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Crypto exchange Gemini plunges after Citi downgrades to 'sell'

ReutersMar 18, 2026 2:19 PM

Shares of crypto platform Gemini GEMI.O, founded by billionaire twins Tyler and Cameron Winklevoss, plunge 17.3% to $5.88 in morning trading

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

Cites increasing concerns that it may be challenging for GEMI to scale profitability within a reasonable time frame for equity investors and remain competitively relevant, particularly in a difficult crypto environment

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

Later that month, GEMI shook up its top leadership, parting ways with its chief operating officer, chief financial officer and chief legal officer

GEMI to report Q4 2025 results after markets close on Thursday

As of last close, GEMI stock down 28.3% YTD

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