Investor excitement around cryptocurrency IPOs in 2025 has given way to sobering market truths. 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.

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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.

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These two companies not only buck the trend but also illustrate 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.

Hypothetically, an investor who placed $1,000 in each of the five crypto IPOs—Circle, Galaxy Digital, eToro, Bullish, and Gemini—would see their $5,000 investment grow marginally to about $5,260. 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.

Source: Finance Magnates