Crypto exchange Gemini falls after Citi downgrades to 'sell'

Gemini Space Station

18/03/2026 09:59

** Shares of Gemini GEMI.O, the crypto platform founded by billionaire twins Tyler and Cameron Winklevoss, fall 2% to $6.96 premarket

** Citi downgrades GEMI to "sell" from "neutral"; cuts PT to $5.50 from $13, implying a 22.6% downside to stock's last close

** Brokerage cites increasing concerns that GEMI will likely be challenged to scale profitability within a reasonable time frame for equity investors and remain competitively relevant, particularly in challenged crypto environments

** In February, GEMI announced it would wind down most of its international operations to accelerate its path to profitability

** Weeks later, GEMI shook up its top leadership, parting ways with its chief operating officer, chief financial officer, and chief legal officer

** GEMI poised to report Q4 2025 results after markets close on Thursday

** As of last close, GEMI stock down 28.3% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com;))