin was trading at around $62,750 at the time of writing, roughly 50% below its all-time high of about $126,200 reached in October 2025. Ethereum (ETH) was changing hands near $1,750, down about 65% from its record high of approximately $4,946 set in August 2025. Crypto-related equities have historically magnified these price movements, often posting steeper gains during rallies and sharper losses during market downturns.

Amber and Gemini bear the brunt of the selloff

Based on the 10x Research report, AMBR and GEMI have been the least performing crypto-related stocks. According to the current updates from Yahoo Finance, AMBR has dropped by 88.7% in value from its all-time high of $12.79 on March 17, 2025. Meanwhile, the decline of GEMI stands at 87.1%.

The losses signify how fast the market environment for crypto-related stocks has turned around after its debut. While AMBR continues to be the biggest loser among the group, Gemini has tried to weather its fall by expanding its business.

On July 7, Gemini announced the launch of commission-free stock trading services for its customers in the U.S. through the use of the Nasdaq and Apex Clearing as its clearing broker and custodian.

“We started with crypto and are expanding to stocks so that customers can manage their entire financial lives right from the Gemini app,” Cameron Winklevoss said in the announcement.

The launch has put Gemini side by side with Coinbase, Kraken and Block as the crypto-focused companies expand their activities into other areas. However, it seems that the growth of the company has not done anything yet to lift the stock prices or bring back investor positivity.

BitGo and Circle show how fast the drops come

BTGO shows the speed at which the market turns its sentiment on crypto IPOs. After pricing the IPO in January 2026 at $18 per share and reaching a high of $18.49 the next day, the stock fell by 72.6%, according to Yahoo Finance.

CRCL has also faced company-specific headwinds. On June 30, a consortium backed by Visa, BlackRock, Alphabet, Stripe, Mastercard, and Coinbase launched Open USD, a stablecoin network viewed as a potential competitor to Circle’s USDC business. Separately, Circle was removed from several FTSE Russell growth indexes, reducing demand from passive index-tracking funds. Shares have since fallen 75.3% from their post-listing high.

What comes next for Crypto Stocks?

The new market information reinforces 10x Research’s finding that equities related to cryptocurrencies are affected by the price movements of these assets and show more volatility than cryptocurrencies themselves.

The market analysis carried out by KuCoin cited in the report highlights several potential causes of sudden movements in the stocks including better regulation of stablecoins and the way the crypto market is structured as well as changes in the monetary policy by the Federal Reserve with regard to interest rates.

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