Citigroup Slashes Gemini Stock Price Target Amid Stalled Crypto Legislation

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 stock's price target was cut by more than 57%, from $13 to $5.50, due in part to declining user activity and significant restructuring efforts at Gemini.

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

Citi's forecast for GEMI now projects an adjusted EBITDA loss of $263 million for 2025 and has pushed its EBITDA breakeven estimate to 2029 - a year later than Citi's prior forecast.