Gemini Shares Fall 6%, Cumulative Post-IPO Loss Hits 24%

Gemini Shares Drop 24% in First Week After IPO as Profitability Concerns Loom

Gemini Space Station (GEMI), the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has seen its shares slide sharply following last week’s Nasdaq debut, as investor enthusiasm cools amid continued losses.

On Tuesday, GEMI traded at $30.42, down about 6% for the day and roughly 24% below its IPO price over the past week. The decline follows an initial surge after the company raised $425 million in its public offering, pricing shares at $28 and valuing the firm at $3.3 billion.

The stock jumped to an intraday high of $45.89 on debut before closing at $32 — a 14% premium to the IPO price. However, the post-IPO rally has largely reversed, with shares losing more than a third of their early gains.

Other crypto-related equities have fared more steadily. Coinbase (COIN) remained flat over the past week, Robinhood (HOOD) fell 3%, while Circle (CRCL) gained 13%.

Gemini’s financial results add to investor caution. The exchange posted a net loss of $283 million in the first half of 2025, following a $159 million loss in 2024. Despite the capital infusion from the IPO, the company is still far from turning a profit.

Analyst Ed Engel of Compass Point noted that GEMI is trading at 26 times its annualized first-half revenue — a high multiple for a loss-making firm in a volatile sector. This valuation metric suggests investors are paying $26 for every $1 of projected revenue, heightening concerns about the stock’s near-term performance.

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