Exchanges· ★★★· bearish·

Gemini shares down 80% from IPO: $753 million market cap, takeover talk

  • —Gemini's market cap fell from about $4 billion to $753 million, shares -80% since IPO
  • —Exchange Q2 revenue -38% to $12.5 million, spot volume -66% to $3.8 billion
  • —Platform assets declined to $8.4 billion from $18.2 billion
  • —The Winklevoss twins control 94.5% of voting rights, so a sale depends on their decision
Why it matters: Crypto M&A is shifting toward buying licenses and infrastructure rather than trading volume, and a Gemini deal could set a benchmark for valuing regulated platforms.
Source: CoinDesk
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