Gemini’s stock has dropped about 89% from its IPO price since listing in September 2025, according to Techub News, falling from $37 to roughly $4.19. Other crypto companies that went public in the same period also posted steep declines: BitGo is down 77%, Bullish 71%, and eToro 42%, while Circle and Figure have held up better with declines of 6% and 14%, respectively.
Market data cited in the report shows the 2026 crypto IPO pipeline has effectively frozen, with multiple companies delaying listing plans. The report said firms such as Gemini and BitGo, whose businesses are centered on trading and custody, were hit harder because their revenue depends entirely on trading activity and broader industry sentiment. By contrast, Circle, the issuer of USDC, and Figure showed greater resilience due to steadier cash flow from reserve interest income and tokenization-related platforms.
Spaziocrypto said public-market investors are shifting away from paying a premium for industry narratives and toward pricing based on fundamentals, making it harder for crypto companies without durable revenue models to sustain high valuations.
Gemini posts one of the sharpest declines
Gemini shares have fallen about 89% from their IPO price since the company went public in September 2025, according to Techub News. The stock dropped from $37 to about $4.19.
Among other crypto firms that listed in the same period, BitGo is down 77%, Bullish 71%, and eToro 42%. Circle and Figure are down 6% and 14%, respectively.
Crypto IPO pipeline freezes in 2026
Market data cited in the report shows the 2026 crypto IPO pipeline has frozen, and several companies have postponed their listing plans.
The report said pure trading and custody businesses such as Gemini and BitGo were hit harder because their revenue is fully tied to trading volumes and industry sentiment. Circle, the issuer of USDC, and Figure showed stronger resilience, backed by steadier cash flow from reserve interest income and tokenization platforms.
Spaziocrypto said public-market investors are moving from narrative-driven premiums to fundamentals-based pricing. Crypto companies without sustainable revenue models are finding it harder to maintain elevated valuations, the analysis said.
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