Mizuho significantly lowered its target price for Gemini due to weak deal activity dragging down its core business.

Investment bank Mizuho has drastically lowered its price target for cryptocurrency exchange Gemini from $26 to $12, a drop of over 50%, primarily due to weak trading performance that offset positive growth in its credit card business. Analysts Dan Dolev and Andrew Jenkins pointed out that weakening cryptocurrency prices and declining trading volume are expected to limit Gemini's short-term revenue growth. While the company card business continues to expand, it is insufficient to compensate for the decline in its core trading business. The report also noted that Gemini's revenue structure is changing, with service revenue expected to account for nearly half of total revenue. Simultaneously, the compression of overall exchange valuation multiples also contributed to the downward revision of the price target. Market data shows that Gemini's stock price previously fell to a record low of $5.50 before recovering slightly.