Key Insights:
- •Gemini stock is in rebound mode after falling from $46 to $22 post-IPO.
- •Crypto card sign-ups climb from 8,000 to 31,000 in 2025, fueling the firm’s growth comeback.
- •Gemini trails Coinbase, Circle, and MicroStrategy in recent gains.
The crypto stock, Gemini Space Station Inc. (NASDAQ: GEMI), was trading around $23 as analysts have placed its mid-term targets near $30.
The rise in the Gemini stock follows strong growth in its crypto card sign-ups and new approval to expand services across Europe.
Gemini Stock Recovers After Rough Start
Gemini Space Station Inc. launched its public offering last month at $28 a share.
The Gemini stock jumped to $46 on the first trading day before dropping sharply to $22.25.
The crypto stock now trades near $23.3, down 1%, with after-market quotes showing a slight decline to $23.
Analyst coverage began this week after the IPO blackout period ended. Eight analysts now track the stock, with six recommending a buy and two rating it a hold.
Price targets range from $30 to $31.50, showing room for a 20% to 30% gain.
Mizuho Securities gave a $30 target for the Gemini stock, while Needham’s John Todaro set the highest at $42. Truist Securities also expects the stock to reach about $31.
The company has seen renewed attention since Nasdaq took a small stake during the IPO.
Gemini’s recent licensing progress in Europe and its fast-growing crypto card are also giving investors more confidence.
Crypto Card Drives Gemini’s Business
The Gemini stock surge comes as the Gemini Credit Card is becoming the company’s main growth driver. Sign-ups have increased from about 8,000 in 2024 to 31,000 by August 2025.
Cantor Fitzgerald reported about 45,000 new sign-ups in July and August combined.
Reports indicated that roughly half of all cardholders have become active traders on Gemini’s platform.
The card lets users earn Bitcoin, Ethereum, or other cryptocurrencies as cashback. Rewards go straight into the user’s Gemini account.
The card has no annual fee or balance limit, and users can choose which tokens they want to earn.
Analysts at Mizuho said this setup creates a cycle that brings more people to trade on the exchange after using the card.
Gemini also received approval from the European Union in August under the Markets in Crypto-Assets (MiCA) law.
This licence allows the company to launch crypto staking and derivatives services across EU countries.
These offerings were not available before, giving Gemini a chance to reach more customers. Even with this progress, some analysts remain cautious.
KBW analysts said Gemini stock growth looks promising, but added that the company might still face challenges reaching full profitability soon.
Gemini’s reputation was hurt in 2022 when the collapse of FTX caused liquidity issues with its lending partner Genesis Capital.
Since then, the crypto stock has returned about $2 billion to investors through legal settlements and added $50 million of its own funds. The company says user confidence is slowly returning.
Gemini Trails Bigger Rivals but Gains Stability
When compared to larger crypto stocks, Gemini still trails behind. Coinbase Global Inc. (COIN) closed at $387 on October 9, showing a 3.42% gain over the past five days.
Its one-month rise also remains strong, with a yearly range between $142.58 and $444.65 and a market cap of $99.44 billion.
MicroStrategy Inc. (MSTR) trades at $320.29 after a 3.18% daily drop but shows a 1.89% gain over one month.
The company’s yearly range stands between $178 and $542.99, with a value of $91.96 billion.
Circle Internet Group, Bullish, Galaxy Digital, and all recent crypto IPO have performed better than Gemini so far this year.
Still, analysts say the Gemini stock’s steady recovery and growing customer base may support long-term progress.
Its $30 average target reflects growing belief that the company’s European expansion and card program could lift future revenue.
Notably, as Bitcoin prices reach new highs and investor interest in crypto grows, Gemini stock’s next test will be maintaining consistent growth and regaining market trust.