Gemini (GEMI) Stock: Can It Recover After Losing Its COO, CFO, and CLO?

TLDR

• Gemini Space Station (GEMI) stock is trading around $5.90, down ~43% in the past 30 days and over 76% below its September 2025 IPO price.
• Three senior executives — COO, CFO, and CLO — departed on February 17, sending shares down ~13% that day.
• On February 5, Gemini announced it would exit the UK, EU, and Australia, and cut its workforce by 25%, dropping shares ~9%.
• Mizuho kept its “outperform” rating and $26 price target, with a bull case of $43 (600%+ upside) and a bear case of $8.
• Law firm Hagens Berman has opened an investigation into whether Gemini’s IPO prospectus misled investors about its international expansion plans.

Gemini Space Station (GEMI) has had a rough few months since its September 2025 IPO, and the hits keep coming.

Gemini Space Station, Inc. Class A Common Stock, GEMI

The stock is trading around $5.90 — down roughly 43% in just the past 30 days and more than 76% below its IPO price. Two separate bad-news events in quick succession have hammered investor confidence.

The first blow came on February 5, 2026. Gemini announced it was pulling out of the UK, the EU, and Australia, and cutting around 25% of its global workforce. Shares fell about 9% that day.

That exit was a sharp reversal from what the company promised investors at IPO. The original prospectus told shareholders that “geographic expansion into new markets and jurisdictions will further amplify our global reach” — with specific mentions of European and Asia-Pacific investments.

The second hit came on February 17. Gemini announced that its COO Marshall Beard, CFO Dan Chen, and CLO Tyler Meade all left the company, effective immediately. Beard also stepped off the board. No reasons were given for any of the departures.

That announcement sent shares down another 13%, closing at $6.59 that day.

Mizuho Stays Bullish

Mizuho values GEMI at 7x estimated 2027 revenue — a discount to the 10x peer median. Their bull case pushes that to $43, which would be more than 600% above current levels. Even their bear case lands at $8, which is still a 35% premium to where shares sit today.

On the financials, Gemini’s preliminary revenue of $165–$175 million came in slightly above Mizuho’s $168 million estimate. But adjusted EBITDA was worse than expected, at negative $257–$267 million versus the firm’s forecast of negative $224 million.

Mizuho acknowledged the executive departures as “disappointing” but said the planned cost cuts — including the layoffs and the international pullback — could help the company move toward profitability over time.

Legal Investigation Opens

The drama has now attracted legal attention. Hagens Berman, a national shareholder rights law firm, announced it has opened a formal investigation into Gemini’s IPO disclosures.

The firm is looking at whether Gemini knew at the time of its IPO that its international operations were already under strain, and whether the executive departures reflected management issues that predated the IPO.

Gemini has not responded publicly to the investigation. Hagens Berman is encouraging investors who suffered losses to come forward.

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