Cryptos 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 failing token launches. Delphi Consultings analysis of 652 token listings across five major exchanges from January 2025 through May 2026 found a 12% win rate and a median return of -82%. Kraken now offers more than 100 tokenized stocks and ETFs through its xStocks product, with 24/5 trading, $1 minimums, and self-custody support. Robinhood EU lists more than 2,000 Stock Tokens linked to Nvidia, Microsoft, Apple, and the Vanguard Ss $2 trillion base case and $5 trillion bull case describe capital flowing through crypto infrastructure without necessarily creating demand for crypto-native tokens, which depend on separate design choices that exchanges have not yet committed to.









