Gemini Space Station Shares Plunge 12.9% After Exec Departures, Price Target Cut to $7
Gemini Space Station’s stock plunged 12.9% after preliminary 2025 results disappointed investors and spurred a downgrade to hold with a price target cut from $13 to $7. Earlier the company trailed American Bitcoin, which holds 6,039 BTC worth $409 million, while Gemini shares have slid 85% since their Nasdaq debut.
1. Executive Departures Trigger Stock Plunge
Gemini Space Station announced the immediate departures of COO Marshall Beard, CFO Dan Chen and Chief Legal Officer Tyler Meade, prompting a 12.9% drop in share price. Analyst Matthew Coad downgraded the stock from buy to hold and slashed his price target from $13 to $7 in response to leadership instability.
2. Competition from American Bitcoin's Treasury Growth
American Bitcoin Corp. has amassed 6,039 BTC worth $409 million in its public treasury, surpassing Gemini Space Station’s holdings and highlighting Gemini’s underperformance. Since its September Nasdaq debut, Gemini shares have fallen 85%, weighed down by a bear market in crypto and lock-up expirations.
3. Full-Year 2025 Earnings Preview
Gemini Space Station is scheduled to report full-year 2025 earnings before market open on February 26. Investors will be watching for revenue, margin and treasury updates that could sway sentiment after the recent downgrade and executive exits.