Crypto’s killer app may be selling stocks after its own tokens failed retail

A Delphi Consulting analysis of 652 CEX listings from January 2025 onward found that a user buying every new token across Binance, Bybit, Coinbase, Gate.io, and Kraken would have kept roughly 50 cents on the dollar.

The win rate across all listings was 12%, 52% of tokens lost more than 80%, and the median return was -82%. Tokenized stocks appear to be the answer that exchanges are giving to…