Gemini’s market value has fallen to about $753 million, down roughly 80% from a post-listing peak of about $4 billion. Its latest financials point to a split picture: the exchange business is shrinking, but total company revenue is still rising.
Exchange revenue dropped, but total revenue increased
According to Gemini’s second-quarter 2026 10-Q filing with the U.S. Securities and Exchange Commission, exchange revenue for the quarter was $12.497 million, compared with $20.233 million in the same period last year, a year-over-year decline of about 38%.
The same filing showed total revenue of $45.475 million for the quarter, up from $33.289 million a year earlier, an increase of about 37%. That means other business lines lifted overall revenue even as the exchange segment contracted.
Net loss also narrowed. Gemini posted a net loss of $107.724 million in the quarter, compared with $133.212 million a year earlier.
Trading volume and platform assets both moved lower
CoinDesk reported that Gemini’s spot trading volume for the quarter was $3.8 billion, down 66% from a year earlier. Assets on the platform stood at $8.4 billion, below the earlier $18.2 billion.
Those two metrics do not appear in the main body of the 10-Q financial statements. The figures were cited by CoinDesk.
The gap between the two declines stands out. Trading volume fell by about two-thirds, while exchange revenue was down by less than 40%, suggesting the fee structure per trade did not deteriorate at the same pace.
Listing valuation and takeover speculation
Gemini listed on Nasdaq in September 2025 at $28 per share, with a valuation of about $3.3 billion at the time.
As for the claim that takeover speculation has resurfaced, the public basis for that appears limited to a single post. According to CoinDesk, the idea came from Lorenzo Valente, ARK Invest’s director of digital asset research, who said on X that offshore perpetuals platform Hyperliquid should acquire Gemini.
CoinDesk also said there is no sign that Hyperliquid is pursuing any transaction, while Gemini declined to comment. At this stage, the public record shows only one analyst’s suggestion, with no confirmation from either side of contact or intent.
A separate case appears closer to an actual transaction. CoinDesk reported in April 2026 that potential buyers had considered acquiring Gemini’s discontinued Europe and U.K. operations to obtain local licenses. According to an unnamed investor cited in that report, the deal did not go through because the two sides disagreed on valuation.
Voting control remains with the founders
Even if a buyer were to emerge, control over any sale is clear. The report said founders Cameron Winklevoss and Tyler Winklevoss hold 94.5% of the voting power, meaning any sale would depend on whether they agree.
A lower market value may reduce the price hurdle for an acquisition, but with voting power concentrated in the founders’ hands, price is not the only condition.