Gemini Shares Slide 6%, Extending Post-IPO Slump to 24%

Gemini Space Station (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, has seen its shares tumble by more than 20% since listing on the Nasdaq last ￰0￱ stock is down around 6% on Tuesday, trading at $30.42, and has dropped nearly 24% over the past ￰1￱ sharp decline follows an initial surge after the company raised $425 million in its IPO, pricing shares at $28 and valuing the firm at $3.3 billion before trading ￰2￱ its first day, GEMI spiked to $45.89 before closing at $32 — a 14% premium to its offer ￰3￱ since hitting that high, shares have plunged more than 34%, erasing most of the early enthusiasm from public market ￰4￱ broader crypto equity market has remained more ￰5￱ (COIN), the largest ￰6￱ exchange, is flat over the past ￰7￱ (HOOD), which derives part of its revenue from crypto, is down 3%.

Token issuer Circle (CRCL), on the other hand, is up 13% over the same ￰8￱ of the pressure on Gemini’s stock may stem from its ￰9￱ company posted a $283 million net loss in the first half of 2025, following a $159 million loss in all of ￰10￱ raising fresh capital, the numbers suggest the business is still far from turning a ￰11￱ Point analyst Ed Engel noted that GEMI is currently trading at 26 times its annualized first-half ￰12￱ multiple — often used to gauge whether a stock is expensive — means investors are paying 26 dollars for every dollar the company is expected to generate in sales this ￰13￱ a loss-making company in a volatile sector, that’s a steep price, and could be fueling investor skepticism.