Winklevoss’ Gemini Gets Lukewarm Street Reaction After IPO Slump

Gemini Space Station Inc. wiped out gains from its initial public offering within days of its September debut, and analysts are offering only modest support, warning in their initiations of coverage that the crypto company faces increasing competition and a lack of profitability.

The digital asset exchange and custodian saw a 14% jump in its first day after its IPO, buoyed by its ties to the crypto-friendly Trump administration and coming on the heels of well-received debuts in the sector from Circle Internet Group Inc. and Bullish. Unlike those peers, Gemini’s pop faded quickly, and the stock is now ...