Crypto IPO deals in 2024–25 have delivered mixed results. On the winner’s side, Circle Internet Group and Galaxy Digital have seen their valuations climb since going public, backed by soaring revenues and strong earnings. By contrast, recent listings like eToro, Bullish and Gemini have underperformed, with share prices well below their IPO peaks. The differences reflect each firm’s underlying business and market reception. Among the five crypto firms listed publicly – stablecoin issuer Circle, crypto bank Galaxy Digital, exchange operator Bullish, Winklevoss-backed Gemini and trading platform eToro – Circle and Galaxy Digital stand out as the clear gainers.
Crypto IPO Market Overview
The current IPO cycle has been buoyed by a pro-crypto policy environment and a rebound in equity markets. A wave of digital-asset companies filed to go public in 2025, sensing regulatory tailwinds and investor appetite. Circle-backed stablecoin USDC has benefited from stablecoin legislation, while major exchanges have seen record trading volumes. The IPO market’s strong momentum was signaled by Bullish’s NYSE debut in August, where its shares more than doubled on the first day. Similarly, the Winklevoss twins’ Gemini was priced above range to raise $425 million at a $3.33 billion valuation. In sum, recent crypto IPOs have drawn broad interest, but post-listing performance has varied widely. Market conditions such as rising Bitcoin prices and regulatory approvals have generally supported crypto listings.
Winners: Circle and Galaxy Digital
Circle Internet Group (NYSE: CRCL). Circle’s IPO was upsized to a $7.2 billion valuation, reflecting strong demand for stablecoin issuers. The June 2025 listing at $31 per share quickly proved too low: Circle’s stock briefly quadrupled in early trading, hitting $123.49 and valuing the company at about $32.1 billion on a fully diluted basis. The company’s underlying business has also grown rapidly. In Q1 2025, Circle reported $557.9 million in interest income on USDC reserves, up 55% year-over-year, and Q2 revenue was reported at $658 million, a 53% jump. By early November 2025, Circle shares traded around $110. At that level Circle’s market capitalization is on the order of $2.7 billion, far above the initial offer price. Investors have rewarded Circle’s rapid growth in the stablecoin market; even after recent profit-taking, the stock remains well above IPO levels.
Galaxy Digital (NASDAQ: GLXY) began trading in the U.S. after years on Canada’s TSX, and it has similarly outperformed. It reported a blockbuster third quarter 2025, with net income of $505 million and adjusted EBITDA of $629 million, driven by record trading volumes and crypto asset gains. Its trading platform now holds $17 billion in assets, up 27% from the prior quarter. The stock reflects that strength. As of Nov. 6, 2025, Galaxy Digital trades around $31.44, well above its 52-week low of $8.20. That price implies a market cap near $12.8 billion (392.2 million shares outstanding). In percentage terms, Galaxy’s share price is roughly 3–4 times its early 2025 levels, making it one of the few public crypto companies with a sustained gain. Together, Circle and Galaxy are the only major crypto IPOs showing a net gain for investors to date. Industry observers note each has “real clients, regulated products and long-term market alignment,” not just hype, which has helped them retain investor support.
Losers: eToro, Bullish and Gemini lag
Other high-profile crypto listings have sold off after their debuts. eToro (NASDAQ: ETOR), the social trading platform saw a blockbuster May 2025 debut, when its shares jumped 34% to a $5.64 billion valuation. But that enthusiasm has faded. By November 2025, eToro shares trade around $33.88. That implies a market cap of about $2.88 billion, hugely below the IPO-era peak. The decline reflects cooling growth: eToro’s surge in retail trading activity normalized after mid-year, and analysts note profits have settled. The company did report strong revenue from crypto trades in 2024, quadrupling to $12.15 billion, but it faces stiff competition and a strategic shift toward broader fintech services.
Bullish (NYSE: BLSH). Bullish’s August IPO had a highly auspicious start: priced at $37, the stock opened at $90 and briefly traded above $118, valuing the exchange at roughly $13.16 billion. The Peter Thiel-backed platform had shown rapid growth, but also wide losses – in Q1 2025 Bullish swung to a $348.6 million net loss from a prior-year profit. After the initial euphoria, Bullish shares have settled. As of Nov. 6 the stock is about $45.3, near its 52-week low, giving a market cap of roughly $6.69 billion. In other words, Bullish now trades well below its IPO-day valuation. Investors may have priced in concerns about its volatile earnings and the competitive crypto exchange landscape.
Gemini Space Station (NASDAQ: GEMI). Gemini priced its IPO at $28 in September 2025, raising $425 million and implying a $3.33 billion value. However, the exchange’s first-half results were disappointing: revenue slid to $68.6 million, down from $74.3M in H1 2024 and net losses widened to $282.5 million. The stock has reacted accordingly. By early November 2025, Gemini trades around $16.37. That price places its market cap near $1.91 billion (117.1 million shares) – far below the IPO valuation. Even after accounting for the company’s growth potential, investors are clearly demanding improvements.
Conclusion
Overall, the 2025 crypto IPO cycle has divided winners and losers starkly. While Circle’s stablecoin business and Galaxy’s trading franchise have delivered tangible growth, others have struggled with slower user growth, tighter margins or regulatory uncertainty. As of late 2025, only the former group has rewarded shareholders. The laggards – eToro, Bullish and Gemini – have each seen steep drops from their listing peaks. This shows that investor optimism in crypto IPOs must be matched by fundamental results.