Gemini Space Station (GEMI) has seen its stock price fall by approximately 80% since its listing, with its current market capitalization at around $753 million, a significant reduction from its peak of about $4 billion. This has reignited market speculation that it could become an acquisition target. Despite its shrinking spot trading business, Gemini still holds important regulatory licenses and approvals, which are attractive to potential buyers due to the high cost and time involved in replicating them independently. Analysts have suggested that Hyperliquid acquire Gemini to leverage its regulated U.S. access. Gemini's Q2 exchange revenue decreased by 38% year-over-year to $12.5 million, spot trading volume fell by 66% to $3.8 billion, and platform assets dropped from $18.2 billion to $8.4 billion. The Winklevoss brothers, co-founders of Gemini, hold 94.5% of the voting rights, which could simplify transaction negotiations but also means they must approve any sale.