Gemini Stock Tumbles 6%, Post-IPO Slump Deepens to 24%

Gemini Shares Slide Further as Post-IPO Optimism Fades

Gemini Space Station (GEMI), the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, continues to see its stock decline after an initially strong debut on Nasdaq.

Shares of GEMI traded at $30.42 on Tuesday, down 6% for the day and nearly 24% since last week’s IPO. The stock opened at $28, briefly surged to $45.89, and closed its first day at $32, but the initial enthusiasm has waned.

Compared to peers, the broader crypto equity market has been more stable. Coinbase (COIN) remained flat over the past week, Robinhood (HOOD) fell 3%, while Circle (CRCL) rose 13%.

Financial results are a key factor behind the slump. Gemini reported a $283 million net loss in H1 2025, following a $159 million loss in 2024. Despite raising $425 million through the IPO, the company is still far from turning a profit.

Compass Point analyst Ed Engel highlighted valuation concerns, noting that GEMI trades at 26 times its annualized first-half revenue. For a loss-making company in a volatile market, such a multiple may be fueling investor caution.