Eight Crypto IPO Stocks Lost Average 73% From Post-IPO Highs, Bullish Down to $25

According to 10x Research, eight publicly listed crypto companies have lost an average of 73% from their post-IPO highs. The group includes Amber, Bullish, BitGo, Coinbase, Circle, Figure, Gemini, and Securitize, spanning exchanges, custodians, stablecoin issuers, and tokenization platforms.

Bullish, which raised $1.1 billion in its August 2025 IPO at $37 per share, opened at $90 and briefly reached $118 on the first day of trading, according to CNBC. The stock now trades around $25.70, below its original offering price. Securitize, which went public through a SPAC merger, saw shares fall roughly 40% after listing, including a single-session drop of 25% without any specific catalyst.