Crypto Listings Rout Deepens as Gemini and BitGo Slump, Stalling IPO Pipeline

Shares in several recently listed cryptocurrency companies have fallen sharply below their debut prices, with Gemini, BitGo and Bullish among the hardest hit, underscoring how the prolonged digital asset downturn is now weighing directly on public market valuations rather than just token prices. The declines have coincided with a stalling of the broader crypto listings pipeline, as at least four firms have postponed plans to go public this year, according to TokenPost.

Gemini’s stock (GEMI), which debuted at $37 in September 2025, is now trading near $4.19, a decline of roughly 89%. BitGo (BTGO) has fallen approximately 77% from its $22.43 opening trade in January 2026, while Bullish (BLSH) has dropped around 71% from its $90 debut, TokenPost reports.

A divided field of listed crypto equities

Not every crypto-linked listing has fared as badly. eToro (ETOR) is trading around $41, down about 42% from its $69.69 opening price, while Figure (FIGR) has slipped roughly 14% from its $36 debut. Circle has proven the most resilient of the group, sitting only around 6% below its $69 opening price, according to the report.

The picture shifts when performance is measured against original IPO offer prices rather than first-day trading levels. On that basis, Circle remains around 110% above its $31 IPO offer price, and Figure is roughly 24% above its $25 offer price. Gemini, BitGo, Bullish and eToro, however, all remain below their respective offer prices, a distinction that highlights how much value was added — and subsequently lost — in early secondary market trading.

Market correction feeds through to equities

TokenPost attributes the weakness in crypto stocks to the steep correction in digital asset prices since the fourth quarter of 2025, which has curbed investor appetite for equities tied to the sector. As Bitcoin and other tokens have fallen, that pressure has flowed through into the valuations of newly listed crypto firms, compounding losses beyond what token price moves alone would suggest.

For institutional investors and analysts tracking the maturation of crypto as an asset class, the divergence between IPO-price gains and post-debut losses raises questions about how initial offerings were priced and whether underwriters correctly gauged demand at listing. The gap between Circle’s strong performance and Gemini’s near-total collapse also points to considerable dispersion in how the market is valuing individual crypto business models, rather than treating the sector as a single undifferentiated trade.

Listing pipeline grinds to a halt

The sustained weakness has already delayed several planned listings. Payward, the parent company of Kraken, paused its IPO plans in March 2026, while Grayscale has postponed its own offering preparations and is unlikely to resume before the fourth quarter of 2026. Consensys and Ledger have likewise pushed back their public market ambitions, according to TokenPost.

Analysts cited in the report suggest that the outlook for further crypto IPOs will largely hinge on whether cryptocurrency prices stabilise and investor confidence recovers in the coming months. For regulators and market participants in the UK and Europe watching the sector’s integration into mainstream capital markets, the pattern suggests that public listings have not insulated crypto firms from the volatility that has long characterised the underlying token markets — and may in fact have amplified it.

Read more: Crypto equity listings lag broader market as sector average falls 67% from peaks