Gemini (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, is still a “hidden gem” in the market even after its shares have dropped significantly following its September IPO, as per a recent Mizuho analysis. The analysts have reaffirmed an “outperform” rating and kept the $30 price target unchanged, reflecting their view that the exchange’s expansion plans in the near term could open up substantial growth opportunities.
Based on the Google Finance information, Gemini’s stock was last traded at $13.8 on Wednesday, indicating a drop of 56.88% since the debut. The stock has declined by 17% in the third quarter when measured against the S&P 500 index. However, the company’s first quarterly report after the IPO, showing a 52% increase in revenue, was a big factor behind Mizuho’s ongoing belief in the company’s long-term fundamentals.
Mizuho analysts see Gemini’s plan to build a regulated prediction market platform and launch SMB cards as two of the biggest revenue sources in 2026. “We continue to view it as a hidden gem(i) with the company focusing on two key growth drivers: prediction markets and SMB cards,” the report read.
They further pointed out that the firm’s strategy for prediction markets is similar to how it embraced Bitcoin back in 2012, suggesting that it is taking another bold step for product diversification. In May 2025, Gemini applied to the Commodity Futures Trading Commission (CFTC) to become a designated contract market operator, and the request is awaiting a decision. The platform could be the first to allow trading of prediction contracts, which is a unique combination of financial speculation and event-based data.
The next step for Gemini is to introduce a new card program for small and medium-sized businesses after the success of their retail offering. According to the company, the card program exceeded 100,000 active accounts and had a quarterly volume of $350 million, with 64,000 new sign-ups in Q3 alone.
Even though marketing costs increased by $17 million quarter-over-quarter, Mizuho stated that the majority of the increase was due to one-time user acquisition costs, which the analysts referred to as “for a good reason.”
Mizuho in its report, commended Gemini’s “all-in-one app suite” that seamlessly integrates trading, staking, and DeFi access, along with its institutional-grade security and regulatory compliance. Nevertheless, the company cautioned that fluctuations in the crypto market and the possibility of regulatory changes leading to stablecoins and exchange licensing could be a source of risk for the company’s future performance.
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