Crypto exchange Gemini plunges after Citi downgrades to 'sell'

Gemini Space Station

18/03/2026 14:19

Updates

** Shares of crypto platform Gemini GEMI.O, founded by billionaire twins Tyler and Cameron Winklevoss, plunge 17.3% to $5.88 in morning trading

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

** Cites increasing concerns that it may be challenging for GEMI to scale profitability within a reasonable time frame for equity investors and remain competitively relevant, particularly in a difficult crypto environment

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

** Later that month, GEMI shook up its top leadership, parting ways with its chief operating officer, chief financial officer and chief legal officer

** GEMI 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;))