Circle, Hyperliquid Defy Slump as Most Crypto IPO Stocks Tumble

• While most newly public crypto companies saw their shares plunge, Circle and Hyperliquid bucked the trend and held their ground.
• The divergence highlights how investors are sorting winners from losers in the volatile crypto IPO market.
• Most recent crypto listings have struggled as broader digital asset prices have wobbled and risk appetite has cooled.
• Circle, the company behind the USDC stablecoin, and Hyperliquid, a decentralized derivatives exchange, stood out as exceptions.

AI-generated briefing — triage, not the story; every claim links out to the coverage below.