Every major crypto company that went public is down 70-80% but the coin they built around are fine

This is the chart putting side by side,gemini space station ipo'd at $37 in sept 2025 and now trading at $4.19 today,bitgo holdings ipo'd at $22.43 in jan 2026 and is now down 77% while bullish ipo’d at $90 in aug 2025 is down 71%.

Meanwhile btc is sitting at $62-64K today after the cycle peak.eth ,sol, xrp all have their own stories but none collapsed 70-89% from a fixed reference point in 12 months.

The companies built on top of crypto did worse than crypto itself(By a lot)

What went wrong is like right infront of us ,these companies ipo’d right at peak multiples but when btc pulled back from $126K volumes compressed, revenue compressed, and the equity multiple compressed simultaneously, Soooo triple compression. The coins don't have have prob coz coins dont have operating costs, headcount, or compliance expenses eating into margins when volumes drop.

owning equity in a crypto company and owning the underlying crypto are different risk profiles with completely different failure modes. eu retail investors are too getting direct exposure to these stocks through platforms like bitpanda and traderepublic.