Gemini Space Station is worth $753 million. A year ago it priced its initial public offering at $28 a share, valuing the crypto exchange at $3.3 billion.
That is a fall of about 77% against the IPO valuation, and roughly 81% against the near $4 billion the company reached shortly after listing. The business underneath it has come down at a similar rate.
The Business Is Shrinking Faster Than the Stock
Exchange revenue was $12.5 million in the second quarter of 2026, down 38% year on year. Spot trading volume was $3.8 billion over the same period, down 66%. Assets held on the platform have fallen from $18.2 billion to $8.4 billion.
A 38% revenue decline against a 66% volume decline is worth pausing on. Revenue has held up considerably better than the trading it is earned from, which is what happens when the cheapest flow leaves first and what remains is stickier. How much weight that carries depends on what sits inside the exchange revenue line beyond spot fees, which is not broken out.
The Takeover Talk Is One Person’s Suggestion
The acquisition conversation around the company is narrower than it sounds.
It rests on a post by Lorenzo Valente, director of digital assets research at ARK Invest, arguing that Hyperliquid, the offshore perpetual-trading platform, should buy Gemini and use it as a regulated US gateway for perpetual futures and prediction markets.
Should, not is. There is no indication Hyperliquid is pursuing anything of the kind, no named party has expressed interest, and Gemini declined to comment.
What makes the idea coherent rather than idle is the licences. Gemini holds US regulatory approvals and custody infrastructure that a competitor would spend years and considerable legal cost assembling from scratch. For a buyer with volume and no permissions, a shrinking exchange attached to a working licence stack is an entry ticket rather than a business.
Nobody Buys Gemini Without the Winklevoss Twins
There is a number that settles most of this, and it is not a revenue line.
Cameron and Tyler Winklevoss hold 94.5% of the voting power.
That is not a controlling stake in the ordinary sense. It is a lock. No hostile approach is possible, no activist can build a position that matters, no shareholder vote can be carried against them, and no board can be pressured into a sale. Gemini gets acquired if and only if two people decide it should, at a price they choose to accept.
For anyone who bought at $28 last September, that is the part worth sitting with. They have ridden the valuation down by more than three quarters and hold no mechanism to do anything about it. The exit they might be hoping for is entirely in the gift of the founders, and the founders have said nothing.
