Citigroup Slashes Gemini Stock, Cuts Bitcoin Forecast Amid Crypto Legislation Stalemate

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 nearly 16% to approximately $5.95 during the session.

GEMI is now nearly 79% below its September 2025 IPO price of $28 per share.

The downgrade was announced just a day before Gemini's scheduled full-year 2025 earnings release, which may shed more light on the company's financial situation.

Citigroup also cut its Bitcoin forecast by 22% from $143,000 to $112,000 and Ethereum target by 26% from $4,304 to $3,175, citing stalled momentum on the CLARITY Act - a pending U.S. crypto market structure legislation.