A broad collapse among recently listed crypto public companies is deepening, led by the Gemini exchange, whose stock has plunged 89% from its September 2025 opening price of $37 to just $4.19.
Key Highlights
- Gemini (GEMI): down 89% from its $37 IPO price to $4.19
- BitGo: trading 77% below its January 2026 debut price of $22.43
- Bullish: down roughly 71% from its $90 opening price
- eToro: down 42% from its opening print; Figure and Circle down 14% and 6% respectively
Why It Matters
The weak performance has completely frozen the pipeline for future crypto listings. Kraken’s parent company Payward paused its IPO plans earlier this spring, while Grayscale, Consensys, and Ledger have all postponed their listing preparations.
What to Watch
Analysts will be watching whether crypto infrastructure stocks find a bottom as underlying token prices stabilize, or whether the crypto-equity correlation trade unwinds further.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a financial advisor before making investment decisions.
