Gemini Sinks to $753M as Acquisition Speculation Heats Up

Gemini's market value has plummeted by 80% since its public debut in the crypto space, reigniting speculation that the exchange could become an acquisition target.

The platform, founded by Cameron and Tyler Winklevoss, saw its peak market value at around $4 billion. However, it now stands at a mere $753 million after second-quarter exchange revenue fell 38% year over year to $12.5 million, while spot trading volume dropped 66% to $3.8 billion.

Lorenzo Valente, director of digital assets research at ARK Invest, has proposed that Hyperliquid acquire Gemini and leverage its regulatory infrastructure as a regulated U.S. gateway for perpetual futures and prediction markets.

The potential acquisition case rests less on Gemini's shrinking exchange activity and more on its regulatory approvals, which competitors would need years and significant legal costs to replicate organically.