Crypto IPOs 2025: Circle, Galaxy Digital Lead Gains, eToro Drops

This year, five cryptocurrency companies issued IPOs, aiming to attract public investors. The firms include Circle, Galaxy Digital, Bullish, Gemini, and eToro. These listings happened primarily on the NASDAQ exchange, providing new trading opportunities for their shares.

Among these companies, only Circle and Galaxy Digital currently trade above their initial offering price. Galaxy Digital’s</b offering differed slightly, as it was previously listed on the Toronto Stock Exchange before issuing an underwritten public offering on NASDAQ.

Since their listings, both Circle and Galaxy Digital have seen roughly a 63.5% increase in share price relative to their IPO price. At its peak, Circle’s</b stock traded around three times higher than its initial price before settling at its current level.

In contrast, the other three companies have experienced value losses exceeding 20%. Among them, eToro, which offers crypto products alongside other financial services, has faced the steepest drop, losing more than 40% of its IPO value. Bullish shows the smallest decline within this group.

If an investor had hypothetically invested $1,000 in each of these five companies at their IPO prices, the total investment of $5,000 would now be worth approximately $5,260, showing a modest overall gain. For more details, see the original Protos report and further analysis such as the question of whether the Circle IPO values Tether at $316 billion.

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