Crypto IPOs slump as Bitcoin halves in value
Bitcoin has fallen by roughly 50 per cent from its record high of 126,000 U. S. dollars in October 2025, sliding below 60,000 dollars at the start of the third quarter of 2026 and marking its weakest first half since the 2022 crash.
10th July 2026 – (New York) Bitcoin has fallen by roughly 50 per cent from its record high of 126,000 U. S. dollars in October 2025, sliding below 60,000 dollars at the start of the third quarter of 2026 and marking its weakest first half since the 2022 crash. However, newly listed cryptocurrency companies have endured even steeper declines. Data compiled by BeInCrypto show that every major crypto initial public offering since mid‑2025 is now trading below its debut-day price. Gemini has suffered the sharpest fall, tumbling about 89 per cent from its September 2025 opening trade of 37 dollars to around 4. 19 dollars. BitGo is down roughly 77 per cent from its January 2026 debut, while Bullish has dropped about 71 per cent from its initial price of 90 dollars. Other listings have also retreated. eToro is trading approximately 42 per cent below its first-day level, while Figure and Circle have recorded more modest declines of about 14 per cent and 6 per cent respectively. When measured against IPO offer prices rather than opening trades, Circle remains above its flotation price, but most of its peers are still underwater. The downturn mirrors a broader slide in digital assets that began in the fourth quarter of 2025. Bitcoin’s retreat has weighed heavily on crypto-linked equities, with investors rotating capital into perceived stronger projects while abandoning weaker ventures. Market weakness has also chilled the pipeline of new listings. Several companies that had been preparing to float in 2026 have delayed their plans. Payward, the parent of Kraken, paused its proposed listing in March, while Grayscale, Consensys and Ledger have all pushed back anticipated offerings. Analysts suggest the reopening of the IPO window will depend largely on whether cryptocurrency prices stabilise in the months ahead. Despite the bleak performance, some commentators argue that pockets of resilience remain within the sector. Gains in selected tokens and exchange-traded fund inflows tied to specific projects have offered tentative signs of recovery.