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Gemini Leads Crypto IPO Losses With 89% Drop

Circle, BitGo, and Bullish are also trading below their debut prices, and the weak IPO market is putting new crypto listings like Kraken parent Payward and Grayscale on hold.

By Zenz van der Wielen
• 2 min read
Gemini Leads Crypto IPO Losses With 89% Drop

Key Takeaways

  • Gemini is now trading 89% below its debut price, making it the biggest loser among recent crypto IPOs.
  • Circle, BitGo, Bullish, eToro, and Figure are also trading below their first-day prices.
  • Weak sentiment is pushing several crypto companies to delay their IPO plans for now.

The latest crop of crypto IPOs has been rough for investors. Gemini is down 89% from its market debut, and Circle, BitGo, Bullish, eToro, and Figure are all trading below where they first opened. Those losses also line up with a broader slide in crypto stocks that began when the market turned lower in fall 2025.

Deep Losses Among the New Names

Gemini (GEMI) debuted in September 2025 at $37 (€32) and now changes hands at about $4.19 (€3.66). BitGo (BTGO) is roughly 77% below its first trade of $22.43 (€20) in January 2026, while Bullish (BLSH) is trading about 71% under its opening price of $90 (€79).

The rest of the group is under pressure as well. eToro (ETOR) is trading near $41 (€36), which is about 42% below $69.69 (€61), and Figure (FIGR) has dropped around 14% from its debut price of $36 (€31). Circle (CRCL) is down about 6% from its opening level of $69 (€60).

Offer Price Tells a Different Story

The story looks a little different when you measure performance against the IPO offer price. Circle is still trading about 110% above its $31 (€27) offer price, and Figure is about 24% above its $25 (€22) issue price. The other four are still below their offer levels, which is a good reminder of how fast sentiment can shift once a stock starts trading.

That kind of move fits a more selective IPO market, where investors are taking a harder look at new crypto listings. Lately, medium-sized deals in the roughly $500 million (€437 million) to $1 billion (€0.9 billion) range have tended to lag larger offerings. In practice, that means the market is pricing new listings much more carefully than it did during the earlier hype cycle.

New Listings Keep Getting Delayed

The weak trading has also started to slow down the IPO pipeline. Kraken parent Payward paused its listing plans in March 2026, while Grayscale has delayed its IPO preparation and may not move ahead until the fourth quarter of 2026. Consensys and Ledger have also pushed their plans back.

For European crypto watchers, that matters because it shows how quickly capital markets for crypto companies can shift with broader conditions. If the crypto market keeps recovering, new listings could come back into play. For now, though, the mood is still cautious.

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