Gemini shares down 80% since listing as licenses draw takeover interest

The gap between Gemini's shrinking operating metrics and the persistent value of its licenses is the real story here. Trading revenue, volume and custodial assets are all contracting, yet the compliance approvals are being framed as the core asset, which suggests the market is repricing the company less as a going concern and more as a regulatory shell. That matters for any US-facing platform weighing build-versus-buy on market access. Whether the license premium holds up against continued deterioration in the underlying business is the open question.