Crypto equities gained 23% while crypto tokens fell 36% this year – Is value shifting?

Bitwise reported that publicly traded crypto companies gained 23% in the first half of 2026, while crypto assets fell 36%, creating a 59-percentage-point gap. Equities could be pricing in a recovery that sits above where the tokens currently trade, or they could also be capturing revenue crypto adoption generates for companies through fees, yield, and services [ ]