Citi Slashes Gemini Stock Price Target Amid Crypto Legislation Stalemate

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

The downgrade comes as the company is set to release its full-year 2025 earnings on Thursday, with Christiansen now projecting an adjusted EBITDA loss of $263 million for the year.

GEMI's stock price fell over 16% to approximately $5.95 during the session, putting it nearly 79% below its September 2025 IPO price of $28 per share.

The analyst also cut his EBITDA breakeven estimate for Gemini to 2029, a year later than previously forecast.