Gemini Shares Slide 6%, Extending Post-IPO Slump to 24%

Gemini Space Station (GEMI), founded by Cameron and Tyler Winklevoss, experienced a 20% drop in shares since its Nasdaq listing last Friday.
On Tuesday, GEMI shares fell 6% to $30.42, marking a 24% decline over the past week.
The IPO raised $425 million, initially valuing GEMI at $3.3 billion with shares priced at $28.
The stock peaked at $45.89 on its first day but has since dropped over 34% from that high.
In contrast, other crypto equities like Coinbase (COIN) remained stable, while Robinhood (HOOD) is down 3%, and Circle (CRCL) is up 13% this week.
Gemini reported a $283 million net loss in H1 2025, following a $159 million loss in 2024.
Ed Engel, an analyst at Compass Point, indicated GEMI is trading at 26 times its annualized first-half revenue, suggesting investor skepticism due to high valuation relative to earnings.