Major cryptocurrency companies that took the risk of entering the stock market in 2025–2026 are experiencing a deep crisis. Since their listings, their shares have shown catastrophic declines, with the Gemini exchange becoming the absolute worst performer, collapsing 89% from its opening price.
According to my data, Gemini (GEMI) shares debuted on the exchange in September 2025 at $37, and today they are trading around $4.19. This is the worst result among all the crypto companies reviewed. For comparison: BitGo (BTGO) lost about 77% from its starting price of $22.43 after going public in January 2026, and Bullish (BLSH) lost approximately 71% from its initial price of $90.
eToro (ETOR) shares, currently trading around $41, are 42% below their starting price of $69.69. Figure (FIGR) fell 14% from its placement price of $36. The least affected was Circle (CRCL), which dropped only 6% from its debut price of $69.
It is important to note that these figures are calculated from the opening price on the first day of trading, not from the IPO price. Typically, due to high demand on the listing day, shares open significantly higher than the placement price for institutional investors. If calculated from the IPO price, the picture changes: Circle is now trading 110% above its starting price of $31, and Figure shows a 24% gain relative to the $25 level. However, the other four companies have not been able to return to their placement prices.
Such widespread decline did not come as a surprise to me. Since the end of 2025, the crypto market has been in a prolonged correction, and stocks tied to digital assets are naturally following the overall trend. Investors who expected quick profits from crypto IPOs are bitterly disappointed.
Weak market blocks new listings
The current market conditions have completely frozen plans for 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 paused their IPO processes.
Whether the window for new listings will open now depends solely on where Bitcoin and other leading cryptocurrencies settle in the coming months. As long as the market shows no signs of a reversal, investors should prepare for further pressure on crypto company stocks.
My opinion: Until we see a sustained recovery of Bitcoin above key levels, any new IPO in the crypto sector will be doomed to fail. The market needs time to digest excessive expectations and find a new bottom.