Initial public offerings (IPOs) of major crypto companies have turned into a real disaster for investors who went public in 2025-2026. Almost all issuers are trading significantly below their debut prices, with Gemini posting the worst result, as its shares (GEMI) have collapsed by 89%.
Such a dramatic decline is not an isolated case but a systemic problem for the entire sector. The wave of correction that has swept the cryptocurrency market since October 2025 has ruthlessly rewritten the valuations of six leading industry companies.
Gemini, BitGo, and Bullish: Anti-Records of the Public Market
The numbers we are seeing speak to the depth of the crisis. Gemini shares (GEMI), which went public in September 2025 at $37, are now trading around $4.19. This is a collapse of 89% from the opening price. BitGo (BTGO) has lost about 77% from its starting price of $22.43 after listing in January 2026. Bullish (BLSH) has fallen 71% from its initial price of $90.
The situation is somewhat better for eToro (ETOR), with a decline of 42% from $69.69, and Figure (FIGR), which has dropped only 14% from $36. Circle (CRCL) has suffered the smallest losses, decreasing by about 6% from its opening price of $69.
It is important to make a methodological clarification here. The calculations above use the price of the first trade on the exchange (opening price), not the IPO price at which shares were sold to institutions. The difference is significant: typically, a stock opens higher on the first day of trading due to frenzied demand. If calculated from the IPO price, the picture becomes less grim. Circle is trading 110% above its starting price of $31, and Figure shows a gain of 24% from the $25 level. However, the remaining four companies have never returned to their offering prices.
Such a decline does not seem unexpected. Since the end of 2025, the crypto market has been in a prolonged correction, and stocks tied to volatile digital assets have naturally fallen along with the market.
Window of Opportunity Has Closed: New IPOs Frozen
The weak performance has already stalled the market entry of new players. Payward (owner of Kraken) postponed its IPO in March 2026. Grayscale delayed its listing preparations, likely not returning to plans before the fourth quarter of 2026. Consensys and Ledger have also suspended their offerings.
Whether the window for new IPOs will open depends solely on where prices for bitcoin and other leading cryptocurrencies settle in the coming months. Until the market shows a sustainable bottom, investors are unlikely to see any major new listings.
My analysis: The decline of Gemini is not just a correction, but a symptom of overheated expectations. Investors who bought at the opening paid a "crypto premium" that evaporated at the first signs of market weakness. This is a classic example of how IPO euphoria gives way to the harsh reality of a bear market. The key question now is whether these companies can generate profits in an environment of low volatility and capital outflows.