Gemini entered the stock market on 12 September 2025 and, after a strong open followed by a pullback, analysts are now raising their price targets. These revisions matter because they shape the value of other crypto firms and affect anyone holding the ticker GEMI. The reassessment comes as investors balance early trading volatility with the company’s scale and regulatory risks.
Gemini Space Station Inc. (GEMI) listed on Nasdaq at USD 28 per share, raising USD 425 million for an initial market value of USD 3.3 billion. The first trade printed at USD 37.01, climbed to USD 45.89, and closed at USD 32, capturing a brisk debut session.
In the following weeks, the stock fell 24% from its opening-day peak by early October 2025. The slide tracked two signals: a net loss of USD 282.5 million in H1 2025 (up 580% year over year) and a possible SEC penalty of up to USD 50 million, both of which weighed on sentiment. On the same day, Nasdaq bought a USD 50 million strategic stake, underscoring institutional interest despite the pressure.
Stock market debut, performance, and operating fundamentals
The company operates at scale, with 523,000 monthly active users across 60 countries and USD 18 billion in assets under custody. This mix of price volatility and large operations has led Wall Street to reassess Gemini’s fundamental value.
Eleven banks now cover GEMI, with a median price target range of USD 25–42 that implies roughly 25% upside from recent levels. Six banks rate the stock a buy and five rate it a hold, reflecting divided views on near-term profitability.
Bruyette & Woods warns profits may remain elusive in the near term. Other analysts highlight custody, derivatives, and staking revenues as potential drivers of recovery. The platform lists perpetual futures that offer up to 100× leverage in Europe under its MiCA licence, and those contracts add both liquidity and risk. Analysts say Gemini must convert custody and derivative flows into steady fees to turn scale into durable profit.
The reset in expectations places GEMI on the watch list for funds seeking crypto exposure through a large, regulated platform. The next catalysts are the Q3 and Q4 2025 earnings reports and any decision on the potential SEC fine.
