The market for public offerings of crypto companies is going through a tough period. Most issuers that went public in the second half of 2025 are now trading significantly below their initial levels. The most dramatic situation involves Gemini (GEMI) shares, which have collapsed 89% from their opening price on the first day of trading.
For comparison, Circle (CRCL) shares have lost about 6%, which looks almost like a success against the backdrop of the others. However, the overall picture for the sector is dismal. The correction that began in October 2025 has affected virtually all recent stock market "newcomers."
Detailed Breakdown: Who Lost What and How Much
Let's look at the numbers. Gemini went public in September 2025 at $37 per share. Today, the price hovers around $4.19 — a drop of 89%. This is an absolute anti-record among all the companies we reviewed.
BitGo (BTGO) has fallen 77% from its opening price of $22.43 (January 2026). Bullish (BLSH) has lost 71% from its starting $90. Even the relatively "stable" eToro (ETOR) is trading 42% below its initial $69.69.
An important nuance: if calculated from the IPO price rather than the first-day trading price, the picture changes. Circle, for example, shows a 110% gain relative to its IPO price of $31. Figure (FIGR) is also up 24% from $25. However, these are more exceptions than the rule. The other four companies have not been able to return to their offering levels.
Bear Market Blocks New IPOs
Such weak performance has inevitably impacted the appetites of other players. The prolonged downturn in the crypto market has effectively frozen plans for new primary offerings.
Payward (owner of Kraken) postponed its stock market debut in March 2026. Grayscale has delayed its listing preparations, and according to my data, will not return to this matter before the fourth quarter of 2026. Consensys and Ledger have also suspended their IPOs.
My view as an analyst: The market is sending a clear signal — investors are no longer willing to pay a premium for a "crypto story" without tangible financial metrics. The decline of Gemini is not just a failure of one company, but a symptom of a revaluation of the entire sector. Until Bitcoin and Ether find a solid bottom, opening new positions in such stocks is a game with extremely negative expectations.