Crypto exchange Gemini falls after Citi downgrades to 'sell'

Shares of Gemini GEMI.O, the crypto platform founded by billionaire twins Tyler and Cameron Winklevoss, fall 2% to $6.96 premarket

Citi downgrades GEMI to "sell" from "neutral"; cuts PT to $5.50 from $13, implying a 22.6% downside to stock's last close

Brokerage cites increasing concerns that GEMI will likely be challenged to scale profitability within a reasonable time frame for equity investors and remain competitively relevant, particularly in challenged crypto environments

In February, GEMI announced it would wind down most of its international operations to accelerate its path to profitability

Weeks later, GEMI shook up its top leadership, parting ways with its chief operating officer, chief financial officer, and chief legal officer

GEMI poised to report Q4 2025 results after markets close on Thursday

As of last close, GEMI stock down 28.3% YTD