Circle and Galaxy Stand Out as the Only Profitable Crypto IPOs While eToro Plummets 40% Since Its Launch

Crypto IPO Performance: The 2025 crypto IPO landscape has revealed a stark contrast between successful companies like Circle and Galaxy Digital, which have seen significant gains, and underperformers like eToro, Bullish, and Gemini, which have struggled due to declining retail interest and regulatory challenges.

Investor Sentiment Shift: Investors are increasingly favoring companies with strong fundamentals and compliance over those reliant on speculative retail trading, as evidenced by eToro's over 40% decline since its IPO.

Market Dynamics: Circle and Galaxy Digital have emerged as benchmarks for stability and credibility in the crypto space, while the overall market shows modest progress, with a portfolio of the five major IPOs yielding a 526% return from initial investments.

Technical Analysis: Circle's stock is currently testing resistance levels around $139, with a potential breakout indicating a return to bullish momentum, while failure to maintain support could lead to further consolidation.