Weak Market Freezes Crypto IPO Pipeline as Gemini Shares Slide 89% From Debut

Gemini's stock has fallen approximately 89% from its September 2025 opening price, leading a broader collapse among recently public crypto companies and contributing to a frozen pipeline of planned 2026 listings, according to the Investing News Network.

The weak aftermarket performance has led several major firms to delay their own public debuts. Kraken's parent company, Payward, paused its planned listing earlier this spring, while Grayscale, Consensys, and Ledger have similarly pushed back IPO preparations until market conditions stabilize, per the same report.

The pullback in newly public crypto companies mirrors weakness in the broader spot market: Bitcoin traded near $61,900 and Ethereum near $1,733 as of the same report, both down over the prior 24 hours, while the sector overall continues to digest a difficult first half of 2026.

Elsewhere, US spot Bitcoin ETFs snapped a 10-day losing streak, pulling in a net $221.7 million — their largest single-day haul in two months — suggesting at least some investors are treating the current price zone as an entry point even as broader sentiment remains fragile, according to the same source.

Newly public crypto-adjacent stocks are a different animal from holding the underlying asset directly, but both are subject to the same inflation math over time. If you're tracking a multi-year crypto position rather than a recent IPO, The Crypto Reality Check shows what it's really worth after inflation and estimated taxes, compared side-by-side with stocks, gold, and cash.