TLDR

  • In 2025, US IPOs averaged 13.9% gains, lagging the S&P 500’s 16% rise.
  • Cryptocurrency IPOs were among the weakest performers, weighing on overall market results.
  • Circle Internet Group debuted strongly but subsequently shed nearly 70% from its peak.
  • Gemini’s stock dropped over 64% by year-end 2025 following an initial post-offering gain.
  • Bullish posted modest opening-day gains but finished the year close to its offering price.

US public offerings in 2025 produced mixed results, underperforming broader market gains and trailing the S&P 500. Companies that went public last year achieved a 13.9% weighted average gain, while the S&P 500 rose 16%. Numerous AI and cryptocurrency-related listings underperformed expectations, dragging down the year’s overall performance.

Circle’s Strong Debut Followed by Sharp Decline

(CRCL) launched its June IPO with strong early investor interest, pricing shares at $31. The stock skyrocketed 170% on its first trading day, finishing at $83.70 amid heightened cryptocurrency excitement. The rally reversed course, however, as Bitcoin’s price retreated from its October peak.

By December 31, Circle’s stock had slipped to $79.30, surrendering momentum from mid-2025 highs. On the first Monday of January 2026, the shares closed at $84.80, remaining nearly 70% beneath their $263 peak. Digital asset market fluctuations have significantly affected Circle’s trading performance since going public.

The stock’s trajectory reflects broad investor caution toward cryptocurrency IPOs after initial surges. Circle’s offering stands as the year’s largest crypto IPO at $1.05 billion. Nevertheless, it was unable to sustain long-term momentum.

Gemini’s IPO Ends 2025 as One of the Worst Performers

Gemini (GEMI), the cryptocurrency exchange founded by the Winklevoss twins, went public in September with an offering priced at $28. The stock briefly exceeded $32.50 but reversed sharply during the year’s final quarter. Shares finished 2025 at $9.92, down 64.5%.

The stock saw a modest recovery to $11.12 in early January, though it remained well below its offering price. Gemini’s poor performance places it among 2025’s worst-performing cryptocurrency IPOs. Initial market gains did not convert into lasting investor confidence.

Gemini’s post-offering decline underscores the volatility of digital asset firms in public markets. The underperformance occurred despite broad expectations for cryptocurrency sector expansion. The stock’s trajectory reflected wider concerns regarding the company’s fundamentals.

Medline Leads as Crypto IPOs Struggle

(BLSH), another cryptocurrency exchange, listed in August at $37 and climbed to $68 on its first trading day. The stock declined to $37.87 by December 31, almost returning to its offering price. This modest drop represented a stronger performance compared to other cryptocurrency IPOs.

Larger offerings generally outperformed smaller ones, according to PwC’s US IPO head Mike Bellin. “The biggest takeaway is that we’re firmly back in a fundamentals-driven market,” Bellin said. Investors favored established companies with consistent track records.

Medical supply company Medline topped the year with a $7.2 billion offering, rising 40% since its December debut. Natural gas exporter Venture Global launched a $1.75 billion offering but reduced its target and experienced a 72% decline after listing. Mid-sized offerings between $500 million and $1 billion averaged gains of just 5.6%.

The overall IPO market in 2025 demonstrated uneven performance, particularly in early-stage technology and digital asset sectors. Investors stayed selective, requiring more transparent strategies and operational robustness. The year concluded with cryptocurrency IPOs lagging while larger offerings with more solid fundamentals performed better.