Gemini shares plunge 89% since IPO, hit record low
Shares of U.S. cryptocurrency exchange Gemini have fallen to a record closing low of $3.215. The stock has lost approximately 89% of its value since the company's initial public offering (IPO) at $28 per share.
The new low was recorded on October 19, 2026, according to TradingView. The decline comes as the company continues to report losses despite revenue growth in the first half of the year.
Gemini stock performance. Source: TradingView.
Gemini went public in 2025. Founded by brothers Tyler and Cameron Winklevoss, the company continues to develop cryptocurrency services and explore new business opportunities.
Gemini revenue rises, but company remains unprofitable
According to its financial statements, Gemini generated $95.7 million in revenue during the first six months of 2026, compared with $68.6 million in the same period last year.
This represents an increase of approximately 39.5%. However, the revenue growth has not yet been enough to bring the company into profitability.
Gemini's comprehensive loss for the first half of the year totaled $216.8 million. A year earlier, the figure stood at $277.3 million, meaning the company reduced its losses by approximately 21.8%.
Despite the improvement in financial performance, Gemini's share price continued to decline. At a closing price of $3.215, the stock was trading nearly 89% below its IPO price.
The reported figures cover only the first half of the year and do not provide a complete picture of the company's financial position following the third quarter.
Political ties and expansion into new markets
Gemini CEO Tyler Winklevoss and company president Cameron Winklevoss have actively supported Donald Trump, including through donations to political committees associated with him.
Under the current administration, the U.S. Securities and Exchange Commission (SEC) also closed its investigation into Gemini. However, there is no direct evidence linking these developments to the company's stock performance.
In August 2026, Gemini announced a partnership with Apex aimed at expanding the distribution of cryptocurrency products and entering the prediction markets sector. The partnership is expected to help the company reach new customers through brokerage infrastructure.
The initiative comes amid intensifying competition in the U.S. prediction markets industry. For Gemini, it represents another opportunity to expand beyond traditional cryptocurrency trading.
Earlier, we reported that a U.S. court rejected a motion by the Commodity Futures Trading Commission (CFTC) concerning the settlement of a case involving Gemini. As a result, the previously reached agreement remained in effect.
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