Crypto IPOs Drag Down 2025 US Public Listings Despite Big Debuts

TLDR

• US IPOs in 2025 gained 13.9% on average, trailing the S&P 500’s 16 percent rise.
• Crypto IPOs were among the weakest performers, impacting the overall market performance.
• Circle Internet Group had a strong debut but lost nearly 70% from its peak.
• Gemini’s stock fell by over 64% by the end of 2025 after an initial post-IPO rise.
• Bullish saw modest gains on debut but ended the year near its IPO price.

US public offerings in 2025 delivered uneven results as crypto IPOs undercut broader gains and failed to keep pace with the S&P 500. Companies that debuted last year recorded a 13.9% weighted average gain, while the S&P 500 posted a 16% increase. Many AI and crypto-backed listings fell below expectations, dragging down the year’s overall IPO performance.

Circle’s Strong Debut Followed by Sharp Decline

Circle Internet Group (CRCL) launched its IPO in June with strong early investor interest and priced its shares at $31. Its stock soared by 170% on debut day, closing at $83.70 as crypto enthusiasm surged. However, the rally reversed as Bitcoin’s price dropped from its peak in October.

By December 31, Circle’s shares had fallen to $79.30, losing steam from earlier highs in mid-2025. On the first Monday of January 2026, shares closed at $84.80, still nearly 70% below its high of $263. Market fluctuations in digital assets have closely impacted Circle’s trading performance since its listing.

The company’s stock movement reflects broader investor hesitation toward crypto-backed IPOs following initial spikes. Circle’s debut remains the largest crypto IPO of the year at $1.05 billion. Despite its size, it failed to maintain long-term momentum.

Gemini’s IPO Ends 2025 as One of the Worst Performers

Gemini (GEMI), the crypto exchange founded by the Winklevoss twins, entered public markets in September with an IPO priced at $28. Its stock briefly climbed past $32.50 but reversed sharply in the final quarter of the year. Shares ended 2025 down 64.5% at $9.92.

The listing saw a slight rebound to $11.12 in early January, though still far below its IPO price. Gemini’s weak finish positions it among the poorest-performing crypto IPOs of 2025. Early market gains failed to translate into sustained investor confidence.

Gemini’s post-IPO slump highlights the volatility of digital asset companies in public markets. Performance issues came despite widespread expectations for crypto growth. The stock’s direction mirrored broader concerns about company fundamentals.

Medline Leads as Crypto IPOs Struggle

Bullish (BLSH), another crypto exchange, listed in August at $37 and rose to $68 on debut day. The stock fell to $37.87 by December 31, nearly matching its IPO price. The moderate decline marked a better showing than other crypto IPOs.

Larger IPOs generally outperformed smaller ones, according to PwC’s US IPO head Mike Bellin. “The biggest takeaway is that we’re firmly back in a fundamentals-driven market,” Bellin said. Investors favored mature firms with stable performance history.

Medical supplier Medline led the year with a $7.2 billion IPO, gaining 40% since its December debut. Gas exporter Venture Global launched a $1.75 billion offering but slashed its target and saw a 72% drop post-listing. Medium-sized IPOs between $500 million and $1 billion averaged only 5.6% gains.

The overall IPO market in 2025 showed inconsistent performance, especially in early-stage tech and digital assets. Investors remained selective, demanding clearer strategies and operational strength. The year ended with crypto IPOs underperforming while larger IPOs with stronger fundamentals fared better.

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