Six major crypto companies that completed IPOs since mid-2025 are now trading below their post-listing opening prices, with Circle (CRCL) shares down roughly 6% and Gemini (GEMI) plunging about 89% from their opening prices. The selloff has coincided with a broader market correction that began in October. Crypto-related stocks have moved lower alongside the broader market as the crypto market has been under heavy pressure since late 2025, with the negative trend continuing this year.
Gemini, BitGo, and Bullish Record Steepest Declines
Gemini (GEMI) went public at $37 in September 2025 and is now trading around $4.19, about 89% below its opening price. BitGo (BTGO) has fallen roughly 77% from its $22.43 opening price since its January 2026 IPO. Bullish (BLSH) has lost about 71% from its $90 opening price.
eToro (ETOR) is currently trading near $41, down about 42% from its $69.69 opening price. Figure (FIGR) is down 14% from its $36 opening price, while Circle is down about 6% from its $69 opening price.
Circle and Figure Remain Above IPO Offering Prices
The calculations above use the first trading price on the exchange: the opening price, rather than the IPO offering price, which is the price at which shares were sold to institutional investors before public trading began. These two figures can differ significantly. On the first trading day, a stock often opens above its offering price due to strong demand.
When measured from the IPO offering price, the picture changes. Circle is still trading roughly 110% above its $31 IPO price, while Figure remains up about 24% from its $25 IPO price. The other four companies have yet to recover to their IPO levels.
Payward, Grayscale, Consensys, and Ledger Delay IPO Plans
The prolonged downturn has cooled the pipeline for new crypto IPOs. Payward, the owner of the Kraken exchange, postponed its IPO plans in March 2026. Grayscale has also delayed its listing plans and is unlikely to resume the process before the fourth quarter of 2026. Consensys and Ledger have reportedly suspended their IPO plans as well.
FAQ
What caused Gemini stock to fall 89% from its opening price?
Gemini (GEMI) went public at $37 in September 2025 and is now trading around $4.19. The decline coincided with a broader market correction that began in October and continued pressure on the crypto market since late 2025.
How do crypto IPO returns differ when measured from offering price versus opening price?
Circle is down about 6% from its $69 opening price but remains up roughly 110% from its $31 IPO offering price. Figure is down 14% from its $36 opening price but up about 24% from its $25 IPO price. The opening price is often higher than the IPO price due to strong first-day demand.
Which crypto companies delayed their IPO plans in 2026?
Payward, the owner of Kraken, postponed its IPO plans in March 2026. Grayscale delayed its listing plans and is unlikely to resume before the fourth quarter of 2026. Consensys and Ledger have reportedly suspended their IPO plans as well.
