Crypto platform Gemini’s stock is down 80% from its IPO. That’s reviving takeover speculation
The crypto platform’s market value has fallen to about $753 million, putting fresh attention on the licenses, custody infrastructure and customer relationships a buyer could inherit.
Gemini Space Station (GEMI), a crypto platform, has seen its price roughly 80% since its public debut, reviving questions about whether the platform founded by the billionaire Winklevoss twins could eventually become an acquisition target.
Lorenzo Valente, director of digital assets research at ARK Invest, argued in a post on X last month that Hyperliquid, the offshore perpetual-trading platform, should acquire Gemini and use it as a regulated U.S. gateway for perpetual futures and prediction markets, with the Winklevoss twins’ concentrated voting control potentially simplifying the deal.
While there is no indication that Hyperliquid is actively pursuing a deal to buy Gemini, Valente's proposal raises a broader question: What is Gemini's value proposition to a potential buyer if its regulatory infrastructure is worth more than its shrinking spot-exchange business?
That would fit a broader pattern in crypto M&A, where buyers are increasingly paying for regulatory infrastructure, distribution and market access rather than simply acquiring trading volume. For example, digital-asset services firm Keyrock bought BlockFills’ trading assets in July to add regulatory licenses, derivatives expertise and institutional clients, while tokenization firm Ondo has been exploring a deal worth up to $500 million. LMAX and B2C2 have also explored strategic transactions as crypto companies look to expand through acquisitions rather than build every license and product internally.