Gemini's stock crashes 90% as bankruptcy fears grow after IPO disaster
Cryptocurrency exchange Gemini is facing severe financial trouble after a dramatic collapse in its stock price. The company, which went public in September 2025 at $28 per share, has seen its value plummet by over 90% since its peak. Analysts now warn that bankruptcy could be on the horizon before the year ends. Gemini's decline began shortly after its IPO, which raised $425 million. By early 2026, its stock had fallen to around $6-7 per share, a drop of more than 75-80% from its debut price. The latest trading session saw further losses, with shares closing at $4.59—down another 7% in a single day.
The company's struggles deepened in February 2026 when it announced a major strategic shift. Gemini revealed plans to exit key markets, including the UK, EU, and Australia, while cutting 25-30% of its workforce. At the same time, three top executives—the chief operating officer, chief financial officer, and chief legal officer—left their roles. Financial troubles have worsened, with annual losses running into the hundreds of millions. The company is rapidly burning through its IPO funds, and growth has slowed sharply from 45% in 2024 to just 26% in 2025. Market expert Dom Kwok has warned that Gemini may soon require emergency financing, which could heavily dilute existing shareholders. Customer complaints have also surged, with reports of frozen accounts, withdrawal issues, unpaid referral bonuses, and poor support. Multiple class-action lawsuits now allege that Gemini misled investors about its financial health and hid internal problems.
Gemini's stock now trades at a fraction of its IPO price, and the company faces mounting legal and financial pressures. With projected losses of up to $602 million for 2025, the risk of bankruptcy looms unless the business can stabilise its operations and finances.
