Investor excitement around cryptocurrency IPOs in 2025has faced some harsh market realities. Despite a wave of public listings from major crypto firms, only Circle Internet Financial and Galaxy Digital have delivered gains since their initial public offerings, according to Protos.com data.
Digital assets meet tradfi in London at the fmls25
Other entries, such as eToro, Bullish, and Gemini,have seen their stock prices fall significantly, challenging the early optimismsurrounding these offerings.
Rare Gains in a Crowded IPO Market
The surge of cryptocurrency companies going publicthis year has not guaranteed profits. Circle InternetFinancial (NYSE: CRCL) and Galaxy Digital (NASDAQ: GLXY) remain the exceptions,each climbing roughly 63% since their Nasdaq debuts.
These two companies have illustrated that sustainable gains in this sector require more than initialhype. Galaxy Digital’s U.S. debut took the form of a secondary offering ratherthan a classical IPO.
This move followed years of trading on the TorontoStock Exchange, now signaling the company’s full integration into Americanpublic markets. Circle, meanwhile, briefly soared to nearly three times its initial price before settling to current levels.
Struggles for Other Crypto Listings
Other prominent crypto listings have faced steepdeclines. eToro (NASDAQ: ETOR), which offers crypto products but isn’t solely acrypto company, saw the largest plunge, losing over 40% of its value since its IPO.
Read more: eToro Shares Drop Widens to 40% Since May IPO
Gemini (NASDAQ: GEMI) and Bullish (NYSE: BLSH) havealso suffered, each dropping more than 20%. Bullish recorded the mildestdecrease among the three underperformers. Thismodest return highlights the mixed nature of this year’s crypto IPO market and underscores the importance of making selective investments.
The current climate signals a need for investorcaution and deeper analysis before investing in new cryptocurrency offerings, as the market sorts out winners from losers.
Even as numbers show a declining enthusiasm, OpenAI,the developer of ChatGPT, is considering an IPO that could value the company at up to a staggering $1 trillion. Reuters reported that OpenAI may file for regulatoryapproval as early as late 2026, although the exact timeline has not been finalized. Executivesand advisers have discussed raising at least $60 billion through the offering.
This article was written by Jared Kirui at www.financemagnates.com.
