Mizuho Downgrades Gemini's Target Stock Price by Over 50% Due to Weak Trading Weighing on Core Business Growth

Mars Finance reports that, according to The Block, Mizuho Financial Group has cut the target stock price for crypto exchange Gemini from $26 to $12, a decline of over 50%, citing weak trading activity expected to drag down its core business despite continued growth in credit card operations. Analysts noted in the report that the weak outlook for crypto asset prices and declining platform trading volume could limit recent revenue growth. Mizuho has lowered Gemini’s 2027 revenue forecast by approximately 24%, reflecting the overall sluggish trading environment in the crypto market. Meanwhile, the company’s revenue structure continues to shift, with service income—including credit card and interest income—expected to account for 43% of total revenue, up from the previous estimate of 36%. Gemini’s credit card transactions in 2025 exceeded $1.2 billion, generating about $33 million in net income. Additionally, Gemini has laid off approximately 30% of its staff and exited several international markets, with plans to reduce expenses by about 12% by 2027.