The 2025-2026 class of crypto IPOs has lost a combined $15 billion or more in market capitalization from debut-day highs. Of the six major digital asset companies that listed on U.S. exchanges since mid-2025, five are trading below their IPO prices as of July 8, 2026. Gemini Space Station (GEMI) ...
"It really just comes down to most cryptocurrency companies are very heavily exposed to both the price of cryptocurrency and then the amount of interest there is in cryptocurrency, which tends to be influenced by price performance." — Michael Miller, Equity Analyst, Morningstar
The 2025-2026 class of crypto IPOs has lost a combined $15 billion or more in market capitalization from debut-day highs. Of the six major digital asset companies that listed on U.S. exchanges since mid-2025, five are trading below their IPO prices as of July 8, 2026. Gemini Space Station (GEMI) has fallen 89% from its opening trade. BitGo (BTGO) sits 78% below its first-day high. Bullish (BLSH) is down 78% from its August 2025 peak.
The carnage has frozen the 2026 IPO pipeline. Kraken parent Payward paused its multibillion-dollar listing in March 2026, subsequently cut 150 jobs, and pushed its public debut to 2027. Grayscale, Consensys, and Ledger have similarly shelved their plans. The broader crypto market lost $890 billion in the first half of 2026, falling from $2.97 trillion to $2.08 trillion — a 30% decline that has dragged equity valuations with it.
The following table compiles debut-day data and current trading prices for the six major crypto companies that listed in the 2025-2026 cycle, plus Coinbase as the sector benchmark.
| Company | Ticker | IPO Price | Day-1 Open | Current Price (Jul 8) | Change from Open | 52-Wk Low | |---|---|---|---|---|---|---| | Gemini Space Station | GEMI | ~$37 | $37.00 | $4.22 | -89% | $3.83 | | BitGo Holdings | BTGO | $18.00 | $22.43 | $4.95 | -78% | $4.67 | | Bullish | BLSH | ~$90 | $90.00 | $25.57 | -72% | $21.76 | | eToro Group | ETOR | $52.00 | $69.69 | $41.31 | -41% | $24.74 | | Figure Technology | FIGR | — | ~$78 (high) | $31.16 | -60%* | $25.00 | | Circle Internet | CRCL | ~$67 | — | $63.20 | -6% | $49.90 | | Coinbase (benchmark) | COIN | — | — | $159.44 | -26% YTD | — |
*Figure measured from 52-week high.
Gemini (GEMI): The Winklevoss-founded exchange and custody platform is the worst performer. Shares opened at $37 in September 2025 and traded as high as $45.89 within the first weeks. By July 8, 2026, the stock had fallen to $4.22 — a 89% decline from debut. Market capitalization has contracted to approximately $503 million. The company reported a net loss of $159.5 million in Q3, including $83 million in loan losses, according to its public filings.
BitGo (BTGO): The institutional custody firm raised $212.8 million at $18 per share in January 2026 — the first crypto IPO of the calendar year. Shares popped to $22.43 on day one but fell 13% on day two. By July 8, the stock sits at $4.95, a 78% decline from its first-day high. Goldman Sachs lowered its price target on BitGo to $7.75 from $9 on July 2, 2026.
Bullish (BLSH): The exchange backed by Block.one and Peter Thiel listed in August 2025 at around $90 per share and surged to an all-time high of $118. By late June 2026, it hit an all-time low of $21.76 before recovering slightly to $25.57. The decline from peak to trough: 82%.
eToro (ETOR): The social trading platform priced its IPO at $52, opened at $69.69 (a 34% pop), and raised approximately $620 million at a $4.2 billion valuation. The stock has since declined to $41.31 — 41% below its opening trade and 21% below its IPO price. Its all-time low of $24.74, reached on February 5, 2026, marks a 64% decline from the debut.
Figure Technology (FIGR): The blockchain-based lending platform has fallen from a 52-week high of $78 to $31.16, a 60% decline. However, the company recently reported consumer loan marketplace volume of $1.52 billion in June 2026, up 155% year-over-year, according to Needham research notes.
Circle Internet (CRCL): The USDC stablecoin issuer is the sole relative outperformer, trading at $63.20 — roughly flat to its listing price. Circle's market capitalization stands at $15.7 billion. However, the stock remains far below its 52-week high of $262.97, a 76% decline from peak. The company trades at a price-to-earnings ratio of -103.94, indicating continued net losses.
