Gemini drops 89% - this number is painful to see. The crypto IPO wave has indeed gone cold.

After Gemini went public, its stock price fell about 89%, and other major crypto IPOs like Circle, BitGo, and Bullish also generally traded below their issuance prices. Gemini is now priced at approximately $4.19, a significant drop from its opening price of $37; BitGo has fallen about 77% since its 2026 IPO; Bullish is down about 71%; Etoro is now priced at around $41, down about 42% from its opening of $69.69. After the market correction since the end of 2025, the pipeline of new crypto IPOs has cooled, with many companies delaying their 2026 listing plans.