Circle, Galaxy Are The Only Crypto IPOs In Profit As eToro Sinks 40% Since Debut
The crypto IPO boom of 2025 has turned into a reality check for investors. Circle Internet Financial (NYSE:CRCL) and Galaxy Digital (NASDAQ:GLXY) have emerged as rare winners, while eToro (NASDAQ:ETOR) and others are learning how quickly market enthusiasm fades once the spotlight shifts to performance.
Circle And Galaxy Define The Winners
Among the five major cryptocurrency listings in 2025 — Circle, Galaxy Digital, eToro, Bullish (NYSE:BLSH), and Gemini (NASDAQ:GEMI) — only the first two have managed to stay above their debut prices as per Protos.
Both Circle and Galaxy Digital have climbed about 63% since their Nasdaq listings, standing out as the few names to deliver consistent post-IPO gains.
Galaxy’s U.S. listing, structured as a secondary offering rather than a traditional IPO, marked its full integration into American markets after trading for years in TSE.
Circle, which briefly tripled from its debut level before easing lower, …
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