Since early 2025, most crypto company IPOs in the United States have been failures. Only Circle remains near its listing price thanks to a historic opening day surge in June 2025, while Hyperliquid Strategies is up over 200%. By contrast, Gemini has lost nearly 90% of its value since September, with its market cap dropping from $3.3 billion to $500 million, and names like BitGo, Bullish and eToro have declined 55% to 65%. The next group of IPO candidates could include Kraken, MetaMask, Ledger, MoonPay and Chainalysis, but lessons from 2025 suggest investors should proceed with caution.
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Disclaimer: this content is for information purposes only and is not financial advice. Cryptocurrencies are highly volatile: you may lose all of your capital. Always do your own research. Legal notice
