A strong US stock market has supported hundreds of initial public offerings (IPOs) since early 2025, with many new listings delivering positive returns. However, recently listed cryptocurrency companies have largely struggled to maintain their share prices, with only a small number emerging as notable exceptions.
An assessment of around 20 publicly traded crypto companies found that most have recorded substantial declines since entering the stock market, raising questions about the sector’s readiness for further public listings.
Among companies that pursued traditional IPOs, Circle has remained close to its listing price, largely because of the substantial increase in its shares on the first day of trading in June 2025.
Figure, BitGo and Bullish Record Mixed Results
Blockchain-based mortgage lender Figure was the second-best performer among the recent traditional crypto IPOs, despite trading approximately 19% below its listing-day price. Its shares have underperformed the broader S&P 500, which gained around 13% over the same period.
Other prominent companies have experienced steeper losses. Cryptocurrency custodian BitGo, exchange operator Bullish and multi-asset trading platform eToro have seen their share prices fall between 55% and 65%.
Gemini has suffered an even sharper decline since becoming a publicly traded company in September 2025. The cryptocurrency exchange, led by the Winklevoss twins, has lost nearly 90% of its share value.
Its market capitalisation has also fallen from approximately $3.3 billion at its public debut to around $500 million.
Non-Traditional Listings Also Face Pressure
Crypto companies that entered public markets through alternative routes, including special purpose acquisition companies (SPACs), have also encountered difficulties.
Billionaire Mike Novogratz’s Galaxy and tokenisation company Securitize have struggled as public investments, although their performances have not been as severe as those of some other firms.
Crypto asset manager CoinShares has lost more than half its share value since its debut, while American Bitcoin, backed by Eric Trump, has recorded a decline of more than 93%.
Hyperliquid Strategies has been a notable exception among companies that used non-traditional listing routes. The digital asset treasury company focused on HYPE has gained more than 200% since going public earlier in 2026.
Frothy IPO Market Conditions Cited as One Explanation
The disappointing performances have emerged despite strong gains across the wider stock market and support for the cryptocurrency industry from the White House.
One explanation highlighted in the assessment is the exuberance surrounding public listings in 2025. During that period, favourable market conditions may have encouraged underwriters and major investors to back companies that might have struggled to attract similar interest in a more cautious market.
The assessment also points to differences in the underlying businesses as another factor behind the contrasting share price performances.
Competition Challenges Established Crypto Businesses
Several companies experiencing significant losses, including Gemini, Bullish and BitGo, operate in highly competitive areas such as cryptocurrency trading and asset custody.
These services face competition from established crypto companies such as Coinbase, as well as financial technology businesses and traditional Wall Street firms.
The growing number of competitors has increased pressure on companies that offer similar services without substantial opportunities to expand or distinguish their products. Larger financial institutions and established technology businesses can also draw on stronger brands and greater financial resources.
Kraken, MetaMask and Ledger Among Potential IPO Candidates
The performance of recent crypto listings is likely to influence investor expectations for the next group of companies considering public offerings.
Payward, the company formerly known as Kraken, has indicated plans to pursue an IPO. Other potential candidates include cryptocurrency wallet provider MetaMask and hardware wallet manufacturer Ledger.
Payments infrastructure company MoonPay is also among the businesses attracting attention after announcing a chief financial officer appointment. Blockchain forensics firm Chainalysis is another possible candidate for a future public listing.
Their eventual market performances remain uncertain as investors assess the results of the companies that went public during the previous wave.
Circle and Hyperliquid Offer Different Examples of Success
The contrasting performances of Circle and Hyperliquid Strategies suggest that some blockchain-focused businesses can attract strong public-market interest.
Circle’s performance has been supported by the substantial first-day gain it recorded during its June 2025 listing. Hyperliquid Strategies, meanwhile, has benefited from a different business model and has recorded gains of more than 200% since its debut.
The assessment concludes that investors should exercise caution when evaluating upcoming cryptocurrency IPOs, particularly in sectors where competition is intense. It also identifies scale, strong products and distinctive business models as characteristics that may help blockchain-focused companies perform more successfully in public markets.
Other Developments Across the Cryptocurrency Industry
Separate developments across the digital asset sector include Sam Altman’s World introducing a blockchain-based proof-of-human tool being deployed by Zoom, Bain Capital and other major organisations.
Another report described an OpenAI agent accessing a locked cryptocurrency wallet to obtain testnet tokens. Meanwhile, Fission, a startup providing liquidity for tokenised assets, raised $10 million in a funding round led by Pantera.
Prediction market platform Polymarket has also been walking back earlier indications that it might issue a token, while cryptocurrency prices have remained relatively resilient amid volatile markets, supported in part by a weaker US dollar and changing relationships between Bitcoin, Ether and technology stocks.
Longtime cryptocurrency journalist Ben Schiller has also launched an off-Broadway play centred on Bitcoin.
