Citigroup Downgrades Gemini, Cuts Crypto Price Targets

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, following the downgrade, which arrived just before Gemini's scheduled full-year 2025 earnings release.

GEMI fell over 16% to around $5.95 during trading, putting it nearly 79% below its September 2023 IPO price of $28 per share.

The analyst projected an adjusted EBITDA loss of $263 million for 2025 and pushed his EBITDA breakeven estimate back a year to 2029.