Major crypto companies that went public in recent months are experiencing a real collapse. The worst performer is Gemini (GEMI): shares have plunged nearly 89% from their opening price. Circle (CRCL) has lost about 6%, but that's just the tip of the iceberg.
Since mid-2025, when a wave of IPOs swept the crypto industry, the market situation has changed dramatically. The overall correction that began in October has turned "bullish" optimism into a bloodbath for investors who bought shares at the start of trading.
Breathtaking Numbers: Analysis of Six Major IPOs
Let's break down the scale of the tragedy with specific examples. Gemini (GEMI) shares went public in September 2025 at $37. They are now trading around $4.19. A drop of 89% is not just a correction; it's a complete destruction of capital for those who entered at the opening.
BitGo (BTGO) has fallen 77% from its starting price of $22.43 after listing in January 2026. Bullish (BLSH) has lost about 71% from its initial price of $90. eToro (ETOR) is holding up slightly better, down 42% from $69.69. Figure (FIGR) has lost 14% from $36. And only Circle (CRCL) shows a relatively modest decline of 6% from its debut price of $69.
An important nuance: I am using the price of the first trade (opening price), not the offering price for institutional investors. The difference is enormous. If calculated from the IPO price, Circle is trading 110% above its $31, and Figure shows a gain of 24% from $25. But for the retail investor who bought at the opening, this is little consolation. The other four companies have never returned to their starting levels.
Market Frozen: New IPOs Shelved Until Better Times
This decline is no accident. The logical outcome: a prolonged downturn in the crypto market has frozen new major offerings. Payward (owner of Kraken) postponed its IPO in March. Grayscale has delayed its listing preparations, likely not before the fourth quarter of 2026. Consensys and Ledger have also paused their plans.
Will the window for new offerings open again? The question hinges on where Bitcoin and other asset prices settle in the coming months. Until the market shows a bottom, investors will avoid new crypto IPOs like the plague.
My analysis: The crypto stock market is experiencing a "winter of trust." Investors are no longer willing to pay a premium for companies whose business directly depends on Bitcoin's volatility. Gemini has become a symbol of this era — when even a big name doesn't save you from a 90% crash. Recovery is only possible after a full market stabilization and the emergence of clear growth signals from the cryptocurrencies themselves.