Gemini Space Station (Gemi), Crypto Exchange, founded by Cameron and Tyler Winklevoss, has seen his shares tumbled by more than 20% since listing on Nasdaq last Friday.
The stock is down to about 6% on Tuesday and trades with $ 30.42 and has fallen almost 24% over the past week. The sharp decline follows an initial increase after the company raised $ 425 million in its IPO, pricing shares for $ 28 and appreciated the company to $ 3.3 billion before trading began.
On his first day, Gemi spiked at $ 45.89 before closing at $ 32 – a 14% prize at his offer price. But since he hit so loud, stocks have thrown themselves more than 34%and deleted most of the early enthusiasm from public market investors.
The wider crypto equity market has remained more stable. Coinbase (Coin), the largest American crypto exchange, is flat over the past week. Robinhood (Hood), which fetches part of its crypto income, is down by 3%. Token Essuer Circle (CRCL), on the other hand, has risen 13% in the same period.
Part of the pressure on Gemini’s stock can come from its financial. The company released a net loss of $ 283 million in the first half of 2025 after a loss of $ 159 million in 2024. Despite the number of fresh capital suggesting the number the company is still far from a profit.
Compass Point analyst Ed Engel noted that Gemi is currently dealing with 26 times his annual income in the first half. The fact that more – often used to measure whether a stock is expensive – means that investors pay $ 26 for every dollar that the company is expected to generate in sales this year. For a loss-making company in an unstable sector, it is a steep price and can be fuel for investor skepticism.
