Fortune: 2025 crypto IPOs have been a wipeout, with Circle and Hyperliquid the exceptions

• —Circle holds near its listing price largely thanks to its huge first-day pop in June 2025
• —Figure trades about 19% below its IPO price versus a roughly 13% S&P 500 return
• —Gemini shares have shriveled nearly 90%, cutting its market cap from $3.3B to about $500M
• —Hyperliquid Strategies is the standout non-traditional listing, up more than 200%