Nearly 9 in 10 new crypto listings since 2025 are underwater, report finds

A new analysis of cryptocurrency exchange listings reveals that the vast majority of digital assets launched on major trading platforms since the start of 2025 have failed to generate positive returns for investors. According to a report from Delphi Consulting, cited by CryptoSlate, only 12% of newly listed tokens have turned a profit, with the median return sitting at a stark -82%.

Exchange-by-exchange breakdown

The study examined 652 new listings across five of the largest cryptocurrency exchanges globally: Binance, Bybit, Coinbase, Gate, and Kraken. The findings paint a sobering picture for retail traders who often chase new listings in hopes of quick gains. Across all platforms, the vast majority of assets experienced significant price declines shortly after their debut.

While the report did not break down performance by individual exchange, the overall trend suggests that the initial listing premium — historically a reliable profit opportunity — has largely evaporated in the current market cycle. Analysts point to a combination of factors, including oversupply of new tokens, reduced liquidity, and a shift in investor sentiment toward more established assets.

Exchanges pivot to stock tokens

In response to the poor performance of crypto listings, several major exchanges are increasingly turning to tokenized equities — commonly known as stock tokens — as a new growth driver. 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 stock tokens may not flow back into the broader cryptocurrency ecosystem. The report notes that profits from these instruments primarily benefit stablecoin issuers, exchanges, custodians, and tokenization platforms, rather than driving demand for underlying blockchain networks like Ethereum or Solana.

Implications for retail investors

For everyday traders, the findings underscore a growing risk in the new listing market. The -82% median return means that even a diversified portfolio of new exchange listings would likely result in substantial losses. The data suggests that the days of reliably profiting from early access to newly listed tokens are over, at least for now.

The shift toward stock tokens also raises questions about the long-term value proposition of exchange platforms. If the most profitable products are tokenized versions of traditional assets, the original promise of crypto — decentralized, permissionless financial access — may be taking a back seat to more conventional financial intermediation.

Conclusion

The Delphi Consulting report adds to a growing body of evidence that the crypto market is maturing in ways that challenge earlier assumptions. New listings, once a guaranteed source of hype and profit, now carry significant downside risk. As exchanges pivot to stock tokens, the industry may be entering a phase where the line between traditional finance and digital assets continues to blur — but not necessarily in ways that benefit the underlying crypto networks.

FAQs

Q1: What is the main finding of the Delphi Consulting report on crypto listings?
The report found that only 12% of 652 new cryptocurrency listings on major exchanges since 2025 have been profitable, with a median return of -82%.

Q2: Which exchanges were included in the analysis?
The study covered five major exchanges: Binance, Bybit, Coinbase, Gate, and Kraken.

Q3: Why are exchanges pivoting to stock tokens?
Exchanges are turning to tokenized equities as a new growth engine after poor performance from new crypto listings. However, critics note that stock token profits mainly benefit intermediaries rather than crypto networks like Ethereum or Solana.