After its public debut last month, Gemini Space Station (GEMI) shares are trading around $25. Mizuho Securities has set a target price of $30, implying substantial medium-term growth linked to enhanced user conversion and revenue.

Gemini’s Crypto Rewards Card: A Game Changer

The Gemini Credit Card has emerged as a pivotal growth catalyst. The card’s user base has expanded from 8,000 in 2024 to nearly 31,000 by August 2025. This card offers users the chance to earn bitcoin, ether, or other tokens as cashback on daily purchases, with rewards instantly deposited into their exchange accounts.

According to Mizuho analysts Dan Dolev and Alexander Jenkins, the card generates a “flywheel effect.” Approximately half of the cardholders become regular exchange traders, a conversion rate that significantly boosts trading volumes and recurring user engagement.

European Expansion with MiCA License

International market expansion forms the second pillar of Gemini’s growth strategy. In August, the company secured a license under the European Union’s Markets in Crypto-Assets (MiCA) framework. This enables Gemini to expand its offerings to include staking, derivatives, and other regulated products across Europe.

As the IPO research blackout lifted, coverage on GEMI increased, with 11 analysts initiating coverage: six with buy ratings and five with hold recommendations. The average price target suggests a 25% upside, outperforming competitors like Robinhood, Coinbase, and Blockchain.com, whose targets remain below current levels.

Despite this optimism, KBW maintains a more cautious outlook, noting that while Gemini’s growth potential exceeds its peers, the company is still projected to face profitability challenges throughout the forecast period.

Disclaimer: The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures is the majority investor in The Block. Foresight Ventures invests in various companies within the crypto industry. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry.

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On Wednesday, shares of Gemini Space Station, managed by the renowned Winklevoss twins, fell 12.8% to close at $24.53, despite an initial rally. This drop brings the company’s market capitalization to approximately $2.9 billion. Interestingly, the stock saw a slight recovery in after-hours trading, inching up by 2.1%, according to data from Yahoo Finance.

Why Gemini Stock Is Struggling

The downturn in Gemini Stock is not an isolated event. Several other cryptocurrency-related stocks have also experienced declines. Coinbase, for example, ended the day down by 2.2%, and Circle saw a 2.8% decrease in its stock value. These movements coincide with the broader market’s slight dip, with the Nasdaq Composite index dropping by 0.33% and the S&P 500 decreasing by 0.1%, although the Dow Jones Industrial Average rose by 0.57%.

Market Reactions and Influences

One factor impacting these stocks is the Federal Reserve’s recent decision to cut interest rates by 25 basis points. Such monetary policy changes can significantly influence market sentiments, particularly in the volatile realm of crypto stocks.

Moreover, a resolution seems to be on the horizon for Gemini Trust as it addresses its regulatory disputes with the U.S. Securities and Exchange Commission (SEC). A court filing on Monday revealed that both parties have reached “a resolution in principle” concerning allegations that Gemini violated regulatory requirements during its crypto lending program rollout.

Future Prospects for Crypto Stocks

The future of Gemini Stock and other crypto-related equities remains uncertain. Market analysts are closely watching these developments, particularly in light of the ongoing regulatory environment and macroeconomic factors.

Investors should remain vigilant, considering both the potential risks and rewards involved in crypto stock investments. The market’s reaction to the Federal Reserve’s policies and regulatory changes will likely continue to shape the landscape for these stocks.

As the crypto industry evolves, stakeholders must stay informed about the latest trends and shifts, understanding that volatility is a characteristic feature of this market segment.

Disclaimer: This article is for informational purposes only and does not constitute financial advice.

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Nature’s Miracle’s shares rallied from approximately $0.04 to over $0.14 marking it as the highest single-day percentage gain in 2025. The firm’s press release indicated that the XRP reserve will be financed through a registered equity financing agreement with GHS Investments. The plan is to hold XRP long-term and use staking strategies to generate yield. CEO James Li pointed to favorable regulatory changes, including the GENIUS Act, as a critical factor in their decision.

This recent announcement places Nature’s Miracle among the frontrunners of publicly traded AgTech firms to strategically adopt XRP for financial purposes. Other public companies have made similar strides this month, including Nasdaq-listed VivoPower International, which allocated $121 million for XRP integration. Meanwhile, Wellgistics Health secured a $50 million credit line for XRP-related treasury operations, and Singapore’s Trident Digital announced plans to raise up to $500 million for a long-term XRP reserve.

“We see the immense potential of XRP as it enhances the speed and cuts the cost of international payments. Many renowned financial institutions, such as Banco Santander and American Express, are already engaged with XRP,” explained Nature’s Miracle CEO, James Li.

The recent surge in XRP treasury activities aligns with increased market volatility for the token. XRP recently hit a record high of $3.66 but dropped below $3.30 on Tuesday due to profit-taking. However, analysts remain optimistic, suggesting that the XRP rally may continue once the current consolidation stabilizes.

