Gemini Shares Slump to Record Low of $3.22, Marking 89% Drop Post-IPO

Cryptocurrency exchange Gemini saw its public equity drop to a record low closing price of $3.215 on Monday, representing an approximate 89% slump from its initial public offering price of $28 ¹.

The price decline occurred despite Gemini posting an increase in top-line growth ¹. According to the exchange's most recent quarterly 10-Q filing, revenue reached $95.7 million during the first half of 2026 ¹. That figure rose from $68.6 million generated over the corresponding six-month period in 2025 prior to its market debut ¹. However, bottom-line operations continued to drag heavily on performance: Gemini posted a comprehensive net loss of $216.8 million across the first half of 2026, narrowing from a $277.3 million comprehensive loss logged over the equivalent timeframe a year earlier ¹.

Executive Realignment and Political Ties

The equity drop follows recent corporate leadership additions, including the appointment of Dan Chen, formerly a director of FTX-linked Deltec, as Gemini's chief financial officer ¹. Concurrently, Gemini leadership—led by co-founders Tyler Winklevoss, the exchange's chief executive, and Cameron Winklevoss, its president—has leaned into political activity surrounding the second administration of President Donald Trump ¹.

The founders directed substantial contributions to political entities including Make America Great Again Inc., MAGA Inc., and the Trump 47 Committee ¹. Under the Trump-era Securities and Exchange Commission, regulators subsequently discontinued an investigation into Gemini ¹. Despite the resolution of that regulatory scrutiny and improved year-over-year revenue generation, the exchange's stock valuation remains under intense sustained pressure ¹.