Gemini is a cryptocurrency exchange founded in 2015 by Cameron and Tyler Winklevoss, operating as a New York Department of Financial Services (NYDFS)-regulated trust company. As of February 2026, Gemini went public on Nasdaq as GEMI in September 2025, but the stock has struggled significantly, trading at $7.56—down 73% from its IPO price of $28 per share.
Despite market challenges, Gemini remains a legitimate cryptocurrency platform supporting 80+ cryptocurrencies with institutional-grade security features. The exchange caters to both retail and institutional clients with spot trading, derivatives, staking services, and custodial solutions.
Gemini's Financial Performance: A Concerning Picture
Gemini's stock performance since going public has been disappointing for investors. The company's initial public offering in September 2025 raised significant capital at a $3.3 billion valuation, but current market conditions paint a different story.
| Metric | Current Status | Change from IPO |
|---|---|---|
| Stock Price (GEMI) | $7.56 | -73% |
| Market Capitalization | $889M | -73% |
| IPO Price | $28.00 | — |
| 52-Week Range | $6.47 - $45.89 | — |
| Earnings Per Share (EPS) | -$3.99 | — |
The financial metrics reveal a company in distress. In Q3 FY25, Gemini reported revenue of $50.6 million but posted a net loss of $142.7 million, indicating significant operational challenges in the current market environment.
This financial performance reflects broader challenges in the cryptocurrency industry, including reduced trading volumes, regulatory uncertainty, and increased competition from established financial institutions entering the crypto space.
Company Background and Regulatory Standing
Gemini Space Station, Inc., the parent company of Gemini, operates under one of the most stringent regulatory frameworks in the United States. The company holds a New York BitLicense and operates as a NYDFS-regulated trust company, providing legal clarity that many competitors lack.
Security and Compliance Credentials
Gemini maintains institutional-grade security standards:
- SOC 1 and SOC 2 Type 2 certified by Deloitte: Verified controls for security, availability, and processing integrity
- NYDFS regulatory oversight: Regular audits and compliance requirements
- Segregated cold storage: Customer funds stored offline in multi-signature wallets
- FDIC insurance on USD deposits: Up to $250,000 per depositor
- SIPC protection for securities: Additional coverage for qualifying assets
Trading Platform and Features
Gemini offers multiple trading interfaces designed for different user types, from beginners to professional traders.
Supported Cryptocurrencies
Gemini supports 80+ cryptocurrencies, including major assets like Bitcoin, Ethereum, and various altcoins. The platform regularly adds new assets following thorough security and compliance reviews.
| Category | Examples | Trading Pairs |
|---|---|---|
| Major Cryptocurrencies | Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) | USD, GUSD pairs |
| Altcoins | Chainlink (LINK), Uniswap (UNI), Polygon (MATIC) | USD, BTC, ETH pairs |
| Stablecoins | USD Coin (USDC), Gemini Dollar (GUSD), Tether (USDT) | USD pairs primarily |
| DeFi Tokens | Aave (AAVE), Compound (COMP), Yearn (YFI) | USD, ETH pairs |
Fee Structure: The Complete Breakdown
Gemini's fee structure has been frequently misunderstood, with many sources incorrectly reporting maker and taker fees. Here's the accurate fee breakdown as of February 2026:
Corrected Trading Fees
| Fee Type | 30-Day Volume Tier | Rate |
|---|---|---|
| Maker Fee | $0 - $10,000 | 0.40% |
| Taker Fee | $0 - $10,000 | 0.20% |
| Maker Fee | $5M+ | 0.03% |
| Taker Fee | $5M+ | 0.00% |
Important Note: Many online sources incorrectly reverse these fees, showing taker fees as higher than maker fees. The correct structure shows maker fees starting higher but decreasing with volume, while taker fees start lower and can reach 0.00% for high-volume traders.
Other Fees
- Deposit fees: Free for USD bank transfers and cryptocurrency deposits
- Withdrawal fees: Network fees for crypto withdrawals; $0.99 for ACH transfers
- Wire transfer fees: $25 for outgoing domestic wires
- Gemini ActiveTrader: Lower fees for active traders (0.35%/0.25% maker/taker for lowest tier)
Gemini Earn: Program Discontinuation and Settlement
Gemini Earn, the platform's lending program that promised yields of up to 8% on cryptocurrency deposits, was discontinued following regulatory issues and market collapse. The program's closure represents a significant chapter in Gemini's recent history.
