The public offering market for crypto companies is experiencing a severe correction. Most issuers that went public since mid-2025 are now trading significantly below their initial listing prices. Leading the anti-ranking is the Gemini exchange (GEMI): its shares have plummeted by a staggering 89% from the offering price. This is the worst result among all public crypto companies.
For comparison, the custodial service BitGo (BTGO) has lost about 77% from its debut price of $22.43. The Bullish platform (BLSH) has fallen 71% from its initial $90. Even relatively "successful" stories, such as eToro (ETOR) and Figure (FIGR), show declines of 42% and 14% respectively. Circle (CRCL) is the only one of the six that remains "in the black" relative to its IPO price, trading approximately 110% above its $31 level.
Two Sides of the Same Coin: IPO vs. Opening Price
It is important to distinguish between two metrics: the offering price (IPO) and the price of the first trade on the exchange. Typically, due to high demand on the first day of trading, shares open higher than the IPO price. If we calculate the decline from the opening price, the picture becomes even bleaker. For example, Gemini, which started trading on the exchange in September 2025 at $37, is now trading around $4.19 — that is the same 89% from the opening price. BitGo's decline from its opening price also exceeds 70%.
This indicates that investors who bought the securities at the start of trading have suffered colossal losses. The market simply could not digest the inflated expectations that were built into these assets.
Bear Market Puts IPOs on Hold
Such weak performance could not help but affect the plans of other players. The prolonged downturn, which began in October 2025 and continued into 2026, has frozen the wave of new offerings. Kraken (Payward) postponed its exchange listing in March 2026. Grayscale delayed its listing preparations, likely not returning to these plans before the fourth quarter. Consensys and Ledger have also suspended their IPOs.
Cryptalist analyst comment: The current situation is a classic example of a "bear trap" for retail investors who chased the hype around crypto IPOs. Fundamentally, these companies have not become worse, but the market is now evaluating them solely through the lens of general pessimism and low liquidity. The window for new offerings will only open when bitcoin and leading altcoins demonstrate a sustained upward trend. Until then, we will observe a prolonged consolidation and revaluation of all public crypto assets.