Gemini stock closed at a new record low on Tuesday. Shares of Gemini Space Station (Nasdaq: GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, ended the session of 20 October at $3.14 at the 20:00 UTC close, down 2.49% on the day, according to StockAnalysis price history. That is about 89% below the $28 IPO price set in its prospectus of 11 September 2025. On Coindaro’s own calculation the company is now worth about $407 million on the market, against $3.3 billion at the IPO according to Fortune.
The fall has been fast. On Thursday 15 October the stock closed at $3.88. Three sessions later it was 19% lower.
No filing, announcement or news report dated 19 or 20 October explains the move. Coindaro found none, and the outlets covering the slide do not cite one either. What the record does show is a company whose revenue is growing while its original business, the crypto exchange, shrinks, and whose fastest-growing line, a credit card, is also the one setting aside the most money for losses.
Gemini stock price: five sessions to a record low
Monday’s session did most of the damage. GEMI lost 9.94% on 19 October to close at $3.22, after an intraday low of $3.20. Tuesday opened at $3.21, touched $3.32, fell as far as $3.01 and settled at $3.14, with 2,762,773 shares traded, per StockAnalysis. Korean crypto outlet TokenPost puts the Tuesday close at $3.135, the same level once rounded.
| Session (2026) | Close | Daily change |
|---|---|---|
| Wed 14 Oct | $3.87 | -5.61% |
| Thu 15 Oct | $3.88 | +0.26% |
| Fri 16 Oct | $3.57 | -7.99% |
| Mon 19 Oct | $3.22 | -9.94% |
| Tue 20 Oct | $3.14 | -2.49% |
All closes are at 16:00 New York time, or 20:00 UTC, and come from StockAnalysis. The 19% drop from $3.88 to $3.14 is a Coindaro calculation.
A word on the dates, because two record lows are circulating. Protos reported on 20 October that Gemini had closed at a record low of $3.215 “on Monday”, down 89% since the IPO. That was the Monday close. Tuesday’s $3.14 is lower again, so the record has now been reset twice in two days.
It is not the first time either. Financial news site BiGGo reported that GEMI hit an all-time low on Monday 17 August 2026, after a round of analyst target cuts, with shares down as much as 13.8% in early trading. They closed that day at $3.61, down 7.91%, after an intraday low of $3.39, per StockAnalysis. Some quote pages still give that August intraday level ($3.38 or $3.39) as the 52-week low, though Tuesday’s intraday low was $3.01.
From $3.3 billion to about $400 million in market value
Fortune’s Jeff John Roberts wrote on 19 October that Gemini’s market capitalisation had fallen from $3.3 billion at the IPO to around $500 million. MarketBeat gave $462.85 million on 17 October, with the stock at $3.57. Gemini’s 10-Q counted 54,525,418 Class A and 75,126,784 Class B shares on 7 August 2026. Multiplying that total by Tuesday’s $3.14 gives about $407 million. That figure is our own arithmetic, not a number published by Gemini or a data vendor.
Measured against the $28 IPO price, the fall is 88.8% (Coindaro calculation). On the same arithmetic, $1,000 of stock bought at the IPO price would be worth about $112 at Tuesday’s close.
Revenue up 37%, but the exchange is shrinking
The last hard numbers come from the second quarter, the three months to 30 June 2026, which Gemini reported on 13 August in an earnings release filed with the SEC. On the surface the top line looked fine: revenue rose 37% from a year earlier to $45.5 million. The net loss narrowed to $107.7 million from $133.2 million.
Underneath, the mix changed sharply. Exchange revenue, the fees Gemini earns when customers trade, fell 38% to $12.5 million. Trading volume on the exchange was $3.8 billion in the quarter, against $11.3 billion a year before. Assets held on the platform fell from $18.2 billion to $8.4 billion over the same twelve months.
The growth came from elsewhere. Services revenue and interest income more than doubled, up 117% to $26.0 million. Revenue from the Gemini credit card rose 231% to $16.2 million, and the card receivables Gemini manages climbed to $219.6 million from $93.5 million.
| Q2 2026 (to 30 June) | Value | A year earlier |
|---|---|---|
| Total revenue | $45.5M | $33.3M |
| Exchange revenue | $12.5M | -38% year on year |
| Services revenue and interest income | $26.0M | +117% year on year |
| Credit card revenue | $16.2M | +231% year on year |
| Exchange trading volume | $3.8B | $11.3B |
| Assets on platform | $8.4B | $18.2B |
| Net loss | $107.7M | $133.2M |
| Adjusted EBITDA | -$74.0M | -$51.9M |
| Cash | $188.6M | $252.2M at 31 Dec 2025 |
Source: Gemini’s Q2 2026 earnings release and 10-Q report.
The card grows, and so do its losses
The card is where the risk sits now. Transaction losses rose to $20.1 million in the quarter from $3.6 million a year earlier. Most of that, $16.1 million, was a provision for credit losses linked to what the company described as an identity-fraud event.
Adjusted EBITDA, a measure of operating cash generation that strips out some costs, worsened to minus $74.0 million from minus $51.9 million. Gemini attributes most of that to realised and unrealised losses on bitcoin it received in a private placement in May 2026. Part of the money the company raised in that deal arrived as bitcoin, and bitcoin’s price then fell.
Costs are coming down, slowly. Operating expenses were $122.4 million in the second quarter, 15% below the first quarter’s $144.5 million but still 24% above a year earlier. The operating loss was $76.9 million. Cash stood at $188.6 million on 30 June, down from $252.2 million at the end of 2025. For the first half, revenue was $95.7 million and the comprehensive loss $216.8 million, per the 10-Q.
