Crypto IPO Boom Fades: Only Circle and Galaxy Digital Show Profits, as eToro Drops 40%

Investor excitement around cryptocurrency IPOs in 2025
has 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 optimism
surrounding these offerings.

Rare Gains in a Crowded IPO Market

The surge of cryptocurrency companies going public
this year has not guaranteed profits. Circle Internet
Financial (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 initial
hype. Galaxy Digital’s U.S. debut took the form of a secondary offering rather
than a classical IPO.

This move followed years of trading on the Toronto
Stock Exchange, now signaling the company’s full integration into American
public 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 steep
declines. eToro (NASDAQ: ETOR), which offers crypto products but isn’t solely a
crypto 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) have
also suffered, each dropping more than 20%. Bullish recorded the mildest
decrease among the three underperformers. This
modest 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 investor
caution 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 regulatory
approval as early as late 2026, although the exact timeline has not been finalized. Executives
and advisers have discussed raising at least $60 billion through the offering.

This article was written by Jared Kirui at www.financemagnates.com.
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