Gemini Space Station Stock Slumps After Citi Downgrade

Gemini Space Station's financial struggles have intensified with a recent stock price slump following a downbeat assessment by investment firm Citi.

The analyst's downgrade of Gemini to 'Sell' from 'Neutral', coupled with a reduced price target of $5.50, has caused the company's stock value to plummet 5.1% in premarket trading.

According to Citi, Gemini is projected to incur an adjusted EBITDA loss of $263 million in 2025, and may not reach profitability until 2029 at the earliest.

The analysis highlights a significant shift in investor sentiment towards the company, which went public near the peak of the crypto market last year with a valuation of $28 per share.