Bitcoin (BTCUSD) remains one of the most polarizing assets on Wall Street. While some still view it as too volatile to serve as a reliable store of value, others see it as digital gold with enormous upside potential. The cryptocurrency has already delivered life-changing returns for early adopters, but bulls argue its growth story is far from finished.

Among the most outspoken believers are the Winklevoss twins, crypto entrepreneurs Cameron and Tyler Winklevoss, who recently made headlines predicting that Bitcoin could reach $1,000,000 per coin within the next decade. They voiced this bullish forecast during Gemini’s (GEMI) own public debut on Nasdaq with ticker “GEMI” this month. In fact, Gemini Space Station priced its IPO at $28 per share and surged to an opening price of $37.01, implying a roughly $4.4 billion valuation.

If Bitcoin’s explosive growth comes to pass, crypto exchanges like Gemini could see massive trading volumes, and that may translate into a potential upside for GEMI shares.

About GEMI Stock

Founded in 2014 by the Winklevoss twins, Gemini is a regulated cryptocurrency exchange and custodian company. The platform offers crypto trading (60+ coins), custody services, and a stablecoin (Gemini Dollar), targeting both retail and institutional clients. As a new public company, GEMI represents one of the first major U.S. crypto exchanges to be listed on the stock market. 

GEMI stock's debut was extremely volatile. On Sept. 12, 2025, the stock soared as high as $45.89, about 64% above the $28 IPO price, in intraday trading. It ultimately settled around $32 that first day, up roughly 14% from the IPO price. Analysts described this pattern as a classic “pop and fade,” a euphoric rush of buying, followed by profit-taking. One market observer noted the IPO was 20 times oversubscribed, but by day’s end, the large spike had given way to a modest gain, suggesting many traders cashed out.

Since the debut, GEMI shares have drifted back toward the IPO level. By mid-September, GEMI was trading in the high-$20s to low-$30s, roughly flat to the $28 IPO price. This pullback reflects investor re-evaluation: while initial demand was strong, the stock’s longer-term fortunes depend on execution of Gemini’s strategy.

Gemini's Financial Overview

Even as the broader crypto market enjoys a rally, Gemini’s financials paint a much more challenging picture. According to public filings, Gemini Space Station generated just $142.2 million in revenue in 2024 while recording a net loss of about $165.8 million. That weakness deepened in 2025. In the first half of the year, revenue fell to $67.9 million while losses ballooned to $282.5 million. On a trailing-12-month basis through June 30, the company posted roughly $137.3 million in revenue against $399.7 million in losses, meaning Gemini is currently losing nearly three dollars for every dollar it brings in.

The strain is also visible in liquidity. Cash and equivalents, which stood at $341.5 million at the end of 2024, plunged to just $161.9 million by mid-2025, reflecting an accelerated cash burn. 

Adding to the pressure, Gemini’s scale lags peers: it counted about 523,000 monthly transacting users, compared with tens of millions at Coinbase (COIN). Its cumulative $285 billion in lifetime trading volume is roughly what Coinbase processes in a single quarter, illustrating the uphill battle ahead.

That said, one important bright spot is Gemini’s backing and strategic partnerships. During the IPO, Nasdaq Group (NDAQ) made a $50 million strategic investment in Gemini, aiming to integrate its services with Nasdaq’s institutional client network. This partnership could help Gemini secure large clients (banks, hedge funds) via Nasdaq’s infrastructure. It also bolsters credibility: in an industry still recovering from past failures, having Nasdaq’s imprimatur can set Gemini apart as a “safe” regulated platform.

The Bottom Line

If you believe Bitcoin and crypto markets will continue to surge, as the Winklevosses do, owning GEMI offers a way to play the upside. In a Bitcoin “gold 2.0” scenario, overall trading activity should explode, increasing fee revenue across exchanges. Gemini, as a regulated venue with Winklevoss branding, could capture a slice of that growth. Its Nasdaq tie-in may pay off if it truly opens institutional floodgates.

Tyler and Cameron Winklevoss remain fervent Bitcoin bulls, claiming we’re still “in the first inning” of crypto. Their Gemini exchange stock will benefit if crypto adoption accelerates. However, investors should weigh this optimism against Gemini’s current performance. At a roughly $3.8 billion early valuation of about 27.9× trailing sales, GEMI already assumes a lot of future growth.