A year after listing at $28 a share, Gemini is worth a fraction of what the market once paid for it. As of Sunday, September 20, 2026, GEMI trades roughly 80% below its IPO level, and the slump has revived an old question in crypto: who might buy a regulated US exchange on the cheap?
There is no bid on the table, and the Winklevoss twins control almost all of the votes. But the numbers behind the talk — falling revenue, falling volume, and less than half the assets the platform used to hold — matter to anyone who keeps money on an exchange. Stock prices are mentioned for context only; this is not financial advice.
Key facts
- As of September 20, 2026, Gemini’s stock (GEMI) is down about 80% since its debut, with a market value of roughly $753 million versus a peak of about $4 billion, per CoinDesk.
- Gemini’s Q2 exchange revenue fell 38% year over year to $12.5 million, and spot trading volume dropped 66% to $3.8 billion.
- Assets on the Gemini platform fell from $18.2 billion to $8.4 billion.
- Q2 total revenue was $45.48 million with a net loss of $107.72 million, according to Parameter, citing Yahoo Finance.
- GEMI jumped about 31% on Friday, September 18, closing at $5.81 — still about 79% below its $28 IPO price from September 2025.
- Cameron and Tyler Winklevoss hold about 94.5% of the voting power, which makes a hostile takeover effectively impossible.
Why is Gemini’s stock down 80% from its IPO?
Gemini’s core business has shrunk sharply since it listed in September 2025. In Q2 2026 its exchange revenue fell 38% year over year to $12.5 million, spot volume fell 66% to $3.8 billion, and assets on the platform dropped from $18.2 billion to $8.4 billion. Investors have repriced the company accordingly.
According to CoinDesk, that leaves Gemini with a market value of about $753 million, against a peak of roughly $4 billion. The broader income statement is no better: Parameter, citing Yahoo Finance, put Q2 total revenue at $45.48 million and the net loss at $107.72 million.
For an exchange, volume and assets on the platform are the engine. Fewer trades mean fewer fees, and fewer customer assets mean less to earn on. When both fall at once, the valuation follows.
Who could buy Gemini, and is a takeover realistic?
No one has made an offer. The speculation was revived by Lorenzo Valente of ARK Invest, who suggested Hyperliquid could buy Gemini as a US-regulated gateway, but CoinDesk saw no sign Hyperliquid is pursuing it. With the Winklevoss twins holding about 94.5% of the votes, any deal would have to be one they agree to.
The Hyperliquid idea
The logic of Valente’s suggestion is simple: an offshore-native trading venue gets licences and a US customer base it would otherwise take years to build. But an idea from an analyst is not a bid. CoinDesk found no evidence of talks.
No agreement on price
An anonymous venture capitalist told CoinDesk the sides have not agreed on valuation, and Gemini declined to comment. That is consistent with how these situations usually go: a falling share price makes a company look cheap to buyers and undervalued to its owners.
The market noticed anyway
The chatter alone moved the stock. GEMI rose about 31% on Friday, September 18, from $4.43 to $5.81, per Parameter. Even after that jump, it sat roughly 79% below the $28 IPO price.
An exchange’s balance sheet is your counterparty risk, whether you read it or not.
Is crypto exchange consolidation picking up?
CoinDesk placed the Gemini talk alongside other recent deals: market maker Keyrock bought BlockFills’ trading assets in July, and Ondo reportedly explored a deal worth up to $500 million. Smaller and struggling venues are being bought, broken up or wound down rather than left to drift.
Consolidation can be orderly. But for customers it raises practical questions: whose terms apply after a sale, whether a service or a region gets dropped, and how long withdrawals take during a transition. We saw the worst version of that this month with the Orionx shutdown in Chile, where customer assets went missing.
What it means for people who keep crypto on an exchange
A company’s stock price is not a direct measure of whether your balance is safe — Gemini has not reported any problem with customer funds. But shrinking revenue, a net loss and a possible change of ownership are reasons to treat an exchange account as what it is: an IOU from a company. Keep only what you actively trade there, and move the rest to a wallet you control.
That is the model SwapZilla is built around. There is no account and no balance to leave behind: you compare quotes from several licensed exchange providers, send coins to a deposit address, and the output goes straight to your own wallet — see how it works. The broader case for limiting exchange exposure is in our piece on CEX risk, and if you need somewhere to move coins, start with our best Bitcoin wallets guide.
Final thoughts
Gemini’s 80% slide is a story about a business that shrank after it listed: Q2 exchange revenue down 38%, spot volume down 66%, platform assets more than halved. The takeover talk is just that — talk, with no bid and a founding family that holds 94.5% of the votes.
Whatever happens to GEMI, the lesson for users doesn’t depend on the outcome. An exchange is a company with its own finances and its own owners, and those can change faster than your withdrawal plans.
Trade on exchanges. Store in wallets you control.