Gemini Stock Price Plunges 80% Since IPO Amid Acquisition Speculation
Gemini's stock price has fallen by around 80% since its IPO, shrinking in value from approximately $4 billion to $753 million. The cryptocurrency exchange's trading volumes, revenue, and platform assets have all been declining.
According to CoinDesk, Gemini's second-quarter trading revenues dropped by 38% year-over-year to $1.25 million, while spot trading volumes plummeted by 66% to $3.8 billion. Platform assets also decreased from $18.2 billion to $8.4 billion.
Lorenzo Valente, digital asset research director at ARK Invest, suggested in a recent post on X that offshore perpetual contract platform Hyperliquid should acquire Gemini as a gateway into the US regulated market for their perpetual contracts and prediction markets business.
Gemini holds 94.5% of voting rights, held by Winklevoss brothers, making any potential sale simpler but also requiring both brothers' approval.