Mizuho lowered its target price for Gemini by more than 50% due to weak trading activity dragging down core business growth.

CoinFeed reported on March 24th that, according to The Block, Mizuho Financial Group has lowered its target price for cryptocurrency exchange Gemini from $26 to $12, a reduction of over 50%, citing weak trading activity expected to drag down its core business, despite continued growth in its credit card business. The analyst report noted that a weak outlook for crypto asset prices and declining platform trading volume could limit near-term revenue growth. Mizuho lowered its 2027 revenue forecast for Gemini by approximately 24%, reflecting the overall weak trading environment in the crypto market. Meanwhile, the company's revenue structure continues to shift, with service revenue, including credit card and interest income, expected to account for 43% of total revenue, up from the previous forecast of 36%. Gemini credit card transactions are projected to exceed $1.2 billion by 2025, generating approximately $33 million in net income.