Citigroup Slashes Gemini Stock to Sell, Cuts Bitcoin Forecast 22%

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

Christiansen projected an adjusted EBITDA loss of $263 million for 2025 and pushed his EBITDA breakeven estimate to 2029, a year later than Citi's prior forecast.

The downgrade was driven by four primary concerns: declining user activity, significant restructuring, cyclical revenue headwinds, and the slowing pace of U.S. crypto legislation.