Citi Slashes Gemini Price Target Amid US Crypto Legislation Stalemate

Citi 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 slashed by more than 57%, from $13 to $5.50, as the company faces declining user activity, significant restructuring, cyclical revenue headwinds, and a slowing pace of U.S. crypto legislation.

GEMI fell over 16% to around $5.95 during trading, putting it nearly 79% below its September 2025 IPO price of $28 per share.

Citi's revised forecast for Gemini includes an adjusted EBITDA loss of $263 million for 2025 and has pushed the breakeven estimate back to 2029, a year later than previously anticipated.