Gemini’s stock price has dropped approximately 80% from its IPO peak, with its market capitalization falling to $753 million, sparking acquisition rumors.

Cryptocurrency exchange Gemini’s stock price has fallen roughly 80% from its post-IPO peak, bringing its market value to around $753 million and fueling growing acquisition speculation. Gemini’s Q2 platform revenue dropped 38% year-over-year to $12.5 million, spot trading volume fell 66% to $3.8 billion, and the platform’s total assets shrank from $18.2 billion to $8.4 billion. ARK Invest Digital Asset Research Director Lorenzo Valente previously suggested on X that Hyperliquid could acquire Gemini, leveraging its regulatory credentials as a compliant entry point into the U.S. market to expand its perpetual contract and prediction market operations. However, there are no current indications Hyperliquid is pursuing such a deal. Despite Gemini’s ongoing trading business contraction, its entities hold multiple regulatory licenses and approvals, which potential buyers likely value for their hard-to-replicate regulatory infrastructure, custody capabilities, and customer base. In April this year, media reports revealed potential buyers had considered acquiring Gemini’s shuttered European and UK operations, primarily to secure the associated regulatory licenses, though no deal has been finalized to date. Additionally, the Winklevoss brothers collectively hold approximately 94.5% of Gemini’s voting rights, meaning any sale transaction effectively requires their joint approval—this streamlines negotiation counterparties while making shareholder-driven sales or hostile takeovers nearly impossible.