Gemini Space Station. The name suggests progress, doesn’t it? A leap for mankind, and all that. Instead, the stock price fell more than 23% this week. So it goes. They released their earnings, which were exactly what everyone expected, give or take a decimal point. The damage, though, had already been done. An analyst, one of those people who get paid to worry, downgraded the stock. And when someone at Citi worries, the market tends to listen. It’s a funny old world.
A Mixed Bag of Troubles
Analysts giving sell recommendations are rare creatures. They prefer to hum along with the market’s optimism, mostly. But this analyst worried about profits. And rightly so, really. Gemini isn’t making any. Not yet, anyway. With Bitcoin and Ethereum both down over 20% this year, it’s hard to see a sudden burst of prosperity. Cryptocurrencies, you see, are fickle gods. They grant blessings, then withdraw them with a shrug.
The Numbers, Such as They Are
They’re struggling to get people to trade. When the price goes down, fewer hands reach for their wallets. Transaction revenue dropped 17% in the last quarter. A small decline, really, when you consider the vastness of the universe. But it adds up. Full-year revenue was down slightly, to $98 million.
Services revenue, however, is growing. It tripled, almost, to $64.6 million. Credit card revenue helped, naturally. People still like to buy things, even when the world feels unstable. Total revenue was up 26%, to $179.6 million. A respectable number. But then came the expenses. They went from $308 million to $525 million. A rather large jump. And then, the “other income” items. Losses, interest, unfavorable changes… it all added up to a $243 million loss for the year. A whopping $583 million net loss, if you’re keeping score. So it goes.
These “other income” items involve loans, it turns out. Gemini lends money, and sometimes, that money doesn’t come back. They even lend to a company called Winklevoss Capital Fund, which is run by the same people who run Gemini. A bit of an echo chamber, perhaps. But what isn’t, these days?
The stock might appeal to those who believe in the future of cryptocurrency. A risky proposition, to be sure. But for most investors, it’s probably best to look elsewhere. There are safer harbors, even if they’re a little less glamorous. The universe, after all, is full of quiet corners.
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2026-03-21 22:33