Despite a wave of high-profile listings by major crypto companies, only Circle Internet Financial and Galaxy Digital have seen growth since their initial public offerings.
Shares of other companies — eToro, Bullish and Gemini, have fallen significantly in price, calling into question the optimism surrounding crypto firms going public.
Circle Internet Financial (NYSE: CRCL) and Galaxy Digital (NASDAQ: GLXY) have gained about 63% since their Nasdaq debuts.
Other well-known cryptocurrency companies have seen sharp declines. eToro (NASDAQ: ETOR), which offers cryptocurrency products but is not a crypto-only company, has suffered the steepest decline, losing over 40% of its value since its IPO.
Gemini (NASDAQ: GEMI) and Bullish (NYSE: BLSH) also suffered, each losing more than 20%. Bullish posted the smallest decline among the three worst-performing companies.
Despite the fact that these figures have seriously dampened the optimism of investors, the developer ChatGPT OpenAI is considering an IPO that could value the company at $1 trillion.
OpenAI could file with regulators as early as the end of 2026. Meanwhile, the company’s management and advisors are discussing raising at least $60 billion through a public offering.