Gemini Shares Fall 24% in First Week After IPO Amid Profitability Concerns
Shares of Gemini Space Station (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, have tumbled sharply following last week’s Nasdaq debut, as investor excitement fades amid ongoing losses.
On Tuesday, GEMI traded at $30.42, down roughly 6% for the day and nearly 24% since its IPO. The stock initially surged after the company raised $425 million at $28 per share, valuing the firm at $3.3 billion. GEMI spiked to $45.89 intraday on debut before closing at $32, but the early gains have largely reversed.
In comparison, other crypto-related stocks have remained more stable. Coinbase (COIN) stayed flat over the week, Robinhood (HOOD) declined 3%, while Circle (CRCL) rose 13%.
Gemini’s financial results have weighed on sentiment. The company reported a $283 million net loss in H1 2025, following a $159 million loss in 2024. Despite the IPO capital, profitability remains elusive.
Compass Point analyst Ed Engel highlighted the stock’s high valuation: GEMI trades at 26 times annualized H1 revenue, implying investors pay $26 for every $1 of expected sales — a steep multiple for a loss-making business in a volatile sector.