What Happened to Gemini Earn
The program, which began in 2021, allowed users to earn interest by lending their cryptocurrency to institutional borrowers, primarily Genesis Global Capital. However, the program faced several challenges:
- Genesis bankruptcy: The primary borrower filed for bankruptcy in January 2023
- Regulatory scrutiny: SEC investigation into the program's structure
- Customer fund freezing: Users unable to withdraw funds during the crisis
Resolution and Settlement
By June 2024, 100% of assets were returned to users following a complex resolution process. Additionally, Gemini reached a $50 million settlement with the New York Attorney General in June 2024, addressing claims about the program's marketing and risk disclosure.
Services and Product Offerings
Beyond basic cryptocurrency trading, Gemini operates several business lines designed to serve different market segments.
Institutional Services
- Gemini Custody: Institutional-grade storage for large cryptocurrency holdings
- Prime Trading: Professional trading platform with advanced order types
- White-label solutions: Cryptocurrency infrastructure for other businesses
- OTC Trading: Large block trading for institutional clients
Consumer Products
- Gemini Mobile App: iOS and Android applications for retail trading
- Gemini Credit Card: Status unclear as of February 2026—verify current availability
- Gemini Dollar (GUSD): New York-regulated stablecoin
- Nifty Gateway: NFT marketplace acquired by Gemini
Derivatives and Advanced Trading
Gemini offers derivatives trading for qualified users:
- Bitcoin futures: Cash-settled Bitcoin derivatives
- Ethereum futures: Exposure to Ethereum price movements
- Options trading: Limited availability for institutional clients
Staking Services
Gemini provides staking services for proof-of-stake cryptocurrencies, allowing users to earn rewards:
| Cryptocurrency | Estimated APY | Payout Frequency |
|---|---|---|
| Ethereum (ETH) | 3.5% - 4.5% | Weekly |
| Solana (SOL) | 6% - 8% | Every 2-3 days |
| Cardano (ADA) | 4% - 5% | Every 5 days |
| Tezos (XTZ) | 5% - 6% | Every 3 days |
Web3 and NFT Studio
Through its acquisition of Nifty Gateway, Gemini has expanded into the NFT and Web3 space:
- Nifty Gateway marketplace: Curated NFT platform with high-profile drops
- Creator tools: Resources for NFT artists and collections
- Cross-platform integration: Connect Gemini wallets to external DeFi protocols
Competitive Analysis: How Gemini Stacks Up
| Feature | Gemini | Coinbase | Kraken | Binance US |
|---|---|---|---|---|
| Regulatory Status | NYDFS Trust Company | Public company (COIN) | Licensed in 40+ states | Limited licenses |
| Supported Assets | 80+ | 200+ | 190+ | 150+ |
| Trading Fees (Basic) | 0.20% - 0.40% | 0.60% | 0.16% - 0.26% | 0.10% |
| Insurance Coverage | FDIC + SIPC | FDIC only | FDIC only | SAFU fund |
| Staking Services | Yes (limited) | Yes (extensive) | Yes (extensive) | Yes (extensive) |
| Institutional Focus | Strong | Strong | Moderate | Limited in US |
User Experience and Platform Design
Gemini offers multiple interfaces to serve different user needs:
Retail Platform Features
- Intuitive design: Simplified interface for beginner traders
- Educational content: Built-in learning resources
- Portfolio tracking: Real-time balance and performance monitoring
- Price alerts: Customizable notifications for price movements
ActiveTrader Platform
- Advanced charting: Technical analysis tools and indicators
- Order types: Limit, market, stop-loss, and advanced orders
- API access: Programmatic trading for developers
- Lower fees: Reduced costs for active traders
Security Measures and Past Incidents
Gemini has maintained a strong security record throughout its operation:
Security Infrastructure
- Multi-signature wallets: Require multiple approvals for transactions
- Hardware security modules: Dedicated devices for key management
- Regular security audits: Third-party assessments of systems
- Bug bounty program: Rewards for responsible disclosure of vulnerabilities
Security Track Record
Gemini has never suffered a major security breach resulting in customer fund losses, distinguishing it from many competitors that have experienced hacks or other security incidents.
