The public offerings of the largest crypto companies in recent months have turned into a real fiasco for investors. Almost all issuers are trading deeply below their opening prices, with the Gemini exchange being the worst performer. Its shares (GEMI) have plummeted a staggering 89% from their initial level.
Declines of Tens of Percent: A Complete Rout
Looking at the performance from the opening price on the first trading day, the picture is grim. Gemini, which went public in September 2025 at $37 per share, is now valued at approximately $4.19. This is not just a correction—it's a collapse.
The situation is no better for other players. BitGo (BTGO) has lost about 77% from its starting price of $22.43 after listing in January 2026. Bullish (BLSH) is down 71% from its initial $90. eToro (ETOR) is trading 42% below its opening price of $69.69. Even the relatively stable Figure (FIGR) has lost 14% from $36. Only Circle (CRCL) shows a minimal decline—about 6% from its debut price of $69.
An important nuance: these figures reflect the drop from the first trade price, which is often inflated due to hype. If calculated from the IPO price, at which shares were sold to institutions, the picture is different. Circle is currently trading 110% above its IPO price of $31, and Figure is 24% above $25. However, the other four companies have never returned to their offering levels, indicating deep market distrust.
Bear Market Blocks New IPOs
The weak performance is a direct consequence of the prolonged downturn in the crypto market that began in October 2025. The decline of Bitcoin and altcoins drags down the shares of related companies. Investors, disappointed by the results, are in no hurry to invest in new offerings.
This has already led to the freezing of plans for several major players. Kraken (Payward) postponed its IPO in March 2026. Grayscale has delayed its listing preparations until at least the fourth quarter of 2026. Consensys and Ledger have also suspended their offerings. The window of opportunity for new IPOs has slammed shut, and its reopening directly depends on whether the crypto market can find a bottom in the coming months.
Analytical commentary from Cryptalist: The story with Gemini is not just a failure of a single company, but a systemic signal. The market is saying that previous valuations of crypto businesses were inflated, and investors are no longer willing to pay for promises without confirmed profits. Until we see a sustained recovery of Bitcoin above key levels, new IPOs will remain a risky bet.