Key Takeaways
- • Most crypto companies that went public since early 2025 have lost substantial value, with only Circle trading near its listing price and Hyperliquid Strategies up over 200% since its debut.
- • Gemini's share price has fallen nearly 90% since its September listing, with its market cap shrinking from $3.3 billion to roughly $500 million.
- • BitGo, Bullish and eToro have posted share price declines of 55%-65%, while American Bitcoin is down more than 93% and CoinShares is down over 50% since debut.
- • Figure is down around 19% from its September listing day, compared with a roughly 13% gain in the S&P 500 over the same period, according to Fortune's review of about 20 recent crypto listings.
- • Fortune attributes the weak performance to frothy 2025 IPO conditions and to commoditized services such as custody and trading facing competition from Coinbase, big fintechs and Wall Street firms.
Summary
A Fortune review by Jeff John Roberts of the share price performance of roughly 20 recently listed crypto companies finds that the sector has fared poorly in public markets, even as the U.S. stock market has boomed and spurred hundreds of IPOs since early 2025. Among companies that pursued traditional IPOs, only Circle is trading close to its listing price, and that is largely due to a strong opening-day gain in June 2025. Figure, a blockchain-based mortgage lender, is the second-best performer among the class, down about 19% from its listing day last September, while the S&P 500 has returned around 13% over the same period.
Other notable traditional listings have performed far worse. BitGo, Bullish and eToro have posted share price declines of 55% to 65%. Gemini, the Winklevoss-led firm, has seen its share price fall nearly 90% since going public last September, with its market capitalization declining from $3.3 billion to around $500 million.
Companies that went public through SPACs or other non-traditional routes have also struggled, with the exception of Hyperliquid Strategies, a digital asset treasury for HYPE that is up over 200% since its listing earlier this year. Galaxy, led by Mike Novogratz, and Securitize have been public-market disappointments without collapsing. CoinShares is down more than 50% since its debut, and American Bitcoin, backed by Eric Trump, is down over 93%.
Fortune attributes the underperformance partly to frothy 2025 market conditions that led underwriters and investors to back nearly any IPO. It also cites business-model pressures: Gemini, Bullish and BitGo offer commodity services in a hyper-competitive market, where second-tier players face rivals such as Coinbase, large fintechs and traditional Wall Street firms with stronger brands and greater capital.
The next wave of candidates includes Payward (formerly Kraken), the MetaMask wallet service and hardware maker Ledger, all of which have signaled plans to go public soon. MoonPay, which recently announced a CFO hire, and blockchain forensics firm Chainalysis are also potential listings. Fortune's takeaway is that investors should proceed with caution, while noting that blockchain-first firms with scale and strong products, such as Circle, or distinctive business models, such as Hyperliquid Strategies, can succeed as public companies.
Other notable traditional listings have performed far worse. BitGo, Bullish and eToro have posted share price declines of 55% to 65%. Gemini, the Winklevoss-led firm, has seen its share price fall nearly 90% since going public last September, with its market capitalization declining from $3.3 billion to around $500 million.
Companies that went public through SPACs or other non-traditional routes have also struggled, with the exception of Hyperliquid Strategies, a digital asset treasury for HYPE that is up over 200% since its listing earlier this year. Galaxy, led by Mike Novogratz, and Securitize have been public-market disappointments without collapsing. CoinShares is down more than 50% since its debut, and American Bitcoin, backed by Eric Trump, is down over 93%.
Fortune attributes the underperformance partly to frothy 2025 market conditions that led underwriters and investors to back nearly any IPO. It also cites business-model pressures: Gemini, Bullish and BitGo offer commodity services in a hyper-competitive market, where second-tier players face rivals such as Coinbase, large fintechs and traditional Wall Street firms with stronger brands and greater capital.
The next wave of candidates includes Payward (formerly Kraken), the MetaMask wallet service and hardware maker Ledger, all of which have signaled plans to go public soon. MoonPay, which recently announced a CFO hire, and blockchain forensics firm Chainalysis are also potential listings. Fortune's takeaway is that investors should proceed with caution, while noting that blockchain-first firms with scale and strong products, such as Circle, or distinctive business models, such as Hyperliquid Strategies, can succeed as public companies.
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