The Honest Assessment: Strengths and Weaknesses
Given Gemini's current financial struggles and market position, investors should consider both advantages and significant concerns:
Strengths
- Regulatory compliance: Strong legal framework and oversight
- Security record: No major breaches or fund losses
- Institutional focus: Professional-grade custody and trading services
- Insurance coverage: Multiple layers of protection for customer funds
- Transparent operations: Regular audits and financial disclosure
Significant Concerns
- Stock performance: Down 73% from IPO, indicating investor skepticism
- Financial losses: Company losing money ($142.7M loss in Q3 FY25)
- Gemini Earn fallout: Damaged reputation from lending program issues
- Limited asset selection: Fewer cryptocurrencies than major competitors
- Higher fees: More expensive than some alternatives
Investment Considerations
Both the exchange service and stock investment carry significant risks:
For Exchange Users
While Gemini provides secure custody and regulatory compliance, users should consider the platform's long-term viability given current financial performance. The strong regulatory framework provides some protection, but operational challenges could affect service quality.
For Stock Investors
GEMI stock represents a high-risk investment in a volatile sector. The 73% decline from IPO suggests significant investor concerns about the business model's sustainability in current market conditions.
Frequently Asked Questions
Is Gemini safe to use despite its stock performance issues?
Gemini maintains strong security and regulatory compliance despite stock struggles. Customer funds are segregated from company operations and protected by FDIC/SIPC insurance. However, long-term operational sustainability remains a concern given current financial losses.
What happened to Gemini Earn and will it return?
Gemini Earn was permanently discontinued in 2024 following the Genesis bankruptcy and regulatory settlement. All customer funds were returned by June 2024, and Gemini paid a $50 million settlement. The program will not be relaunched under current regulatory frameworks.
How does Gemini's fee structure actually work?
Maker fees start at 0.40% and decrease to 0.03% for high-volume traders, while taker fees start at 0.20% and can reach 0.00%. Many sources incorrectly reverse these fees. ActiveTrader users get reduced rates starting at 0.35%/0.25%.
Should I invest in Gemini stock (GEMI)?
GEMI represents a high-risk investment with significant downside potential. The stock has lost 73% of its value since IPO, the company is losing money, and the cryptocurrency industry faces regulatory uncertainty. Only risk-tolerant investors should consider this stock.
How does Gemini compare to Coinbase for regulation?
Both are highly regulated, but with different structures. Gemini operates as a NYDFS trust company with BitLicense, while Coinbase is a publicly-traded company with federal and state licenses. Both offer strong regulatory compliance compared to offshore exchanges.
Can I stake cryptocurrencies on Gemini?
Yes, Gemini offers staking for major proof-of-stake cryptocurrencies including Ethereum (3.5-4.5% APY), Solana (6-8% APY), and others. Rewards are paid regularly, though specific rates vary with network conditions.
What institutional services does Gemini provide?
Gemini offers comprehensive institutional solutions including custody services, Prime Trading platform, OTC trading, and white-label infrastructure. These services target hedge funds, family offices, and other professional investors.
Is Gemini Credit Card still available?
The status of Gemini Credit Card is unclear as of February 2026. Given the company's financial challenges and focus on core operations, some ancillary products may have been discontinued. Verify current availability directly with Gemini.
How does Gemini handle customer funds during financial difficulties?
Customer funds are segregated from company assets and held in qualified custodians. Even if Gemini faced bankruptcy, customer cryptocurrency and cash would be protected. FDIC insurance covers USD deposits up to $250,000 per depositor.
What makes Gemini different from other exchanges?
Gemini's primary differentiator is regulatory compliance and security focus. Operating as a NYDFS trust company provides legal clarity that many competitors lack. However, this compliance comes with higher operational costs, contributing to current financial challenges.
Disclaimer: This article is for educational purposes only and does not constitute investment advice. Cryptocurrency investments and related stocks are highly volatile and risky. The information about Gemini's financial performance is based on publicly available data as of February 2026. Always conduct your own research and consider consulting with financial professionals before making investment decisions.