The net loss per share was $0.89, on 121.3 million weighted average shares.
Brokers cut targets after the August results
The market’s verdict came days after the report. BiGGo reported on 17 August that five brokers had lowered their targets. Goldman Sachs went from $4.00 to $3.50 with a Sell rating, citing lower profitability, lost market share, elevated card provisions and muted spot trading. Rosenblatt cut to $6 from $9 but kept a Buy, seeing management’s cost cuts as a way to protect profitability through “brutal crypto market conditions”, in BiGGo’s account. Mizuho moved to $7 from $8 (Outperform), Needham to $6 from $8 (Buy) and Cantor Fitzgerald to $5 from $7 (Neutral).
Some of that has since been partly reversed. Goldman raised its target back to $4.00, still Sell, on 9 September. KBW upgraded the stock to Hold on 29 September. MarketBeat also reports that Citigroup moved to Neutral from Sell and lifted its target to $4.75 from $3.20, without giving the exact date. Across 11 brokerages tracked by MarketBeat on 17 October, the consensus is Hold (three Sell, five Hold, three Buy), with an average target of $5.78.
At $3.14, the stock now trades below almost every one of those targets, Goldman’s included. Targets are the brokers’ views, not ours, and they have moved in both directions this year.
No news explains the 19 and 20 October drop
We looked for a trigger and did not find one. Gemini published no filing or statement on 19 or 20 October that we could find, and none of the reports on the record low name a specific event. What follows is context, not a cause.
Crypto prices were soft. Bitcoin traded at about $82,580 at 06:04 UTC on 21 October, down 1.3% over seven days, with the whole crypto market valued near $2.78 trillion. Lower prices usually mean less trading, and less trading is exactly what Gemini’s exchange line has been reporting.
There is also stock waiting to be sold. GuruFocus reported on 1 October that “certain stockholders” plan to sell up to 7.14 million Class A shares in a secondary offering, from which Gemini receives no money. The source does not name the sellers, and neither do we. GuruFocus also counted about $0.5 million of insider sales over twelve months, and no insider buying.
Two things can be ruled out as October drivers. The prospectus set a 180-day lock-up from 11 September 2025, which ran out in March 2026, so no lock-up expiry fell this month. The job cuts are not new either: in February 2026 Gemini announced a reduction in its workforce and the wind-down of its operations in the UK, the EU, the rest of Europe and Australia, booking $7.9 million of restructuring charges in the first quarter and none in the second. The company gave no financial guidance with its second-quarter results.
How the other listed crypto firms have fared
Gemini is not falling alone, but of the recent listings Fortune compared, it has fallen furthest. In its 19 October piece, Fortune put Gemini at nearly 90% below its IPO price, against losses of 55% to 65% for three other recent crypto listings: Bullish, BitGo and eToro. Figure was down about 19% since its September 2025 debut, over a period when the S&P 500 gained about 13%. Circle sits close to its IPO price only because of the large jump on its first trading day in June 2025, the magazine noted.
Fortune’s explanation is about the business, not the market mood. Roberts wrote that Gemini, Bullish and BitGo sell commodity services “in a hyper competitive market”, which leaves them little room on margins when trading slows.
The same hours on 20 October were rough for the whole group. A TokenPost snapshot of 24-hour moves, published at 22:19 UTC, showed Bullish down 9.5%, Galaxy down 9.35%, Coinbase down 5.03% and Circle down 3.83%, while BitGo rose 8.92%. Those are rolling 24-hour figures, not official daily changes: on the same snapshot Gemini showed minus 10.36%, which mixes Monday’s fall with Tuesday’s.
For a comparison of the businesses behind the tickers, see our Coinbase review and our page on how Circle makes money from USDC. Coinbase listed in 2021 through a direct listing, so an IPO-price comparison does not apply to it.
What it means for people who use Gemini
The share price and the exchange are separate things. A falling stock does not by itself change how customer funds are held. What matters to a user is custody, licensing and whether the firm can keep funding its operations, and on that last point the cash figure, $188.6 million at 30 June against a quarterly operating loss of $76.9 million, is the one to watch in the next report.
Gemini’s legal file has also moved recently. On 16 October a judge refused to undo Gemini’s $5 million CFTC settlement, even with the regulator backing the company’s request. Our Gemini exchange review covers fees, security and where the platform is available, and our guide on how to choose a crypto exchange lists the checks that apply to any platform.
European readers should note the February decision to wind down operations in the EU. What that means for each country, and for any licence Gemini held there, is something we have not yet confirmed and will cover separately.
Next date: third-quarter results, not yet scheduled
Coindaro found no announcement from Gemini of a date for its third-quarter results as of 21 October. The third-party calendar Earnings Whispers lists Thursday 12 November 2026 after the US close and labels it confirmed, but we could not find the company notice behind it. Last year, Gemini announced its third-quarter date on 16 October 2025, for a release on 10 November. The consensus loss forecast for the quarter is about $0.77 a share, according to heygotrade.
The numbers to look for in that report are the ones that moved most in the second: exchange trading volume, assets on the platform, card credit provisions and the cash balance.
A short explainer: why a stock can fall while revenue rises
A share price reflects what investors expect a company to earn in future, not what it sold last quarter. Gemini’s revenue grew, but the growth came from a card business that carries credit risk, while the exchange, the part investors bought into at the IPO, lost more than a third of its revenue in a year. Losses stayed above $100 million a quarter and cash fell. When growth comes with larger losses and a smaller core business, the market can mark a stock down even as sales rise.