Citi Downgrades Gemini Stock and Cuts Bitcoin Forecast Amid Stalled US Crypto Legislation

Citigroup analyst Peter Christiansen downgraded Gemini Space Station (Nasdaq: GEMI) to Sell from Neutral, citing delayed profitability and stalled U.S. crypto legislation.

The stock's price target was cut by more than 57%, from $13 to $5.50, after falling over 16% to approximately $5.95 during the session - putting it nearly 79% below its September 2025 IPO price of $28 per share.

The downgrade arrived just before Gemini's scheduled full-year 2025 earnings release and was based on four primary concerns: declining user activity, significant restructuring, cyclical revenue headwinds, and the slowing pace of U.S. crypto legislation.