Gemini Shares Extend Post-IPO Decline as Profitability Concerns Weigh
Gemini Space Station (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, has seen its shares slide sharply since its Nasdaq debut, as investors reassess prospects amid ongoing losses.
After soaring 64% on its first day, GEMI traded at $30.42 on Tuesday, down 6% for the session and nearly 24% since the IPO. The stock initially opened at $28, briefly spiking to $45.89 before closing at $32, but the early enthusiasm has largely faded.
Other crypto-related equities have shown more stability. Coinbase (COIN) remained flat over the past week, Robinhood (HOOD) dipped 3%, while Circle (CRCL) gained 13%.
Gemini’s financial performance has added to investor caution. The exchange reported a $283 million net loss in the first half of 2025, following a $159 million loss in 2024. Despite the capital raised through the IPO, profitability remains out of reach in the near term.
Compass Point analyst Ed Engel noted that GEMI trades at 26 times its annualized first-half revenue, meaning investors are paying $26 for every $1 of projected sales — a steep valuation for a company still navigating losses in a volatile sector.
