Initial public offerings (IPOs) in the United States for 2025 delivered a mixed and ultimately underperforming year, with cryptocurrency-related listings being a significant drag on overall results. According to a Bloomberg report, shares of all companies that went public last year—excluding closed-end funds and blank-check companies—gained 13.9% on a weighted average basis. This performance lagged behind the S&P 500's 16% gain for the comparable period.
The year saw major crypto players go public, buoyed by a supportive regulatory environment from the Trump administration that gave Wall Street confidence to invest billions. However, the post-IPO performance of these companies was largely disappointing. Stablecoin issuer Circle Internet Group (CRCL) had the largest and initially strongest crypto debut, raising $1.05 billion in June. Priced at $31, its shares skyrocketed 170% on the first day of trading. Yet, the rally reversed as Bitcoin's price fell from its October peak. By December 31, Circle's stock closed at $79.30, below its debut day closing price, and was down nearly 70% from its peak of over $263.
Other crypto IPOs fared worse. The Winklevoss twins' exchange, Gemini (GEMI), debuted in September at $28. After an initial rise past $32.50, its shares plummeted 64.5% to $9.92 by year-end, ranking it among the worst-performing IPOs of 2025. Crypto exchange Bullish (BLSH), which went public in August at $37 and rose to $68 on its first day, ended the year at $37.87, barely above its IPO price.
Mike Bellin, the US IPO leader at consultancy PwC, characterized 2025 as "a distinctly mixed year for IPOs," noting that the market reopened selectively with a significantly higher bar for early-stage tech companies. "The biggest takeaway is that we’re firmly back in a fundamentals-driven market," Bellin stated. "Investors have become far more selective, and companies must enter the market with a sharper story and stronger operational direction."
The data underscored this selectivity: medium-sized IPOs valued between $500 million and $1 billion saw a weighted average gain of only 5.6%, while larger offerings of $1 billion or more averaged a 20% increase. The year's largest IPO was medical equipment provider Medline's $7.2 billion offering, which climbed 40% since its mid-December debut. In contrast, the second-largest, gas exporter Venture Global's $1.75 billion offering, was cut by 40% before debuting and its shares subsequently plummeted 72%.
