Gemini Stock Down 80% Since Listing, Regulatory Licenses Seen as Core Asset for Potential Acquirers

PANews reported on September 20, citing CoinDesk, that shares of the crypto platform Gemini Space Station (ticker GEMI) have fallen about 80% since listing, with its market cap dropping from a peak of roughly $4 billion to about $753 million, while trading volume, revenue and platform assets have declined in tandem. Gemini's second-quarter trading revenue fell 38% year-over-year to $12.5 million, spot trading volume dropped to $3.8 billion, and assets under custody fell from $18.2 billion to $8.4 billion. Despite pressure on its trading business, Gemini and its subsidiaries still hold multiple key regulatory licenses and compliance approvals, seen as a core asset for potential acquirers seeking a U.S. compliance entry point. Cameron Winklevoss and Tyler Winklevoss together control 94.5% of the voting power, and any potential acquisition would require the brothers' consent.