Gemini shares have fallen about 80% from their post-IPO high, with market value dropping to $753 million, sparking acquisition speculation.

BlockBeats news, September 21 — Gemini, a cryptocurrency trading platform, has seen its stock price fall about 80% from its post-listing high, with its market value dropping to about $753 million, fueling acquisition speculation. Gemini's second-quarter trading platform revenue fell 38% year-over-year to $12.5 million, spot trading volume dropped 66% to $3.8 billion, and platform assets also declined from $18.2 billion to $8.4 billion.

Lorenzo Valente, director of digital asset research at ARK Invest, previously suggested on X that Hyperliquid could consider acquiring Gemini, using its regulatory qualifications as a compliant entry point into the U.S. market to expand perpetual contracts and prediction market businesses. However, there is currently no indication that Hyperliquid is advancing such a deal.

Although Gemini's trading business continues to shrink, its entities still hold multiple regulatory licenses and approvals, and potential buyers may place greater value on this regulatory infrastructure, custody capability, and customer resources that are difficult to replicate quickly. In April this year, media reports said potential buyers were considering acquiring Gemini's closed European and UK businesses, mainly to obtain related regulatory licenses, but no deal has yet been reached.

In addition, the Winklevoss brothers collectively hold about 94.5% of Gemini's voting rights, meaning any sale transaction in practice requires both of them to agree, which both simplifies the negotiating counterparties and makes it nearly impossible for shareholders to push for a sale or for a hostile takeover.