Major crypto companies that recently went public are now trading below their post-listing opening prices. Circle (CRCL) shares are down roughly 6% from their opening price, while Gemini (GEMI) has plunged about 89%.
Similar weakness can be seen across most major crypto companies that have completed IPOs since mid-2025. The selloff has coincided with a broader market correction that began in October.
Gemini, BitGo, and Bullish Have Fallen More Than 70%
The numbers show how deep the decline has been across six of the industry’s largest recently listed companies. 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.
One important clarification is needed. 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. As a result, performance measured from the opening price can look very different from performance measured from the IPO price.
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, however, have yet to recover to their IPO levels.
The decline does not appear entirely unexpected. The crypto market has been under heavy pressure since late 2025, and the negative trend has continued this year. Crypto-related stocks have moved lower alongside the broader market.
Weak Momentum Slows New Crypto Listings
The prolonged downturn has also cooled the pipeline for new crypto IPOs. Several companies that had planned to go public in 2026 have already delayed their listings.
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.
Whether the IPO window reopens will likely depend on where crypto prices stabilize in the coming months.
