Gemini Stock Crashes 80%, Sparking Talk of a Possible Buyout

Crypto company Gemini has lost most of its value since going public, and now people wonder if a bigger firm might buy it.

Gemini, a cryptocurrency platform started by the famous Winklevoss twins, has seen its stock price collapse by about 80% since it first went public. This dramatic drop has people asking whether another company might swoop in and buy it.

First, some basics. Gemini is a place where people buy and sell crypto (digital money like Bitcoin). Earlier this year, Gemini did an IPO (Initial Public Offering — the first time a company sells its shares to the public on the stock market). Since then, its value has crashed hard.

Here are the key numbers:

Market value (the total worth of all the company's shares): fell from about $4 billion at its peak to just $753 million
Exchange revenue (money earned from trading): dropped 38% to $12.5 million
Spot trading volume (the total value of crypto bought and sold directly): fell 66% to $3.8 billion
Assets on the platform (customer money held there): shrank from $18.2 billion to $8.4 billion

So why would anyone want to buy a company that's shrinking? The answer is its regulatory licenses — official government permissions needed to legally run a crypto business in the U.S. These are very expensive and slow to get on your own. A buyer could pay for Gemini and instantly inherit its licenses, customers, and secure storage systems, saving years of paperwork.

One research expert even suggested that Hyperliquid, an offshore trading platform, could buy Gemini to get a legal foothold in the U.S. But there's a big catch.

The Winklevoss twins control 94.5% of Gemini's voting power. This means:

Any sale would basically need the twins' approval
A hostile takeover (buying a company against its owners' wishes) is nearly impossible

In short, Gemini's cheap price makes it a tempting target for its valuable licenses — but only if the twins agree to sell. Right now, there's no active offer on the table.

This is an AI-generated summary. Read the original article at: https://www.coindesk.com/business/2026/09/20/gemini-s-stock-is-down-80-from-its-ipo-that-s-reviving-takeover-speculation