Crypto IPO Boom Fades: Only Circle and Galaxy Digital Show Profits

The 2025 wave of cryptocurrency IPOs has yielded mixed results, with most firms struggling to maintain investor enthusiasm. Circle Internet Financial and Galaxy Digital stand as rare exceptions, each posting 63% gains since their Nasdaq debuts. These outliers demonstrate that sustainable growth in the crypto sector requires more than initial hype.

Galaxy Digital's U.S. entry through a secondary offering marks its full integration into American markets after years on the Toronto exchange. Circle briefly tripled its initial price before stabilizing at current levels. Meanwhile, other prominent listings like eToro have plummeted, with the trading platform dropping 40% since going public.

The stark contrast between winners and laggards underscores the maturation of crypto markets. Investors now discriminate between firms with solid fundamentals and those riding speculative waves. This selectivity mirrors traditional finance's emphasis on sustainable business models over short-term momentum.