Recent crypto IPOs have been a wipeout for most investors. Will the next wave be better?

The booming U.S. stock market has, since early 2025, spurred hundreds of IPOs and, in most cases, these new offerings have delivered fine returns.

But when it comes to newly-public crypto companies, their stock performance has, with two notable exceptions, been a disaster.

Now, as another crop of crypto IPOs waits in the wings, it’s worth asking whether the sector as a whole is ready for primetime in the public markets.

To learn the state of play, I reviewed the share price performance of the recent vintage of 20 or so publicly-listed crypto companies.

It’s not a pretty picture.

Among the companies that pursued a traditional IPO, only Circle is trading close to its listing price—and that’s primarily thanks to the colossal opening day pop the company enjoyed back in June of 2025.

The second best performer among the recent crypto IPO class is the blockchain-based mortgage lender, Figure, which is down around 19% from its listing day last September.

That’s not calamitous, but it’s still ugly, especially when compared to the broader S&P 500, which has returned around 13% during that time.

Other notable names in the recent crypto IPO class—the longtime custodian BitGo, the exchange service Bullish, and the multi-asset trading app eToro—have fared even worse, posting share price declines of 55%-65%.

Then there is Gemini, whose brief tenure as a public company has been simply gruesome.

Since going public last September, the Winklevoss-led firm has seen its share price shrivel nearly 90% and its market cap decline from $3.3 billion to around half a billion.

Then there is the other crop of crypto firms that went public using a non-traditional process such as a SPAC .

Notable names in this batch include billionaire Mike Novogratz’s Galaxy and tokenization service Securitize, both of which have been public market flops, but not outright debacles.

The same can’t be said for crypto asset manager CoinShares, whose stock is down over 50% since its debut, or the Eric Trump-backed American Bitcoin, which is down over 93%.