Gemini Stock Plummets 34% From IPO High as Crypto Enthusiasm Fades

Gemini's post-IPO glow has dimmed dramatically. The Winklevoss twins' crypto exchange saw shares sink 6% today, compounding a 24% decline since its market debut. Early investors who cheered the stock's opening pop to $45.89 now face a harsh reality - shares languish at $30.42, down 34% from their peak.

The $425 million IPO now looks like a pyrrhic victory. Despite initial fanfare that valued Gemini at $3.3 billion, mounting losses tell a different story. First-half 2025 net losses ballooned to $283 million, nearly double 2024's full-year deficit. Revenue growth, crypto's holy grail, shows troubling deceleration.

Wall Street's patience wears thin. 'At 26 times annualized revenue, Gemini trades at a premium its fundamentals can't support,' says Compass Point's Ed Engel. The math is unforgiving - for every dollar in projected sales, investors pay $26. When the music stops in crypto markets, valuations this steep leave no chairs to catch falling knives.