Six crypto companies that went public since mid-2025 trade below opening prices. Circle's shares are up 110% from its IPO price despite the downturn. The selloff has delayed Kraken, Grayscale, and others.
Alpha Score of 28 reflects poor overall profile with poor momentum, poor value, weak quality, moderate sentiment.
Six of the largest crypto companies that went public since mid-2025 are trading below their opening stock prices. Gemini (GEMI) has fallen about 89% from its $37 opening price in September 2025. BitGo (BTGO) is down roughly 77% from its $22.43 opening price after its January 2026 IPO.
Bullish (BLSH) has lost about 71% from its $90 opening price. eToro (ETOR) trades near $41, about 42% below its $69.69 opening print. Figure (FIGR) is down 14% from its $36 opening price. Circle (CRCL) is off about 6% from its $69 opening price.
Those figures use the first exchange trade. The IPO offering price, which is what institutional investors paid before public trading began, tells a different story. A stock often opens above its offering price on its debut because demand outstrips supply at that level.
When performance is measured from the IPO offering price, the picture splits. Circle is trading roughly 110% above its $31 IPO price and Figure remains about 24% above its $25 IPO price. The other four companies have yet to recover to their IPO levels.
The broad selloff that began in October has kept the entire group under water relative to opening prints. The prolonged downturn has also slowed the pipeline for new crypto IPOs, Coinpaper reported. Payward, the owner of the Kraken exchange, postponed its IPO plans in March 2026. Grayscale has delayed its listing and is unlikely to resume before the fourth quarter of 2026. Consensys and Ledger have reportedly suspended their IPO plans.
Coinpaper said the IPO window's reopening will depend on where crypto prices settle in the coming months.
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