Rosenblatt Cuts Gemini Space Station Price Target to $11.50 from $26, Maintains Buy Rating
Rosenblatt cut its price target on Gemini Space Station to $11.50 from $26, maintaining a Buy rating and cutting revenue and EBITDA forecasts as the stock fell nearly 80% since its IPO. Needham also lowered its target to $10 from $23, citing leadership restructuring and weakening crypto volumes.
1. Analyst Price Target Cuts
On February 20, Rosenblatt analyst Chris Brendler lowered Gemini Space Station’s price target to $11.50 from $26 and upheld a Buy rating, citing full restructuring mode and tougher market conditions. Two days earlier, Needham trimmed its target to $10 from $23, pointing to a major leadership overhaul and declining crypto transaction volumes.
2. Q4 Financial Guidance
Gemini disclosed serving approximately 600,000 monthly transacting users as of December 31, 2025, up 17% year-over-year. It projected 2025 net revenue of $165–$175 million (versus $141 million in 2024), transaction revenue of $93–$99 million, services revenue of $72–$76 million, and operating expenses of $520–$530 million, resulting in an adjusted EBITDA loss of $267–$257 million.
3. Executive Leadership Changes
Effective February 17, Gemini parted ways with COO Marshall Beard, CFO Dan Chen and CLO Tyler Meade; Cameron Winklevoss assumed some responsibilities. Danijela Stojanovic was named Interim CFO and Kate Freedman Interim General Counsel as part of the company’s broader restructuring efforts.