Investor capital is increasingly moving from token launches to publicly listed crypto companies, according to research by DWF Labs. The study, based on Memento Research data, reveals that over 80% of token projects trade below their initial exchange price, with typical declines of 50% to 70% within 90 days of listing. This trend indicates a structural shift as investors favor the governance and transparency offered by equity-style investments over token ventures. In 2025, crypto-related IPOs raised approximately $14.6 billion, while M&A activity in the sector exceeded $42.5 billion. This capital rotation reflects a preference for infrastructure assets like custody and compliance, where equity structures facilitate licensing and distribution. The valuation gap between listed crypto equities and token projects persists, driven by institutional investors' preference for regulated markets and the inclusion of public shares in indexes and ETFs.