This move by Nature’s Miracle signifies a shift in how small and mid-cap firms might approach treasury management, especially after the regulatory clarity provided by recent US crypto legislation. As more companies start adopting digital assets for operational and strategic purposes, XRP’s role as a corporate reserve asset seems to be gaining momentum.

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The company’s stock has seen a significant rise of around 42% since the beginning of the year, with a noticeable surge after the approval of the GENIUS stablecoin bill by the Senate on June 17. This news led to Coinbase’s stock jumping from approximately $303 per share to a local high of $382 per share.

TIME acknowledged Coinbase’s influence, stating, “The company, after being inducted into the iconic S&P 500 index in May as the first crypto stock, plays a crucial role in directing the industry’s policy initiatives in Washington D.C. If bills favorable to the industry are passed, Coinbase could become an even larger center for US crypto activities.”

As the largest crypto exchange based in the US, Coinbase is seen as an indicator of the health of the burgeoning industry in the country. Increased interest from institutions, investors, and media in Coinbase could imply a continued bull market for digital assets.

Furthermore, Coinbase is expanding into new markets as the US embraces a regulatory shift. The company is reportedly seeking the green light from the United States Securities and Exchange Commission (SEC) to offer tokenized equities to its customers. This move, if approved, would put Coinbase in direct competition with Robinhood, WeBull, and other platforms offering mixed asset trading services.

On June 20, Coinbase announced that it had obtained a license to offer digital asset services in the European Union (EU) under the Markets in Crypto-Assets (MiCA) regulatory framework. The license was granted by the financial regulator of Luxembourg, where Coinbase plans to establish its EU headquarters.

US President Donald Trump, while addressing the Coinbase State of Crypto Summit in June 2025, vowed to institute a comprehensive regulatory framework for cryptocurrencies under his administration. “We will be working to create clear and straightforward market frameworks that will allow America to dominate the future of crypto and Bitcoin,” Trump assured in a pre-recorded message.

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Under the CRCL ticker, shares of Circle opened at $31, and experienced a 235% surge in the first few hours of trading before settling at $82 by the end of the day. This performance suggests an increasing demand in the market for stablecoin businesses.

Notably, the round was oversubscribed. Prior to this, on May 28, BlackRock, the largest asset manager globally, expressed interest in acquiring a 10% stake in the IPO. Furthermore, ARK Investment, led by Cathie Wood, was reportedly eyeing a purchase of $150 million worth of shares in the offering.

Such high demand led Circle to increase its offering to a marketed range of $1.05 billion, with 34 million shares available for investors. Circle is recognized for its dollar-pegged stablecoin, USDC. The company had been preparing for this offer for several months, but postponed plans due to macroeconomic uncertainty stemming from ongoing trade wars.

However, the Circle IPO did face criticism. Arca Chief Investment Officer Jeff Dorman, in a now-deleted post, blasted Circle for only allotting Arca a $135,000 allocation in the IPO. Arca, according to Dorman, is one of Circle’s earliest supporters, making the allocation a “joke, throwaway” move in his view.

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Trading on the New York Stock Exchange was temporarily halted due to the stock’s substantial gains around 1 p.m. ET. Ever since Circle made its final decision to go public, the potential valuation and share price of the company have been looking up.

Circle and its investors, including Allaire, sold approximately 34 million shares at $31 each, raising about $1.1 billion for the company. This followed an earlier adjustment this week, when the company increased the selling price of its shares from a range of $24 to $26 to between $27 and $28 per share.

In a post on Thursday, Circle co-founder and CEO Jeremy Allaire stated, “Our evolution into a public company is a significant and powerful event. The world is prepared to begin transitioning to an internet-based financial system.”

Circle’s USDC is the world’s second-largest dollar-pegged stablecoin, trailing behind Tether’s USDT. While USDC’s supply is far less than that of USDT, Circle’s US-based operations could provide an edge as the digital asset market expands.

Disclaimer: The Block is an autonomous media outlet delivering news, research, and data. As of November 2023, Foresight Ventures is a major investor of The Block. Foresight Ventures also invests in other crypto-related companies. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to function independently, providing objective and timely information about the crypto industry. Here are our current financial disclosures. This article is for informational purposes only and should not be used as legal, tax, investment, financial, or other advice.

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Following Tuesday’s Wall Street declines, US stock futures experienced a downturn, primarily led by the tech sector. Concurrently, the dollar’s value continued to drop due to concerns revolving around US government debt, as President Trump seeks passage for his tax bill.

On the other hand, Treasury yields saw a rise. Asian stock markets showed mixed results at the end of their trading day, while European stock markets experienced a fall at the start of their trading day.

The 30-year US Treasury yield is nearing 5% again as fiscal anxieties put pressure on the long-end US debt. According to data from LSEG, the 30-year yield has risen nearly 3 basis points to last trade at 4.993%. The two-year Treasury yield saw an increase of 1.5 basis points ending at 3.982%, and the 10-year yield rose 3 basis points to 4.512%.

With investors struggling with the uncertainty surrounding US fiscal policy, and the role of Treasuries and the dollar as portfolio diversifiers and safe havens, the dollar hit a two-week low. The DXY dollar index against a group of major currencies was recently at 99.4230.

