From Fortune · Jeff John Roberts · · 2m
Crypto IPOs crash while stock market soars
Twenty recent crypto companies went public as the U.S. market boomed, but most have tanked. Can the next wave do better?
In brief
Twenty recent crypto companies went public as the U.S. market boomed, but most have tanked. Can the next wave do better? Most crypto companies that went public since early 2025 have seen their share prices collapse despite a booming stock market, raising questions about whether the sector is ready for public markets…
Crypto IPOs flop as market booms
Since early 2025, hundreds of U.S. IPOs have delivered fine returns. But newly-public crypto companies have mostly been a disaster, with only two notable exceptions.
Circle and Figure lead the pack
Among traditional crypto IPOs, Circle trades near its June 2025 listing price thanks to a strong opening day pop. Figure, a blockchain mortgage lender, is down around nineteen percent from September.
BitGo, Bullish and eToro crater
BitGo, Bullish and eToro have posted share price declines of fifty-five to sixty-five percent. The S&P five hundred returned around thirteen percent during the same period.
Gemini's collapse is catastrophic
Gemini, led by the Winklevoss brothers, went public last September. Its share price has shrunk nearly ninety percent and its market cap fell from three point three billion dollars to around half a billion.
Non-traditional IPOs mostly fail too
Crypto firms using SPAC mergers fared little better. Mike Novogratz's Galaxy and Securitize are flops. CoinShares is down over fifty percent. American Bitcoin is down over ninety-three percent.
Hyperliquid bucks the trend
Hyperliquid Strategies, a digital asset treasury for HYPE, is the standout among non-traditional crypto IPOs, up over two hundred percent since going public earlier this year.
Why crypto IPOs are failing
Frothy 2025 market conditions led underwriters to back weak companies. Many laggards like Gemini, Bullish and BitGo offer commodity services in hypercompetitive markets against stronger rivals like Coinbase and traditional Wall Street firms.
Next wave includes Kraken, MetaMask
Payward, formerly Kraken, MetaMask and Ledger have signaled they want to IPO soon. MoonPay and Chainalysis are also potential names. Success requires scale and strong products or clever business models.
The main idea
Most crypto companies that went public since early 2025 have seen their share prices collapse despite a booming stock market, raising questions about whether the sector is ready for public markets.
