Most cryptocurrency companies that went public over the past year have struggled to maintain their share prices, even as the broader US stock market has climbed.

Circle Internet Group (NYSE: $CRCL) and Hyperliquid Strategies (NASDAQ: $PURR) are notable exceptions among roughly 20 publicly listed crypto companies reviewed in a recent market analysis by Fortune. Most others have recorded steep losses since their market debuts.

Circle, the issuer of the USDC (CRYPTO: $USDC) stablecoin, is trading near its listing price, helped by a sharp rally on its first day of trading in June 2025.

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