The largest crypto companies that recently conducted initial public offerings (IPOs) are experiencing a real collapse. Shares of the Gemini exchange (GEMI) have crashed 89% from their opening price, marking the worst performance among all public players in the sector. Circle (CRCL) lost about 6%, but this is more of an exception than the rule.
The scale of the decline is impressive. Gemini went public in September 2025 at $37 per share. Today, the shares are trading around $4.19. This 89% collapse is an absolute anti-record. A similar fate befell other giants. BitGo (BTGO), which debuted in January 2026 at $22.43, lost 77% of its value. The Bullish platform (BLSH), with an initial price of $90, is now 71% cheaper.
An important nuance: the calculations use the price of the first trade on the exchange (opening price), not the IPO price itself. Typically, on the first day of trading, shares open significantly higher due to hype. If calculated from the offering price, the picture changes. For example, Circle is trading 110% above its starting price of $31, and Figure (FIGR) shows a 24% gain from the $25 level. However, the other four companies — Gemini, BitGo, Bullish, and eToro (ETOR) — have not been able to return even to their initial offering prices.
Bear market freezes new IPOs
Since the end of 2025, the cryptocurrency market has been in a deep correction, and this trend continues into 2026. Stocks tied to digital assets are falling along with the market. This negative dynamic has already forced many companies to postpone their plans to go public. Payward (owner of Kraken) has postponed its IPO indefinitely. Grayscale has suspended its listing preparations, likely until the fourth quarter of 2026. Consensys and Ledger have also frozen their plans.
My analysis shows that the current situation is not just a correction, but a structural crisis of confidence in public crypto companies. Investors, burned by Gemini, are now extremely cautious. The window for new offerings will only open when the market finds a sustainable bottom, but for now, we are witnessing a classic "bear" cycle that is wiping out even the strongest players.