Citigroup Slashes Gemini Price Target Amid Stalled Crypto Legislation

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

The bank cut the stock's price target by more than 57%, from $13 to $5.50, following a significant decline in user activity and restructuring efforts.

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

Citigroup also lowered its Bitcoin forecast by 22% from $143,000 to $112,000 and its Ethereum target by 26% from $4,304 to $3,175, citing stalled momentum on the CLARITY Act.