The equity wreckage coincides with a severe contraction in the underlying crypto market. According to CoinGecko and Finbold data:
The correlation between crypto asset prices and crypto equity valuations is near-total. Trading volumes and fee revenues — the primary income source for exchanges — scale directly with market activity. When Bitcoin falls, trading volumes contract, fees decline, and exchange earnings collapse. The publicly listed crypto companies have no meaningful hedge against this dynamic.
The post-IPO carnage has had a chilling effect on the 2026 listing pipeline.
Kraken / Payward: The exchange's parent company filed a confidential S-1 with the SEC in November 2025, one day after announcing a $20 billion valuation on an $800 million funding round that included a $200 million investment from Citadel Securities. By March 2026, Payward paused the IPO, citing difficult market conditions. In May, the company cut 150 jobs — 5% of its 3,000-person workforce — as part of pre-listing cost reduction. Co-CEO Arjun Sethi stated the company was "roughly 80% ready to go public." Bloomberg reported in June that the listing has slipped to 2027.
Others on hold: Grayscale, Consensys, and Ledger have all postponed planned 2026 debuts, according to multiple industry reports. The absence of new listings stands in contrast to the optimism of late 2025, when PitchBook reported that crypto companies raised $3.4 billion through IPO rounds and VCs expressed "high hopes" for a continued listing wave in 2026.
The fundamental issue facing publicly listed crypto companies is structural revenue cyclicality. Unlike traditional financial services firms with diversified fee streams, most crypto companies derive the majority of revenue from a narrow set of market-dependent activities:
The reflexivity loop is well-documented: lower crypto prices reduce trading activity, which reduces exchange revenue, which depresses equity valuations, which reduces confidence in the sector, which further suppresses crypto prices. Morningstar analyst Michael Miller noted that crypto companies remain "very heavily exposed to both the price of cryptocurrency and then the amount of interest there is in cryptocurrency."
Coinbase head of corporate development Aklil Ibssa has argued that "in 2026, exits will favor institutional-grade companies with real scale and fundamentals that stand on their own, not those reliant on market cycles alone." The data thus far supports this thesis only in the case of Circle, whose stablecoin reserve income provides a non-cyclical revenue floor.
Coinbase (COIN), which listed in April 2021, provides the longest track record for a publicly traded crypto exchange. As of July 8, 2026, COIN trades at $159.44, down 26.1% year-to-date. The stock has a price-to-earnings ratio of 52.11, significantly above the financial services industry average of 10.23, according to analyst data.
Despite the decline, Coinbase has held up relatively better than the 2025-2026 IPO class. Several structural factors differentiate it: scale (34 analysts cover the stock), revenue diversification (staking, subscription services, Base L2, custody), and first-mover brand recognition. The 34-analyst consensus maintains a "Buy" rating with a 12-month target of $229.40, representing 38.6% upside from current levels.
However, Coinbase's relative resilience underscores a harsh market dynamic. If the most established, most diversified crypto equity is down 26% in six months, newer entrants with narrower revenue bases face proportionally steeper declines.
The 2025-2026 crypto IPO class has delivered the outcome that skeptics predicted and optimists dismissed: severe, sustained equity value destruction driven by the same market cyclicality that characterizes the underlying asset class. The data is unambiguous. Gemini, BitGo, and Bullish have each lost more than 70% of their debut-day market value. The IPO pipeline has gone cold.
The economic value framework applies here with particular clarity. These companies took equity capital from public market investors and deployed it in businesses whose revenue is almost entirely dependent on the directional movement of crypto asset prices. When those prices fell 30-50% from their peaks, equity holders absorbed losses of 70-89%. The value transfer ran in one direction: from public shareholders to early-stage insiders who sold at IPO.
Circle stands alone as a partial counterexample, owing to a revenue model anchored in U.S. government bond yields rather than trading fees. Its relative stability — down 6% versus 89% for Gemini — illustrates the premium the market places on predictable, non-cyclical cash flows, even within the crypto sector.
For the frozen pipeline candidates — Kraken, Grayscale, Consensys, Ledger — the lesson is evident. Public markets do not assign premium valuations to business models that amplify the volatility of their underlying asset class. Until crypto companies demonstrate revenue durability through market cycles, the IPO window will remain closed.