Major players in the crypto industry that recently entered the stock market are experiencing a severe crash. Shares of the Gemini exchange (GEMI) have plummeted 89% from their opening price, setting an anti-record among all public crypto companies. This is not just a correction—it is a systemic crisis of confidence in the sector.
Since mid-2025, when a wave of IPOs swept the crypto world, the situation has changed dramatically. The overall market correction that began in October has wiped out a significant portion of the capitalization of new issuers. Currently, the stock prices of the six largest companies in the industry are deep in the red zone.
Shocking Numbers: Who Lost the Most?
Gemini shares, listed in September 2025 at $37, are now trading around $4.19—a drop of 89% from their debut price. This is the worst performance among all companies reviewed.
BitGo (BTGO) has fallen 77% from its starting price of $22.43 after listing on the exchange in January 2026. Bullish (BLSH) has lost about 71% of its initial price of $90. eToro (ETOR) is now trading around $41—42% below its starting price of $69.69. Figure (FIGR) has dropped 14% from its listing price of $36. Only Circle (CRCL) shows relative stability, declining just 6% from its debut price of $69.
However, there is an important nuance here. If calculated from the IPO price (institutional placement) rather than the first-day trading price, the picture changes. Circle, for example, is trading 110% above its starting price of $31, and Figure shows a gain of 24% relative to its level of $25. But the other four companies have never returned to their placement prices, indicating a fundamental revaluation of assets by investors.
Bear Market Freezes New IPOs
The prolonged downturn in the cryptocurrency market has completely paralyzed appetite for new listings. Payward (owner of Kraken) postponed its IPO in March 2026. Grayscale has delayed its listing preparations, likely not returning to plans before the fourth quarter of 2026. Consensys and Ledger have also suspended their IPOs.
This makes sense: investors do not want to buy shares of companies whose revenues directly depend on a volatile and declining market. Until Bitcoin and Ether prices find a bottom, new listings will remain frozen.
My expert opinion: Gemini's 89% drop is not just a technical correction but a signal of a deep structural crisis. Investors who bought these shares at the IPO believed in "crypto exceptionalism," forgetting that these companies are essentially high-risk financial startups. Until the market shows a sustained upward trend, a return to placement prices for most of them will remain a pipe dream. In the coming months, we will see either sector consolidation or a wave of delistings and bankruptcies.