Gemini’s share price declined 6%, bringing the total decrease since its IPO to 24%. The pullback is prompting institutional and retail investors to question the company’s valuation and financial health. This pressure directly affects recent shareholders and shapes how the market views IPOs tied to the crypto system.
Context and impact
After an initial high phase for the stock, the drop occurred, with news media reporting on September 16, 2025, that the 6% fall leaves the stock 24% below its IPO price. Company numbers for the first half of 2025 showed a difficult stretch—a net loss of $282.5 million against revenues of $68.6 million, as experts reported on September 15, 2025. A mix of large losses and a high price-to-revenue multiple, near 26x according to experts, is driving selling pressure.
Nasdaq’s $50 million investment signals institutional interest but doesn’t erase concerns about growth and cash generation. In markets where money and trust shift quickly, the company’s operating figures—substantial losses and relatively low revenue—weigh on its valuation and market sentiment.
Implications and key figures
For investors, the decline underscores the need to reassess valuation assumptions and holding periods. For competitors and new entrants, it highlights how quickly markets can punish high valuations without a clear path to profitability. For regulators, while no direct actions are cited, the episode points to friction between crypto adoption and the financial soundness of listed companies.
The combination of operating losses and a high valuation multiple makes a steady-growth narrative difficult to sustain. The company’s immediate priority will be to demonstrate revenue growth and disciplined cost control to align with market expectations. The 6% correction and the cumulative 24% drop were reported on September 15–16, 2025 by specialized media. What unfolds over the next few quarters will depend on Gemini’s ability to reduce losses, grow revenue, and justify pricing near 26x annual revenue.
