The market for initial public offerings (IPOs) of crypto companies is undergoing a severe revaluation. Most issuers that went public since mid-2025 are now trading significantly below their first-day opening prices. The undisputed leader in the rate of depreciation is the Gemini exchange: its shares (GEMI) have collapsed 89% from their starting price of $37, set in September 2025. At the time of writing this analysis, the securities are trading around $4.19.
Such a massive decline is not an isolated incident but a systemic trend, superimposed on the broader crypto market correction that began in October last year. The sector's market capitalization continues to shrink, and public companies are incurring losses along with the entire market.
Crisis of Confidence: BitGo and Bullish Lose Over 70%
The performance of other major players confirms the depth of the downturn. Custodial platform BitGo (BTGO), which went public in January 2026 at $22.43, has lost about 77% of its value. The Bullish platform (BLSH) has plummeted 71% from its opening price of $90. Social trading network eToro (ETOR) is currently trading at $41, which is 42% below its initial price of $69.69.
Notably, if calculating performance from the IPO price rather than the first-day trading price, the picture becomes more nuanced. For example, USDC stablecoin issuer Circle (CRCL), in this context, shows a gain of 110% relative to its IPO price of $31. However, this is more the exception than the rule: four out of the six largest crypto companies still have not returned to their initial offering levels.
Wave of Postponed IPOs: The Market Closes the Window
This weak performance has triggered a domino effect. Major players that planned to go public in 2026 have been forced to freeze their plans. Payward (Kraken's parent company) postponed its IPO in March. Grayscale has moved its listing preparations to at least the fourth quarter of 2026. Consensys and Ledger have also suspended their offerings.
From a fundamental analysis perspective, the current situation is a classic asset revaluation in a bear market. Investors are no longer willing to pay a premium for a "crypto story," demanding real cash flows and profits. Until Bitcoin and other leading cryptocurrencies find a local bottom, the window for new IPOs will remain closed. The market needs time to digest current losses and restore confidence.