The public offering market for crypto companies is experiencing a true collapse. According to my analysis, of the six major players that went public since mid-2025, none have held their opening levels. The worst performer was Gemini — its shares (ticker GEMI) plunged 89% from their debut price of $37, dropping to $4.19. This is an absolute anti-record among all crypto IPOs.
BitGo (BTGO) lost 77% from its starting price of $22.43 after listing in January 2026. Bullish (BLSH) fell 71% from its opening price of $90. Even relatively stable eToro (ETOR) and Figure (FIGR) showed declines of 42% and 14%, respectively. Circle (CRCL) was the only one to hold within a relatively narrow range, losing just 6% from its initial $69.
Important nuance: placement price vs. opening price
Here, a key clarification is necessary. If we calculate not from the first trade price on the exchange, but from the IPO price (at which shares were sold to institutions before trading began), the picture changes. Circle is trading 110% above its placement price of $31, and Figure shows a 24% gain from the $25 level. However, the other four companies — Gemini, BitGo, Bullish, and eToro — are still deeply below their IPO prices, indicating a systemic problem.
This decline is not accidental. Since October 2025, the cryptocurrency market has entered a prolonged correction that continues into 2026. Stocks tied to digital assets are declining in sync with the underlying market. Investors are losing their risk appetite, and new offerings are becoming toxic for portfolios.
The window for new IPOs has slammed shut
The weak performance has already frozen the plans of several major companies. Payward (owner of Kraken) postponed its IPO in March 2026. Grayscale delayed its listing preparations to at least the fourth quarter of 2026. Consensys and Ledger have also suspended their offerings. The market is clearly signaling: until Bitcoin and altcoin prices find a bottom, new IPOs will remain in question.
My conclusion: The current situation is a classic "bear trap" for retail investors who bought into the chaos of the first days. As long as macroeconomic uncertainty and capital outflows from the crypto sector persist, I do not expect these stocks to recover to their placement levels. The only bright spot is Circle, but even it could dim if the market continues to fall.