Overview
- The stock jumped about 31% on Friday to $5.81, lifting Gemini’s market value to roughly $753 million while it remains about 80% below its post‑IPO peak.
- Gemini’s core trading business has weakened sharply with second‑quarter exchange revenue down 38% to roughly $12.5 million, spot volume down 66% to $3.8 billion, and assets under custody falling to about $8.4 billion from $18.2 billion.
- The company remains unprofitable, reporting second‑quarter revenue of about $45.5 million against a net loss of about $107.7 million, which undercuts the case for a buyer focused on trading income.
- There is no public evidence of a confirmed takeover bid or active sale talks, though suggestions from market figures that firms such as Hyperliquid could pursue Gemini have renewed speculative interest.
- Any full‑company sale would hinge on Cameron and Tyler Winklevoss, who control about 94.5% of voting power, and buyers may value Gemini mainly for hard‑to‑replicate U.S. licenses and custody infrastructure that speed market entry.