The market for public offerings of crypto companies is going through tough times. Most issuers that went public since mid-2025 are now trading significantly below their offering prices. The most dramatic situation surrounds Gemini (GEMI): the exchange's shares have plunged 89% from their opening price, setting an absolute anti-record among all recent crypto IPOs.
For comparison, Circle (CRCL) shares have lost only about 6%, which looks almost like a success against the backdrop of the overall decline. However, the figures for other companies are far more alarming. BitGo (BTGO) has dropped 77% after going public in January 2026, and Bullish (BLSH) has lost 71% from its starting mark. eToro (ETOR) fell by 42%, and only Figure (FIGR) shows a relatively modest decline of 14%.
Important nuance: why is everything so bad?
Here, it's worth distinguishing between two indicators: the IPO price (at which shares were sold to institutions) and the opening price on the first day of trading. Due to high demand on the debut day, shares often open significantly above the offering price. The decline is now measured from this "overheated" mark.
If calculated from the actual IPO price, the picture is slightly less bleak, but still concerning. For example, Circle is trading 110% above its IPO price of $31, and Figure is 24% above $25. However, the other four companies — Gemini, BitGo, Bullish, and eToro — have failed to return to their initial offering levels.
Bear market stifles new offerings
This trend is no coincidence. Since late 2025, the crypto market has been in a prolonged correction, and stocks tied to digital assets have fallen along with it. The weak market conditions have already frozen the plans of new issuers. Kraken (Payward) postponed its IPO in March 2026, Grayscale delayed its listing preparations to at least the fourth quarter of 2026, and Consensys and Ledger have suspended their offerings altogether.
Thus, we are witnessing a classic cycle: a market downturn kills appetite for new offerings, and the lack of fresh IPOs deprives the market of positive catalysts. Whether the window for new offerings will open depends solely on where Bitcoin and altcoin prices settle in the coming months.
My expert opinion: Investors considering buying shares of recently listed crypto companies should exercise extreme caution. Historically, IPOs during a bear market phase are a trap for retail investors. Wait for a clear trend reversal and stabilization of prices in underlying crypto assets before entering these positions.