Gemini Has Now Lost More than Half of its IPO Value

While some Fintechs that went public in 2025 have risen in value, Gemini Space Station (NASDAQ:GEMI) is not one of them.

Gemini pursued an initial public offering (IPO) at $28 a share. This was preceded by the company raising its offer price several times before its public float.

At one point, Gemini rocketed far beyond its IPO price. Yahoo Finance has its 52-week high of $45.89.

Today, the +$45 share price is receding in the rearview mirror, and GEMI has now lost more than half of its IPO value, trading today at under $12, bouncing along at its all-time low in its short history as a reporting firm. Before the IPO, at one point, Gemini had a valuation of around $7.1 billion. The company IPOed at a valuation of $3.1 billion.

But it has been down from there ever since.

Gemini is a crypto exchange that is compliance-first with global ambitions. During its most recent earnings call, the company touted its credit card product as a path to generating new customers. The card apparently generated 64,000 new sign-ups during the quarter.

While shares are moribund, some analysts are more optimistic with Barclays seeing a $41 price tag in the near future. Some others are also optimistic for a rising share price.

Other analysts have pumped the brakes on bullish expectations with several recently lowering price targets. Goldman lowered its price target from $25 to $22.  Citi went from $23 to $16.

While Gemini has a tall task ahead of it to earn investor confidence and interest, its belief that a Super App is the future of finance is spot on. The question is, will others get there first or do it better?

Regardless, digital assets, including tokenized RWAs, will become ubiquitous, and Gemini is one of the few publicly traded crypto exchanges. It just needs to report better growth in the next few quarters, along with some new features and services.