TLDR
- Gemini stock jumped 31% Friday to $5.81, but remains about 79% below its $28 IPO price.
- Gemini’s market value has dropped to roughly $753 million from around $4 billion at its peak.
- Second-quarter exchange revenue fell 38%, while spot trading volume dropped 66%.
- Takeover talk has returned as attention turns to Gemini’s licenses, custody infrastructure and customer relationships.
- There is no evidence of an active takeover bid, while the Winklevoss twins control 94.5% of voting power.
Gemini (GEMI) stock jumped 31.15% Friday to close at $5.81, with trading volume reaching about 15.3 million. The rally followed Thursday’s $4.43 close.
Gemini Space Station, Inc., GEMI
Despite Friday’s sharp rebound, GEMI remains about 79% below its $28 IPO price. Gemini went public in September 2025, selling stock at $28 apiece.
The steep decline has pushed Gemini’s market capitalization down to roughly $753 million. At its peak, the crypto platform was valued at around $4 billion.
That lower valuation is bringing takeover speculation back into focus. No buyer has made a confirmed offer, and there is no indication that Gemini is currently in active sale talks.
Gemini’s Falling Valuation Draws Takeover Interest
ARK Invest digital assets research director Lorenzo Valente suggested last month that Hyperliquid could acquire Gemini. His idea was that Hyperliquid could use Gemini as a regulated U.S. route for perpetual futures and prediction markets.
There is no evidence Hyperliquid is pursuing such a transaction. The suggestion has instead highlighted what a potential buyer might actually be purchasing at Gemini’s current valuation.
Gemini’s exchange business has weakened. Second-quarter exchange revenue fell 38% from a year earlier to $12.5 million, according to CoinDesk.
Spot trading volume dropped 66% to $3.8 billion. Assets held on the platform also fell to $8.4 billion from $18.2 billion.
Gemini also continues to post losses. Yahoo Finance lists second-quarter revenue of $45.48 million and a net loss of $107.72 million.
Those weaker operating figures put more attention on Gemini’s regulated infrastructure. Its licenses, custody systems and existing customer relationships could be harder for another crypto company to build from scratch.
Winklevoss Control Remains Key
CoinDesk reported that some potential buyers previously looked at Gemini’s closed European and U.K. operations mainly for their licenses. No transaction was completed after disagreements over valuation.
Any full-company deal would also depend heavily on Cameron and Tyler Winklevoss. The brothers effectively control 94.5% of Gemini’s voting power, according to CoinDesk.
That voting structure could make negotiations simpler because a buyer would be dealing with two controlling founders. It also makes a takeover without their support extremely difficult.
Gemini’s current valuation is now a fraction of where it stood after its public debut. Friday’s 31% rally lifted GEMI sharply, but the stock still trades far below its IPO level.
The latest confirmed market data puts GEMI at $5.81 with a market capitalization of about $753 million. For now, takeover discussion remains speculation, with no confirmed bidder or announced transaction.
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