After a series of high-profile stock market listings, most crypto companies that went public in 2025–2026 are trading significantly below their initial prices. The most dramatic situation surrounds Gemini (GEMI): the Winklevoss brothers' exchange shares have collapsed by 89% from their opening price. This is the worst performance among all public crypto firms.
The Collapse of Six Giants: Numbers and Facts
An analysis of the performance of six key industry players demonstrates the depth of the crisis. Gemini shares, which started at $37 in September 2025, are now hovering around $4.19. BitGo (BTGO) has lost about 77% from its opening level of $22.43 after debuting in January 2026. Bullish (BLSH) has fallen 71% relative to its initial $90. eToro (ETOR) is holding at around $41, which is 42% below its starting price of $69.69. Figure (FIGR) has declined 14% from its opening price of $36. Circle (CRCL) showed the smallest drop — about 6% from its debut price of $69.
However, the calculation methodology is important here. If we consider not the first trade price but the IPO price at which shares were sold to institutions, the picture changes. Circle is currently trading 110% above its IPO price of $31, and Figure maintains a 24% gain from the $25 level. Nevertheless, four out of six companies have not even returned to their initial offering price.
Reasons: Bear Market and Loss of Appetite
Such a decline is not unexpected. Since late 2025, the crypto market has been in a prolonged correction, and stocks tied to digital assets are falling in sync with it. Investors who entered IPOs expecting rapid growth have faced a "bearish" reality. The result is a mass sell-off of securities and loss realization.
The weak performance has already led to a freeze on new listings. Kraken (Payward) 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 suspended their IPOs. The market is clearly not ready to accept new "crypto stories" under current conditions.
Cryptalist Comment: I see in this situation a classic example of the "gap between expectations and reality." Many of these companies were valued during a period of euphoria, but their business models turned out to be too dependent on the volatility of underlying assets. Until we see a sustained recovery of Bitcoin and Ethereum, IPOs in this sector will remain a toxic asset for retail investors.