Major players in the crypto industry that went public in 2025 are going through tough times. Gemini (GEMI) shares have collapsed 89% from their opening price, marking the worst performance among all public crypto companies. Circle (CRCL) lost about 6%, but this is just the tip of the iceberg.
The decline in quotes coincided with a general market correction that began in October 2025. Investors who bought these stocks at the start of trading are now seeing deep drawdowns. Let's break down the numbers.
Gemini, BitGo, and Bullish: Who Lost the Most?
Data on the six largest companies in the industry looks grim. Gemini went public in September 2025 at $37 per share. Today, the shares trade around $4.19 — a drop of 89%. BitGo (BTGO) has fallen 77% from its starting price of $22.43 after listing in January 2026. Bullish (BLSH) lost about 71% from its initial price of $90.
eToro (ETOR) currently trades around $41, which is 42% below its debut price of $69.69. Figure (FIGR) is down 14% from its offering price of $36. Circle, as mentioned, lost only 6% from $69.
Important clarification. The calculations used the price of the first trade on the exchange (opening price), not the offering price (IPO), at which shares were sold to institutions. These figures differ: on the first day, a stock usually opens higher than the offering price due to high demand. Therefore, the decline from the opening price and from the IPO price yields different values.
If calculated from the IPO price, the picture changes. Circle currently trades about 110% above its starting price of $31, and Figure holds a gain of 24% relative to the $25 level. The other four companies have not yet returned to their offering prices.
Such a decline does not seem unexpected. Since the end of 2025, the crypto market has been falling significantly, and the trend remains negative this year. Stocks related to cryptocurrencies are declining along with the market.
Weak Momentum Slows New Crypto Company Listings
The prolonged market downturn has frozen new major IPOs. Payward, which owns the Kraken exchange, postponed its public listing in March 2026. Grayscale has delayed its listing preparations and likely will not return to these plans until the fourth quarter of 2026. Consensys and Ledger have also paused their IPOs.
Whether the window for new listings opens depends on where cryptocurrency prices settle in the coming months.
My analysis. Gemini's 89% collapse is not just a correction but a signal of deep market distrust in business models that have not adapted to the new reality. Investors are no longer willing to pay a premium for a "crypto story" without real cash flows. Until BTC and ETH find a bottom, new IPOs will remain uncertain.