Gemini Space Station shares rose 31.15% on Friday to close at $5.81, rebounding from $4.43 a day earlier but remaining roughly 79% below the company’s $28 initial public offering price. The gain came on trading volume of about 15.3 million shares and left Gemini’s market capitalization near $753 million, compared with a peak valuation approaching $4 billion. The crypto platform listed in September 2025. The company’s operating metrics have weakened, with second-quarter exchange revenue falling 38% year over year to $12.5 million and spot trading volume dropping 66% to $3.8 billion. Assets under custody declined to $8.4 billion from $18.2 billion. Yahoo Finance reported second-quarter revenue of $45.48 million and a net loss of $107.72 million. The compressed valuation has fueled unconfirmed acquisition speculation centered on Gemini’s regulatory licenses, custody infrastructure and client base. Lorenzo Valente, digital assets research director at ARK Invest, suggested last month that Hyperliquid could use Gemini as a compliant U.S. gateway for perpetual futures and prediction markets, but no evidence indicates that Hyperliquid is pursuing a transaction. Cameron and Tyler Winklevoss control about 94.5% of Gemini’s voting shares, making their approval central to any deal and effectively preventing a hostile takeover without their consent.