Most major crypto companies that went public after mid-2025 are now trading significantly below their initial prices. The worst performer was Gemini (GEMI), whose shares crashed 89% from their opening price. This is an absolute anti-record among all recent crypto IPOs.
The collapse in stock prices coincided with a prolonged correction in the crypto market, which began in October 2025 and continues to this day. Investors who hoped for a "bullish" rally after the exchange listing faced a harsh reality: the sector is overheated, and liquidity is draining away.
Gemini, BitGo, and Bullish — in the zone of critical losses
The numbers speak for themselves. Gemini went public in September 2025 at $37 per share, but the stock now trades around $4.19 — a drop of nearly 89%. BitGo (BTGO) has fallen 77% from its starting price of $22.43 after listing in January 2026. Bullish (BLSH) has lost about 71% of its initial price of $90.
The situation is slightly better for eToro (ETOR), with shares holding at $41, which is 42% below the debut price of $69.69. Figure (FIGR) has declined 14% from $36, while Circle (CRCL) showed the smallest drop — just 6% from its opening price of $69.
An important nuance: if calculated from the IPO price rather than the first trade price, the picture changes. Circle is now trading 110% above its starting price of $31, and Figure shows a gain of 24% from the $25 level. However, the other four companies have not been able to return to their IPO prices.
IPO market frozen: Kraken, Grayscale, and others delay listings
The weak performance has already stalled new major listings. Payward (owner of Kraken) postponed its IPO in March 2026. Grayscale has delayed its listing preparations to at least the fourth quarter of 2026. Consensys and Ledger have also suspended their plans to go public.
It is clear that the current market conditions are not favorable for new listings. Until cryptocurrencies find a local bottom, investors will avoid risky investments in the stocks of young crypto companies.
My analysis: Gemini's 89% drop is not just a correction, but a signal of deep market distrust in business models that do not generate real profits in a bearish trend. Without a reversal in BTC and ETH, new IPOs are unlikely to see the light of day before 2027.