In stock markets, Dow Jones Industrial Average futures were down 0.4%, S&P 500 futures fell 0.5%, and Nasdaq futures, which are tech-heavy, were down by 0.6%.

In Asia, Japan’s Nikkei 225 index saw a decline of 0.6% following the latest export data that showed a drop in the country’s shipments to the US for the first time in four months. Japanese government bonds also faced pressure due to weak demand following Tuesday’s poorly received 20-year bond auction. On the other hand, Hong Kong’s Hang Seng saw a gain of 0.4% as market newcomer CATL’s shares continued to rise. China’s benchmark Shanghai Composite also saw a climb of 0.2%.

In Europe, the Stoxx Europe 600 saw a drop of 0.2% in morning trading. France’s CAC 40 and Germany’s DAX both fell by 0.3%. The UK’s FTSE 100 saw a loss of 0.1% while sterling rose to a three-year high against the dollar following data that showed UK inflation accelerated more than expected in April.

Oil prices saw an increase of more than 1% in early trade following a CNN report suggesting that Israel is preparing to strike Iranian nuclear facilities. Brent crude rose 1.1% to $66.07 a barrel, and WTI increased 1.2% to $62.75 a barrel. Gold prices also saw a rise due to the weaker US dollar and renewed safe-haven demand.

Write to Barcelona Editors at barcelonaeditors@dowjones.com

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The company has entered into an agreement to merge with Strive Asset Management, a subsidiary of Vivek Ramaswamy’s financial services firm, Strive Enterprises. Subsequent to the merger, ASST aims to transform into a Bitcoin holding firm, offering its shareholders a chance to tap into the lucrative world of cryptocurrencies.

Asset Entities is among a number of companies seeking to mirror the successful approach taken by Michael Saylor’s Strategy MSTR. Notably, shares of e-commerce company Upexi surged five-fold since the announcement of its turn toward Bitcoin last month. As it stands, Strategy is the largest corporate holder of Bitcoin and its shares have surpassed the cryptocurrency’s performance in 2025.

Year-to-date, ASST has risen by an impressive 24.4% as of the last close.

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Following the close of the market on the same day, GameStop disclosed a $1.3 billion offering of convertible notes. These senior notes, a form of debt that can later be converted into stock, will serve general corporate purposes, including the purchase of Bitcoin, as per the company’s announcement.

“GameStop anticipates utilizing the net proceeds from the offering for general corporate purposes, including Bitcoin acquisition in line with GameStop’s Investment Policy,” the company stated. On March 25, the company revealed a strategy to employ a part of its corporate cash or future debt to invest in digital assets, including Bitcoin and US-dollar-pegged stablecoins.

As of February 1, GameStop’s cash reserves were $4.77 billion, compared to $921.7 million the previous year. The company’s shares closed at $28.36 on the NYSE according to Google Finance, representing an 11.65% increase for the day.

For the fourth quarter of 2024, the company posted a net income of $131.3 million, compared to $63.1 million for the same period the previous year. Despite a $511 million decrease in net sales year over year, the company has been actively reducing costs, including closing 590 stores in the United States in 2024.

GameStop was a key player during the 2021 meme stock frenzy when retail traders arranged a “short squeeze” that rocketed the stock price. This resulted in some hedge funds shutting down due to the losses incurred, lending a “David vs. Goliath” story to the rise of the GameStop meme stock.

GameStop is now following the path of Strategy, which started adding Bitcoin to its treasury in August 2020. As of December 2024, Strategy’s stock had seen a 3200% increase since initiating its crypto strategy. Similarly, the Japanese company Metaplanet, which plans to buy 21,000 BTC by 2026, experienced a 4800% increase in its stock price after making the announcement. According to CoinGecko, 32 publicly traded companies currently hold BTC on their balance sheets.

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Recent Bitcoin Purchases

Metaplanet’s latest bitcoin purchase follows previous acquisitions on April 23 and May 10. Its average purchase price per bitcoin was 1.027 million yen or about $65,300. Bitcoin is currently trading at $67,566, down from last week’s peak of nearly $72,000.

Stock Performance

Metaplanet Inc.’s stock soared to 89 yen per share at closing on Tuesday, marking a significant short-term jump since its initial announcement of a bitcoin investment focus on April 9. At the time, the stock traded at around 19 yen.

Strategic Pivot Towards Bitcoin

In response to the pandemic-induced investment landscape, Metaplanet restructured its assets and businesses, pivoting towards a bitcoin-centric vision. The company announced last month that it had adopted bitcoin as its strategic treasury reserve asset due to ongoing economic adversity in Japan, including high government debt levels, prolonged periods of negative real interest rates, and a weak yen.

Global Bitcoin Holdings

According to BitcoinTreasuries.net, public companies around the world own a total of 308,688 bitcoins, led by MicroStrategy Inc. The Michael Saylor-led firm owns 214,400 BTC, representing over 50% of its market capitalization.

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