Winklevoss’ Gemini Gets Lukewarm Street Reaction After IPO Slump
Tyler Winklevoss, chief executive officer and co-founder of Gemini Space Station Inc., left, and Cameron Winklevoss, president and co-founder of Gemini Space Station Inc., right, during the company's initial public offering at the Nasdaq MarketSite in New York on Sept. 12, 2025.
Photographer: Michael Nagle/BloombergGemini Space Station Inc. wiped out gains from its initial public offering within days of its September debut, and analysts are offering only modest support, warning in their initiations of coverage that the crypto company faces increasing competition and a lack of profitability.
The digital asset exchange and custodian saw a 14% jump in its first day after its IPO, buoyed by its ties to the crypto-friendly Trump administration and coming on the heels of well-received debuts in the sector from Circle Internet Group Inc. and Bullish. Unlike those peers, Gemini’s pop faded quickly, and the stock is now down more than 11% from the $446.3 million first-time share sale. Wall Street is split on the New York City-based firm founded by Cameron and Tyler Winklevoss, with Gemini getting six buy-equivalent ratings and five hold-equivalent ratings among analysts tracked by Bloomberg.