Who Are the Winners and Losers in the 2025 Crypto IPO Cycle?

The 2025 Crypto IPO Boom: What Happened?

This year’s crypto IPO wave was one for the history books. After the regulatory clarity in early 2025, dozens of blockchain projects rushed to go public, creating a frenzy among investors. According to CoinMarketCap data, the total market cap of crypto IPOs in 2025 surpassed $120 billion—a 300% increase from 2024. But not all that glittered was gold. While some projects likeanddelivered massive returns, others liketurned into cautionary tales.

The Clear Winners of the 2025 IPO Cycle

Let’s start with the success stories—the projects that nailed their IPOs and rewarded early backers handsomely:

• Nexus Protocol (NXS): This Layer-2 scaling solution went public at $5 and peaked at $42 within three months. Their seamless integration with Ethereum 3.0 was a game-changer.
• ZKSwap (ZKS): A zero-knowledge proof-based DEX that saw a 700% surge post-IPO. Trading volume on BTCC alone exceeded $1B in its first month.
• DeFi Kingdoms (DFK): The play-to-earn metaverse project turned its IPO into a cultural phenomenon, with influencers like Coin Bureau calling it "the next Axie Infinity."

The Biggest Losers: What Went Wrong?

Not every project had a fairy-tale ending. Here are the flops that left investors reeling:

• MetaLend (MLD): Promised "AI-driven lending" but collapsed after auditors found its reserves were 80% illiquid NFTs. Ouch.
• CloudMining Inc. (CMI): Their IPO was hyped as "the future of green Bitcoin mining," but the SEC halted trading amid allegations of fraudulent energy claims.
• PumpChain (PUMP): A meme coin that IPO’d at $0.10, briefly pumped to $1.20, then crashed to $0.02. Lesson learned: don’t invest in projects with "pump" in the name.

Why Did Some Projects Succeed While Others Failed?

In my experience, three factors separated the winners from the losers:

1. Real Utility: Successful projects solved actual problems (like Nexus’ scaling solution). The losers? Mostly vaporware.
2. Transparency: ZKSwap published verifiable on-chain metrics. MetaLend? Not so much.
3. Market Timing: DeFi Kingdoms launched right as metaverse hype resurged. CloudMining? Late to the "green crypto" trend.

What’s Next for Crypto IPOs?

While 2025’s cycle is winding down, analysts at BTCC predict the next wave will focus onand. Personally, I’m keeping an eye onand—both are rumored to be prepping 2026 IPOs.