Gemini Share Price Jumps 10% on Takeover Talks, Faces Class Action Lawsuits
Gemini shares surged 10% after reports of takeover interest in its entire cryptocurrency business and shuttered European and UK operations, which potential acquirers view as a route to regulatory licenses. The company faces two securities class action lawsuits tied to its 85% post-IPO collapse and remains unprofitable.
1. Operations and Stock Decline
Gemini’s stock has fallen by 85% since its September IPO, trading below $5 after shuttering its European operations and announcing a prediction market launch to offset the downturn in Bitcoin and other digital assets. The exchange remains unprofitable as it navigates a prolonged crypto winter.
2. Takeover Interest Spurs 10% Rally
Buyer groups have approached Gemini to acquire either the entire company or select segments, notably its dormant Europe and UK units valued for their regulatory licenses. Speculation over potential bids triggered a 10% gain in share price despite the company making no public statements.
3. Securities Class Actions Filed
Two separate class action lawsuits accuse Gemini and founders Tyler and Cameron Winklevoss of concealing executive turmoil and a pivotal corporate pivot in their IPO documents. Lead plaintiff applications are due by May 18, 2026, ahead of the company’s next financial report on May 11.