Gemini
Provides trading, custody, stablecoin, and digital-collectible services for retail and institutional crypto users.
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Profile
Provides crypto trading and custody services for retail and institutional users, alongside Gemini Dollar and Nifty Gateway. Its operating identity is tied to New York regulation, licensing, security, and compliance.
Provides crypto products and services to retail and institutional users through a platform built around exchange and custody infrastructure. The business later extended into Gemini Dollar, a dollar-pegged stablecoin, and Nifty Gateway, a marketplace for buying and managing digital collectibles.
New York is the operating home, while the platform serves both individual and institutional users. Security, licensing, custody, and compliance are recurring operating themes, reflecting its New York charter and NYDFS oversight.
Gemini Earn was a lending program offered with Genesis that halted withdrawals after Genesis stopped allowing them; the program ended. A NYDFS consent order required a civil penalty and customer-restoration contribution, and customers later received the virtual currency owed in kind.
Company facts
Key statistics
Year to date −58.3% · Average volume (30d) 2.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 17, 2026 | Cantor Fitzgerald | Reiterate | Neutral | $8 | $5 | |
| Aug 17, 2026 | Needham | Reiterate | Buy | $10 | $6 | |
| Aug 17, 2026 | Rosenblatt Securities | Target | $6 | |||
| Aug 17, 2026 | Mizuho Securities | Target | $8 | $7 | ||
| Aug 17, 2026 | Goldman Sachs | Reiterate | Sell | $4 | $3.50 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 13, 2026Q2 FY26 | −$0.70 | −$0.89 | −27.1% | $43.1M | $43.7M | +1.5% | −8.84% |
| May 14, 2026Q1 FY26 | −$0.90 | −$0.93 | −3.3% | $47.9M | $48.6M | +1.3% | +6.08% |
| Mar 19, 2026Q4 FY25 | −$1.06 | −$1.22 | −15.1% | $50.0M | $56.4M | +12.8% | −0.67% |
| Nov 10, 2025Q3 FY25 | −$0.82 | −$1.81 | −120.7% | $47.8M | $50.6M | +5.8% | −16.45% |
Financial highlights
| 11 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $34.3M | $34.3M | $50.6M | $60.3M | $39.4M | $45.5M | |
| Gross profit | −$1.2M | −$1.2M | −$52.2M | $12.4M | $24.4M | $45.5M | |
| Operating income | −$56.7M | −$56.7M | −$120.8M | −$144.3M | −$105.1M | −$76.9M | |
| Net income | −$141.2M | −$141.2M | −$159.5M | −$140.8M | −$109.0M | −$107.7M | |
| Diluted EPS | −$0.88 | −$0.88 | −$1.15 | −$1.20 | −$0.93 | −$0.89 | |
| Gross margin | -3.6% | -3.6% | -103.2% | 20.5% | 62.0% | 100.0% | |
| Operating margin | -165.4% | -165.4% | -238.6% | -239.2% | -266.9% | -169.2% |
Fiscal years (4-quarter sums)FY24 $142.2M · FY25 $179.6M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $623.4M · Total debt $520.8M · Total assets $1.50B · Shareholders' equity $468.3M
Dividends
No dividends on record.
Ownership
Shares outstanding — · Float —
Shares outstanding and float — provider count disagrees with the price.
The provider's share count does not square with the market price, so neither it nor anything divided by it is shown.
The institutional figure is the one the filers report, not a quotient recomputed on the share count.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Winklevoss Capital Fund, LLC | 82.27M | 65.10% | 13D | May 18, 2026 |
| Cameron Howard Winklevoss · director, 10 percent owner, officer: President | 75.09M | Form 4 | Sep 16, 2025 | |
| BlackRock, Inc. | 2.83M | 5.50% | 13G | Jul 29, 2026 |
| Morgan Creek Capital Management, LLC | 2.65M | 13F | May 15, 2026 | |
| Marshall Edmund Beard · director, officer: Chief Operating Officer | 1.51M | Form 4 | Jan 27, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 20, 2026 | Danijela Stojanovic | officer: Interim CFO | −7,940 | $4.05 |
| Jul 2, 2026 | Danijela Stojanovic | officer: Interim CFO | −8,438 | $4.44 |
| May 20, 2026 | Danijela Stojanovic | officer: Interim CFO | −11,700 | $5.05 |
| Mar 11, 2026 | Sachin Chand Jaitly | director | −39,708 | $8.92 |
| Sep 15, 2025 | Marshall Edmund Beard | director, officer: Chief Operating Officer | −258,901 | $26.25 |
Peers
- Coinbase
Crypto platform spanning retail, institutional trading, and custody
- Robinhood Markets
Retail brokerage platform with crypto trading and Bitstamp access
- Bullish
Institutional digital-asset exchange with trading and custody services
- Circle
USDC issuer and stablecoin market-infrastructure provider
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Gemini | $4.38 | +1.39% | $525.4M | — | — | 2.7 | — |
| Coinbase | $178.50 | −0.02% | $47.13B | — | 206.3 | 8.5 | −18.5% |
| Robinhood Markets | $104.06 | −0.14% | $93.74B | 45.9 | 44.4 | 22.5 | +32.3% |
| Bullish | $32.60 | −0.84% | $4.99B | — | 54.5 | 0.0 | −99.8% |
| Circle | $86.80 | −0.38% | $23.29B | 46.4 | — | 8.0 | +6.6% |
| Median | 46.1 | 54.5 | 8.3 | −6.0% |