Gemini Stock Leads Crypto IPO Losses With 89% Drop From Its Debut

Recent crypto IPO stocks are all trading below their debut-day prices, with Circle (CRCL) down about 6% and Gemini (GEMI) down 89%.

The pattern spans every major crypto listing since mid-2025. Their slide tracks a broad market downturn that began in October.

Gemini, BitGo, Bullish Shares Sink Over 70% From Their Opening Trades

The data outlines how steep the losses run across the six major names. Gemini (GEMI) opened at $37 on its September 2025 debut and now trades near $4.19. That marks a drop of about 89%.

BitGo (BTGO) sits about 77% below its $22.43 first trade in January 2026. Bullish (BLSH) has fallen roughly 71% from its $90 open.

eToro (ETOR) trades near $41, down about 42% from its $69.69 open. Figure (FIGR) is off about 14% from its $36 debut, and Circle is down about 6% from its $69 open.

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The picture changes measured from IPO offer prices. Circle sits around 110% above its $31 offer, and Figure is about 24% above its $25 price. The other four remain below their offer levels.

The drawdown is not entirely surprising. The crypto market has fallen sharply since the fourth quarter of 2025, and the trajectory has stayed broadly downward this year. Crypto-linked stocks have weakened alongside it.

Weak Performance Freezes the IPO Pipeline

The market’s weakness has stalled the next wave of crypto listings. Several firms that planned 2026 debuts have pushed back their timelines.

Kraken’s parent, Payward, paused its listing in March 2026. Grayscale has also delayed its offering preparations and may not restart before the fourth quarter of 2026. Consensys and Ledger have also postponed their plans.

Whether the window reopens depends on where crypto prices settle in the coming months.

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