Gemini market value falls to $753M

• Gemini Space Station has fallen about 80% since its public debut, reducing its market value to $753 million.
• Its second-quarter exchange revenue has fallen 38% year-on-year to $12.5 million, while spot volume has dropped 66% to $3.8 billion.
• The lower valuation has renewed attention on Gemini’s US regulatory licences, custody infrastructure and customer relationships as potential acquisition assets.

Gemini Space Station has fallen about 80% since its public debut, cutting its market value to $753 million as trading activity and revenue have declined.

The company’s market value has dropped from about $4 billion at its peak, while second-quarter exchange revenue has fallen 38% from a year earlier.

Lorenzo Valente, director of digital assets research at ARK Invest, has argued that Hyperliquid should acquire Gemini and use it as a regulated US gateway, although there is no indication of an active deal.

Gemini’s second-quarter spot trading volume has fallen 66% to $3.8 billion, while assets held on the platform have declined to $8.4 billion from $18.2 billion.

Gemini still holds regulatory licences and approvals that could take competitors significant time and legal expense to obtain, while the company has declined to comment on the acquisition speculation.

The valuation decline has also brought Gemini’s custody infrastructure and customer base into focus as potential acquisition assets, amid broader crypto M&A activity centred on regulatory access and distribution.

Cameron and Tyler Winklevoss control 94.5% of Gemini’s voting power, meaning their approval would be required for any sale of the company.