A brutal sell-off has wiped out an average 73% of value from eight publicly traded crypto companies since their post-IPO peaks, according to data from 10x Research. The list of battered stocks includes Amber, Bullish, BitGo, Coinbase, Circle, Figure, Gemini, and Securitize, spanning exchanges, custodians, stablecoin issuers, and tokenization platforms. The decline reflects a broad repricing of crypto narratives in public markets, where investors are no longer rewarding hype without concrete revenue growth.
Bullish, the exchange founded by former NYSE President Tom Farley and backed by Peter Thiel, exemplified the boom-and-bust cycle. After raising $1.1 billion in its August 2025 IPO at $37 per share, the stock opened at $90, surged to $118 on day one, and closed at $68. It now trades near $25.70—below even its original offering price. Securitize, marketed as a tokenization play linked to BlackRock, tumbled 40% after its SPAC merger, with one session alone seeing a 25% drop without a specific catalyst.
Measured from opening prices, the pain is even sharper: Gemini (GEMI) has plunged 89% from its $37 opening, BitGo (BTGO) lost 77%, Bullish 71%, and eToro 42%. Circle (CRCL) held up better, down just 6% from its opening, and remains up 110% from its $31 IPO price—but that is the exception. Most others are underwater even against their institutional offering prices.
The rout has frozen the IPO pipeline. Kraken owner Payward postponed its listing in March 2026, while Grayscale, Consensys, and Ledger have all delayed or suspended plans. Blockchain.com’s confidential filing is now in a market that witnessed a full cohort of crypto debuts lose most of their value in less than a year. “The word ‘crypto’ in a prospectus is no longer a valuation multiplier; for many investors, it now functions as a risk discount,” analysts note.
With the broader crypto market under pressure since late 2025, the next wave of candidates will face intense scrutiny. Public-market access alone no longer guarantees a premium—companies must now prove revenue stability, a credible path to profitability, and resilience during downturns. The current IPO bloodbath serves as a stark warning that storytelling cannot substitute for fundamentals.
