Circle trades 110% above its IPO offer price. Gemini, BitGo, and Bullish are down 70-89%. The divergence shows which companies priced realistically.
The crypto IPO class of 2025-2026 is getting carved up. TokenPost reported that Gemini (GEMI) has fallen hardest. After debuting at $37 in September 2025, the stock now trades near $4.19 – a drop of roughly 89%. BitGo (BTGO) lost about 77% from its $22.43 opening trade in January 2026. Bullish (BLSH) declined roughly 71% from its $90 debut.
eToro (ETOR) held up better. It trades around $41, down about 42% from its $69.69 opening price. Figure (FIGR) slipped roughly 14% from its $36 debut. Circle proved the most resilient, trading only about 6% below its $69 opening price.
The simple read is that crypto IPOs are getting crushed. The better read comes from comparing performance against the IPO offer price – the price at which the company actually sold shares to investors. Circle trades about 110% above its $31 IPO offer price. Figure trades roughly 24% above its $25 offer. Those two are still in the green for the investors who bought at the offering. Gemini, BitGo, Bullish, and eToro all remain below their respective offer prices. That gap matters. It tells you which companies priced their IPOs realistically and which got caught up in the 2025 crypto euphoria.
The weakness has slowed the IPO pipeline. Kraken's parent company Payward paused its IPO plans in March 2026. Grayscale postponed its offering preparations and is unlikely to resume before the fourth quarter of 2026. Consensys and Ledger have also delayed their public market ambitions.
The broader crypto market downturn since late 2025 is the obvious culprit. Falling Bitcoin and altcoin prices dragged these stocks lower. The divergence between opening prices and offer prices suggests that some of the damage was self-inflicted – too-high valuations at the start, not just a market-wide selloff. Circle and Figure priced conservatively. The rest priced for a bull market that didn't last.
For the companies still waiting to list, the math is brutal. A Kraken or Grayscale IPO at current market conditions would likely price well below the 2025 comps. The pipeline stays frozen until either crypto prices recover enough to support higher valuations or the companies accept lower offer prices. Neither looks imminent.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.