Gemini Falls 89% Since September 2025 IPO; BitGo, Bullish Also Plunge Over 70%

Gemini (GEMI) shares have plunged about 89% from their $37 opening price in September 2025, now trading near $4.19. BitGo (BTGO) has fallen roughly 77% from its $22.43 opening price since its January 2026 IPO, while Bullish (BLSH) is down about 71% from its $90 opening price. Circle (CRCL), eToro (ETOR), and Figure (FIGR) have declined 6%, 42%, and 14% respectively from their opening prices.

The selloff across these six major crypto companies has coincided with a broader market correction that began in October 2025. The prolonged downturn has also cooled the IPO pipeline, with Payward (Kraken's parent), Grayscale, Consensys, and Ledger postponing or suspending their planned listings.