Wall Street Sees Upside for Gemini as Analysts Lift Post-IPO Targets

Core Insights - Gemini has gained significant confidence on Wall Street following its successful Nasdaq debut, with 11 major financial institutions initiating coverage of its stock, indicating a potential 25% upside from current trading levels [2][3]. Company Overview - Gemini's IPO raised $425 million at a valuation of $3.3 billion, marking a significant moment for the crypto industry's return to public markets [6]. - The exchange has over 523,000 monthly active users across 60 countries and manages $18 billion in assets, showcasing its competitive edge in the market [5]. Analyst Ratings - The coverage breakdown from analysts includes six "buy" ratings and five "hold" recommendations, with price targets ranging from $25 to $42 [3]. - Despite the positive outlook, some analysts express concerns about Gemini's profitability, suggesting a discount to peers due to elevated execution and market risks [4]. Market Context - The post-IPO period for Gemini has attracted heavy institutional interest, signaling a revival of crypto IPOs after a period of regulatory challenges [7]. - Gemini's diversified model includes custody, derivatives, and compliance-focused services, differentiating it from competitors [8].