Crypto platform Gemini’s stock is down 80% from its IPO. That’s reviving takeover speculation

CoinDesk reports Gemini’s market value has fallen to approximately $753 million, down from about $4 billion at its peak. This roughly 80% decline since the company’s public debut has shifted investor focus from shrinking trading volume to the regulatory assets it still holds. The stock drop underscores the disparity between the platform's current valuation and its earlier market capitalization.

Exchange revenue fell 38% year-over-year to $12.5 million in the second quarter, according to CoinDesk. Spot trading volume dropped 66% to $3.8 billion in the same period. Assets on the platform declined to $8.4 billion from $18.2 billion, the report states. Lorenzo Valente, a director at ARK Invest, argued last month on X that Hyperliquid should buy the firm to secure a compliant American entry point for derivatives and prediction markets.

The Winklevoss twins control 94.5% of the voting power, according to CoinDesk. Any sale requires their approval. A venture capital investor told CoinDesk that Gemini’s core technology offers limited differentiation from rivals. However, its regulatory licenses and approvals would be costly and time-consuming for competitors to replicate. Buyers would likely weigh the acquisition cost against the legal fees and time required to obtain those approvals organically.

IPO Scoop notes Gemini priced its IPO at $28.00 on Sept. 11, 2025, raising $425.6 million. KuCoin reports the interest follows Gemini’s February announcement to cut 25% of its workforce and wind down operations in the UK, EU, and Australia, leaving the U.S. and Singapore as its main hubs. The current valuation sits well below the amount raised in that offering. The picture would change if a buyer successfully negotiated a deal for those specific regulatory licenses rather than the full company.