US initial public offerings underperformed the S&P 500 in 2025, dragged down by weaker results from crypto and artificial intelligence listings.
Shares of newly listed US companies rose an average of 13.9 percent, compared with a 16 percent gain for the S&P 500.
Several high-profile crypto firms went public as political conditions boosted investor confidence, but performance was uneven.
Stablecoin issuer Circle Internet Group delivered one of the strongest debuts, with shares surging on its first trading day.
Circle shares later retreated as Bitcoin prices fell, leaving the stock sharply below its post-IPO peak.
Crypto exchange Gemini ranked among the worst-performing debuts after its shares dropped more than 60 percent by year end.
Bullish shares also slid back close to their offering price after an early surge.
Artificial intelligence-related IPOs also struggled, with some data and software firms underperforming after listing.
It was a distinctly mixed year for IPOs.
Mike Bellin said.
Investors have become far more selective, and companies must enter the market with a sharper story and stronger operational direction.
He added.
At the time of reporting, Bitcoin price was $93,833.22.