Circle and Galaxy Digital have emerged as standout performers in the 2025 crypto IPO cycle. Circle's stock saw a significant surge following its June 2025 listing, briefly quadrupling in value. Meanwhile, Galaxy Digital reported robust Q3 2025 earnings and an expanding asset base, further boosting its market position. In contrast, companies like eToro, Bullish, and Gemini have struggled, with their share prices dropping significantly from initial IPO highs. The mixed results highlight the impact of differing business models and market perceptions. The IPO cycle has been supported by a favorable pro-crypto policy environment and strong equity markets, though post-listing performances have varied considerably.