Gemini Space Station (GEMI) PT Lowered to $10 at Mizuho

Mizuho analyst Dan Dolev lowered the price target on Gemini Space Station (NASDAQ: GEMI) to $10.00 (from $12.00) while maintaining a Outperform rating.

The analyst commented: "Gemini is quietly evolving from a single-line crypto brokerage into a diversified markets platform. We believe the market is under-appreciating the pace of this shift. Transaction revenue held flat despite a >50% decline in trading volumes, driven by take-rate expansion and rapid growth in credit card economics (~30% of net revenue, up almost ~300% YoY). Meanwhile, the company is assembling a regulated "edge stack," combining DCM/DCO license combo, prediction markets (100mn+ contracts traded), and early agentic trading infrastructure, which positions it as a hybrid between an exchange, a consumer fintech, and an AI-native trading venue. If this mix shift continues, earnings sensitivity to crypto volumes should decline materially into 2027.

Updating our model. Trimming price target to $10 from $12 to reflect more current payment / crypto valuation multiples."

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