Gemini market cap drops 80% amid acquisition speculation

Gemini's market valuation has fallen to $753 million from a peak of $4 billion following its IPO. Second-quarter data shows a 66% year-over-year decline in spot trading volume and a 38% drop in revenue. While analysts suggest the exchange could be a target for acquisition due to its regulatory licenses and infrastructure, a hostile takeover is unlikely as the Winklevoss twins hold 94.5% of voting power.