Gemini stock slumped 89% from its $37 opening in September 2025, leading six major crypto IPOs where losses exceed 70% for BitGo and Bullish Shares. Circle is down 6%, reflecting a downturn that has dragged all major crypto listings lower since October.
Gemini stock opened at $37 per share on its September 2025 debut. Since that date, shares have collapsed by 89%, marking the steepest decline among recent crypto IPOs.
Other major crypto listings have similarly struggled, with BitGo and Bullish Shares each down more than 70% and Circle off around 6% from their debut levels. The losses span six names that went public since mid-2025.
The collective slide in crypto IPO stocks tracks a broader market downturn that began in October. Weak investor sentiment and volatility in digital assets have weighed on share prices.
The severity of these declines could deter new crypto companies from pursuing public listings. Investor caution may delay or reshape the structure of upcoming IPOs in the sector.
