💸 Down 80% — and suddenly Gemini looks like a bargain

Gemini, the crypto exchange founded by the Winklevoss twins, has lost 80% of its value since its IPO — from a $4B peak to $753M today. Q2 revenue fell 38%, spot trading volume dropped 66%.

That kind of slide triggers a familiar calculation: why build when you can buy? An ARK Invest analyst publicly floated the idea of Hyperliquid acquiring Gemini as a shortcut to U.S. regulatory licenses — the kind that take years to obtain organically. Per CoinDesk, prospective buyers were already eyeing Gemini's shuttered European units back in April, drawn by the permits, not the users.

One catch: the twins control 94.5% of voting power. Any deal needs their blessing. Which makes the negotiation simple — right up until they say no.