Crypto IPO Stocks Struggle as Gemini, BitGo, and Bullish Suffer Heavy Losses

Publicly listed crypto companies have struggled to maintain their market value, with most major crypto IPO stocks trading well below their opening prices as the prolonged digital asset market downturn continues to weigh on investor sentiment.

Among the biggest losers, Gemini (GEMI) has recorded the sharpest decline. After debuting at $37 in September 2025, the stock now trades near $4.19, representing a drop of roughly 89%. BitGo (BTGO) has also suffered significant losses, falling about 77% from its $22.43 opening trade in January 2026. Bullish (BLSH) has declined approximately 71% from its $90 debut.

Other crypto-related listings have shown relatively better performance but remain under pressure. eToro (ETOR) trades around $41, down roughly 42% from its $69.69 opening price, while Figure (FIGR) has slipped about 14% from its $36 market debut. Circle has proven to be the most resilient, trading only around 6% below its $69 opening price.

Performance looks different when measured against IPO offer prices rather than opening-day trading levels. Circle remains one of the strongest performers, trading about 110% above its $31 IPO offer price. Figure also continues to outperform its initial offering, trading roughly 24% above its $25 IPO price. In contrast, Gemini, BitGo, Bullish, and eToro remain below their respective IPO offer prices, reflecting the broader weakness across crypto-related equities.

The disappointing performance comes as little surprise, given the steep correction in the cryptocurrency market since the fourth quarter of 2025. Falling prices across Bitcoin and other digital assets have reduced investor appetite for crypto stocks, dragging newly listed companies lower alongside the broader market.

The sustained weakness has also slowed the crypto IPO pipeline. Several firms that had planned to go public in 2026 have delayed their listings. Kraken's parent company, Payward, paused its IPO plans in March 2026, while Grayscale has postponed its offering preparations and is unlikely to resume before the fourth quarter of 2026. Consensys and Ledger have likewise delayed their public market ambitions.

For now, analysts believe the outlook for future crypto IPOs will largely depend on whether cryptocurrency prices stabilize and investor confidence returns in the months ahead.