Gemini Down Nearly 90%: The Crypto IPO Class of 2025 Is a Wipeout

Gemini's share price has shriveled nearly 90% since going public last September, dragging its market cap from $3.3 billion to around half a billion. It's the worst showing in a 2025 crypto IPO class that has punished investors across the board, with only two exceptions, according to a Fortune review of roughly 20 recently listed crypto companies.

The review found that among companies pursuing traditional IPOs, only Circle trades close to its listing price—and that's mostly because of its colossal opening day pop in June 2025. The second-best performer, blockchain-based mortgage lender Figure, is down around 19% since its listing day last September. That's not calamitous, but it's ugly next to the S&P 500, which returned around 13% over the same stretch.

How bad is the damage?

The numbers get worse further down the list:

• BitGo, the longtime custodian, Bullish, the exchange service, and eToro, the multi-asset trading app, have each posted share price declines of 55%–65%.
• Gemini, led by the Winklevoss twins, sits at the bottom of the traditional class with its near-90% collapse.
• Among firms that went public through SPACs or other non-traditional routes, billionaire Mike Novogratz's Galaxy and tokenization service Securitize have been flops without turning into outright debacles.
• Crypto asset manager CoinShares is down over 50% since its debut.
• The Eric Trump-backed American Bitcoin is down over 93%.

The one stand-out among the non-traditional listings is Hyperliquid Strategies, a digital asset treasury for HYPE, which is up over 200% since going public earlier this year.

Why did the crypto IPO class collapse?

Fortune's reviewer points first to frothy market conditions. In a more disciplined environment, underwriters and big investors would have stayed away from many of these companies, but the frothy conditions of 2025 led them to take a flyer on nearly any IPO.

There are also specific business reasons. Many of the laggards—including Gemini, Bullish and BitGo—are offering commodity services in a hyper-competitive market without the ability to scale or provide much in the way of extra value. There was a time when a second-tier player could survive offering custody or crypto trading. Today, these firms face competition not only from crypto natives like Coinbase but from big fintech firms and traditional Wall Street players—all with stronger brands and deeper pockets.

Who's next in the IPO queue?

The next group of crypto companies slated to go public includes Payward (formerly Kraken), the wallet service MetaMask, and hardware maker Ledger, all of which have signaled pretty clearly they want to IPO soon. Other potential names include payment rails service MoonPay, which just announced a CFO hire, and longtime blockchain forensics firm Chainalysis.

The most obvious lesson from the 2025 wave, per the review: investors should proceed with caution. But it's also apparent that some blockchain-first firms can succeed as public companies—provided they have scale and a strong product like Circle, or a strong executive team with a clever business model like Hyperliquid Strategies. Whether the Kraken-MetaMask-Ledger cohort clears that bar will decide if the next wave fares any better.