Crypto equities up 23% as tokens fall 36% in H1 2026

Bitwise reported that publicly traded crypto companies gained 23% in the first half of 2026 while crypto assets fell 36%, a 59-percentage-point divergence between equity performance and token prices. The firm compared its crypto-equity theme (BITQ) with major token indexes for H1 2026.

BITQ’s top holdings included Coinbase, Strategy, IREN, BitMine, MARA, Galaxy, Figure, Cipher, Hut 8 and Riot. The list combines trading platforms, Bitcoin-treasury companies and miners, so the 23% gain reflects a mix of business models with different revenue drivers.

Stablecoins accounted for a large share of non-token revenue flows. DeFiLlama estimated the stablecoin market cap near $310 billion. Bitwise cited 30-day revenue figures showing Tether at about $482 million and Circle at about $193 million, mainly from yield on reserves. Circle reported $653 million in reserve income in the most recent quarter, up 17% year over year, and received final Office of the Comptroller of the Currency approval to operate a national trust bank. Those reserve earnings accrue regardless of volatile token prices.

Exchange and platform revenues showed growth separate from spot token moves. Coinbase’s retail derivatives business exceeded $200 million annualized in the first quarter, and its prediction-market unit reached more than $100 million annualized within two months of its U.S. launch. Robinhood reported $1.07 billion in total net revenue in Q1, up 15% year over year, while crypto transaction revenue fell 47% to $134 million; other revenue streams, including $147 million from event contracts, offset the crypto decline. Mining and infrastructure firms are signing non-crypto customers as well: TeraWulf agreed a 20-year data-center lease with Anthropic valued at an estimated $19 billion in contracted revenue.

Quarterly index data showed mixed signals. Bitwise’s Crypto Innovators 30 Index rose 30.6% in the second quarter even as its large-cap crypto index fell 15.4% over the same period. Prediction market volume reached $43.2 billion and tokenized real-world assets approached $33 billion in notional value. Usage of some crypto services expanded while many tokens depreciated.

Bitwise described mechanisms that can link network activity to token value. Ethereum’s fee-burning model reduces supply when the network is used, and some projects direct fees into funds that buy back native tokens. Stablecoin issuers generally do not pass reserve income to holders, while exchange economics are realized by equity shareholders rather than token holders.

Bitwise cited research showing broader market effects: work referenced by the European Central Bank found a $3.5 billion inflow into dollar-backed stablecoins could lower three-month Treasury bill yields by about 2.5 to 3.5 basis points. In June, Treasury Secretary Scott Bessent noted that stablecoins, tokenization and new payment rails will influence future money systems.

The report laid out three possible outcomes for the gap between equities and tokens: tokens could recover and converge with equity gains, a partial convergence could occur, or a persistent disconnect could leave public companies capturing industry revenue while many tokens do not reflect that growth.