Gemini Shares Drop Below IPO Price After 12% Plunge

Shares in Gemini Space Station, the crypto firm led by Tyler and Cameron Winklevoss, slid below their IPO price of $28 to extend their losses less than a week after the company debuted on the Nasdaq.

Trading under the ticker “GEMI,” Gemini’s share price dropped 12.80% in the latest trading session to close off the day at $24.53. There was, however, some buying activity in the after-hours trading session that has seen the shares rise over 3% during this period, data from Yahoo Finance shows.

GEMI price chart (Source: Yahoo Finance)

Despite the minor uptick in after-hours trading, GEMI is still down more than 33% over the past seven days.

Gemini Market Cap Falls Below $3 Billion

On the first day of its IPO, GEMI opened at $37.01 per share, and managed to reach a high of $45.89 before closing off its debut day at $32. This marked a 14% gain for the company’s stock on its first day of trading, with the company raising $425 million on the day as well.

🌐 Where the world buys, sells, and earns crypto.

🤝 @Gemini is the bridge between crypto and traditional finance, built for what’s next.

🎉 Proud to call you #NasdaqListed, $GEMI! pic.twitter.com/wysZZQ9FuR

— Nasdaq Exchange (@NasdaqExchange) September 12, 2025

The IPO price was also above the expected range between $24 and $26, and the IPO raise placed the company’s valuation at around $3.3 billion.

However, that strong IPO momentum seems to have dwindled since, with the share price dropping 24% in just a few days after the public market debut. Following the continued drop in share price, Gemini’s market cap has fallen below $3 billion.

Gemini’s Losses Pile Up As SEC Settlement Nears

The continued drop in price also comes after the crypto exchange reported a $283 million net loss in the first half of this year. This was more than the $159 million net loss the exchange reported for the whole of 2024.

Gemini is involved in a long-running dispute with the US Securities and Exchange Commission (SEC) over its Gemini Earn lending program as well. The SEC sued the exchange at the start of 2023, alleging that the program constituted an unregistered offering of securities to retail investors.

Earlier this week, however, the SEC and Gemini submitted a joint filing in the Southern District Court of New York saying that the two parties have reached a “resolution in principle.”

A settlement in principle is a legal term meaning that two parties have agreed on the key, fundamental terms of how to resolve a dispute but have not finalized the formal written agreement with all the detailed terms.

Now that Gemini and the SEC have reached that agreement, the final paperwork for the agreement will be submitted to the SEC for approval. Lawyers have asked the court to extend the deadline for the final paperwork to Dec. 15.

Other Crypto Companies Experience Post-IPO Slump

Other crypto companies that have gone public this year have also seen their share prices drop after their strong public market debuts, although not to the extent that Gemini’s stock has plummeted.

Circle, the issuer of the second-largest stablecoin by market cap USD Coin (USDC), entered the public arena earlier this year in June. Its IPO price was $31, but the offering was over-subscribed due to strong demand. As a result, Circle shares opened their first trading day at $69 and closed the session off at $83.23. This marked a 168% gain from the IPO price.

In the weeks after the IPO, Circle shares continued to rise and reached highs in the $130-$140 range. According to data from Google Finance, Circle shares are trading at $131.04, and are up over 57% in the past six months. More recently, however, the company’s stock has pulled back over 7% in the past month.

In August, digital trading platform Bullish also made its market debut. With an IPO price of $37 per share, the company’s stock opened the day at $90. On the first day, it then reached a high of $118 before closing off its debut at $68.

Bullish has since seen its stock drop to $54.35 following a more than 14% correction over the past month. Over the past 24 hours, buyers have since returned to the stock’s charts, with Bullish’s share price rising over 5% in the last trading day. The buying activity continued in after-hours trading.

Related Articles:

Best Wallet – Diversify Your Crypto Portfolio

• Easy to Use, Feature-Driven Crypto Wallet
• Get Early Access to Upcoming Token ICOs
• Multi-Chain, Multi-Wallet, Non-Custodial
• Now On App Store, Google Play
• Stake To Earn Native Token $BEST
• 250,000+ Monthly Active Users