The market for public offerings of crypto companies is experiencing a severe downturn. Shares of the Gemini exchange (ticker GEMI) have crashed 89% from their opening price, showing the worst performance among all recent IPOs in the sector. Circle (CRCL) lost about 6%, but this is merely an exception that proves the rule.
Numbers That Speak for Themselves
Gemini went public in September 2025 at $37 per share. Today, the shares are trading around $4.19 — a catastrophic decline. BitGo (BTGO) has lost 77% from its starting price of $22.43 since its listing in January 2026. Bullish (BLSH) has plunged 71% from its initial $90. Even eToro (ETOR) has fallen 42% from its opening price of $69.69. Figure (FIGR) has lost 14% from $36. Only Circle remains relatively stable with a 6% decline.
An important nuance: these figures are calculated from the first trade price on the exchange (open price), not from the IPO price. If we take the IPO price as the starting point, the picture changes slightly. Circle is currently trading 110% above its initial price of $31, and Figure shows a 24% gain from $25. However, the other four companies have yet to return to their offering prices.
Bear Market Closed the Window of Opportunity
Such a decline did not come as a surprise. Since late 2025, the crypto market has been in a prolonged correction, and stocks tied to digital assets are following the overall trend. The weak performance has frozen new major IPOs. Payward (owner of Kraken) postponed its stock market debut in March 2026. Grayscale has delayed its listing preparations to at least the fourth quarter of 2026. Consensys and Ledger have also suspended their IPO plans.
Whether the window for new offerings will open depends on where cryptocurrency prices settle in the coming months. For now, investors can only watch as the recent "stars" of the crypto industry try to find a bottom.
Expert opinion: The 89% collapse of Gemini is not just poor performance by a single company, but a signal of systemic problems. The market overestimated the prospects of many crypto businesses during the euphoria period. Now we are seeing a harsh correction that is weeding out weak projects. Restoring investor confidence in crypto IPOs will take more than one quarter, and the key factor will be the return of a bullish trend in the underlying asset market.