Last year crypto- and AI-based initial public offerings reportedly dragged the performance of all US public debuts to fall behind the tech-heavy index S&P 500.
Shares of all publicly traded companies, excluding closed-end funds and blank check companies, gained 13.9 percent on a weighted average basis last year, underperforming the S&P 500’s comparable 16 percent gain, Bloomberg reported. Reported On Monday
Last year, some of the biggest players in the crypto industry saw the Trump administration give Wall Street the confidence to back billion-dollar crypto companies. However, not every company performed.
Bets on artificial intelligence companies were also a gamble, with the likes of data center developer Fermi and AI-backed spending platform Nan underperforming their IPOs.
One of the biggest and best-performing crypto-debts was stablecoin issuer Circle Internet Group (CRCL) with its $1.05 billion debut in June, which priced its IPO at $31 and saw its shares jump 170% on its first day.
Circle’s stock has since been battered as bitcoin (BTC) fell from its peak in October, with the company’s shares trading below their first-day closing price on Dec. 31. had closed at 79.30. The circle is currently about 70% lower than the peak of more than 263, which was on Monday. has closed at 84.80.
The Winklos twins’ crypto exchange, Gemini (Jamie), debuted in September and was among the worst-performing crypto IPOs of 2025.
Gemini priced its IPO at $28, and while it initially peaked at more than $32.50, it fell 64.5% to $9.92 as of December 31. It recovered slightly to $11.12 on Monday.
Shares of crypto exchange Blush (blush), which went public in August, fared little better. It opened at $37 and rose to end its first trading day at $68, but it was down to $37.87, close to its IPO price on December 31.
2025 was a mixed year for public debuts
Mike Bellon, USIPO leader at consultancy PwC, told Bloomberg that last year was “a distinctly mixed year for IPOs” as the market selectively reopened, raising the bar significantly for early-stage tech companies.
Related: Kraken IPO, M&A deals with crypto’s ‘midstage’ cycle repeat: Fund manager
Mid-sized IPOs reportedly underperformed larger ones, with deals priced between $500 million and $1 billion gaining an average weighted 5.6 percent, compared to those priced at $1 billion or more.
Last year’s biggest IPO was the $7.2 billion offering of medical equipment provider Medline, whose stock jumped 40 percent after its mid-December launch. The second-biggest offering was a $1.75 billion offering by gas exporter Venture Global, which undercut 40 percent before it debuted, and its shares fell 72 percent, making it the worst-performing debut.
“The biggest takeaway is that we’re back in a market driven by strong fundamentals,” Bailen said. “Investors are far more selective, and companies must enter the market with a sharp story and strong operational direction.”
AI Eye: 9 Weird AI Stories from 2025