Gemini Stock Plummets Amid Crypto Market Crash and Intense Competition

Gemini's financial struggles continue as its stock price drops to a record low of $6.97. The company faces significant challenges in the crypto industry, including intense competition from other companies.

Despite growth in its services segment, driven by its credit card business, Gemini's transaction revenue has declined. Its annual revenue rose to $179 million, but it still made a net loss of $582 million last year.