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, has become the yardstick for regulated stablecoin issuers and fintech credibility in the crypto space.
An investor who placed $1,000 in each of the five companies at their IPOs would now hold a portfolio worth roughly $5,260.
The results show modest overall progress but reveal a clear divide between companies with strong fundamentals and those still struggling to find stable ground.
eToro's Fall Marks Retail Fatigue
eToro has been the weakest performer, losing more than 40% of its value since going public.
Its heavy dependence on retail trading activity — once a strength during the speculative boom of 2021–2022, has turned into a drag as individual investor participation declines.
Bullish and Gemini have also dropped over 20%, as regulatory hurdles and falling exchange volumes eroded confidence.
Investors are now prioritizing compliance and institutional-grade operations rather than pure trading exposure.
Read Also: Lalatech Relaunches Hong Kong IPO; H1 Revenue Grows In Double-digits
Circle Stock Holds Key Technical Levels
Circle Stock Price Action (Source: TradingView)
CRCL trades near $131, sitting within a broad descending channel that has contained price action since midyear.
It remains below the 20-day EMA at $134, while major resistance stands at $139, followed by heavier supply around $154, aligning with the 200-day EMA.
On the downside, a sustained break under $128 could open the path toward the lower channel near $100.
The RSI at 46 shows neutral momentum, suggesting that traders are waiting for confirmation before taking directional bets.
A close above $139 would reestablish bullish momentum, while failure to defend the current floor could signal further consolidation into November.
Why It Matters
Crypto IPOs now separate winners with strong compliance from losers tied to fading retail speculation.
Circle and Galaxy prove regulated models attract lasting confidence, while eToro's decline shows retail demand cannot sustain valuations.
Circle's chart near $131 tests $139 resistance, a breakout that decides if it joins long-term outperformers.
The divide highlights how markets now reward credibility and fundamentals over hype-driven growth promises.
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Image: Shutterstock
