Gemini IPO Stumbles as Profitability Concerns Shadow the Exchange

New York City-based crypto exchange Gemini Space Station Inc. faces mounting challenges after its September IPO. Despite an initial surge of 14% on the first trading day—bolstered by the Winklevoss twins' political connections and the broader crypto market frenzy—the stock has since plummeted over 11%. The $446.3 million offering now grapples with Wall Street skepticism, as six analysts recommend buying while five advise holding.

Competitors like Circle Internet Group and Bullish outshine Gemini, with shares soaring 370% and 75% respectively post-IPO. Citigroup's Peter Christiansen underscores caution: "Investors can wait for proof of execution in rebuilding the user base and forging institutional partnerships." Profitability remains elusive, with no clear path forward in the first half.