Major crypto companies that went public since mid-2025 are experiencing a deep crisis. Gemini (GEMI) shares have collapsed by a staggering 89% from their opening price, marking the worst performance among all public offerings in the sector. Circle (CRCL) has lost only 6%, but most other issuers are showing double-digit losses.
The decline in quotes coincides with a broader market correction that began in October 2025. This is not a coincidence but a pattern: the cryptocurrency market, currently in a bearish phase, directly pressures the stocks of companies whose business models are tied to the volatility of digital assets.
Numbers That Speak for Themselves
According to my data, the situation looks as follows:
- Gemini (GEMI): Offering price — $37 (September 2025). Current price — around $4.19. Down 89% from the opening price.
- BitGo (BTGO): Offering price — $22.43 (January 2026). Current price — around $5.16. Down 77%.
- Bullish (BLSH): Offering price — $90. Current price — around $26.1. Down 71%.
- eToro (ETOR): Offering price — $69.69. Current price — around $41. Down 42%.
- Figure (FIGR): Offering price — $36. Current price — around $31. Down 14%.
- Circle (CRCL): Offering price — $69. Current price — around $65. Down 6%.
It is important to note: I am using the first trade price on the exchange (opening price), not the IPO price. This is standard practice for return analysis, as shares often open higher than the offering price on the first day due to high demand. If calculated from the IPO price, the picture changes: Circle is trading 110% above its offering price of $31, and Figure is 24% above $25. The other four companies have not returned to their offering prices.
Bear Market Blocks New IPOs
The prolonged downturn in the crypto market has frozen new major offerings. Payward (owner of Kraken) postponed its public debut in March 2026. Grayscale delayed its listing preparations, likely not returning to these plans until the fourth quarter of 2026. Consensys and Ledger have also paused their IPOs.
Whether the window for new offerings opens depends on where cryptocurrency prices settle in the coming months. Until the market shows a sustainable bottom, investors will avoid new issuances.
My expert opinion: Gemini's 89% drop is not just a market correction but a signal of deep structural problems. Companies that went public at the peak of a bull market or the start of a bear market are now paying for overvaluation. Investors should be extremely cautious: crypto company IPOs are currently a high-risk game, where even sector leaders can lose 70-90% of their value. The market is waiting for a clear trend reversal, otherwise we will see even more delays and failures.