Gemini (GEMI) Stock Launches Zero-Commission Stock Trading in the U.S.

TLDR

• Gemini launched zero-commission stock trading for U.S. customers, giving access to thousands of U.S. exchange-listed securities via its app.
• GEMI stock fell 3.9% on Tuesday following the announcement; Coinbase (COIN) dropped 2.4% and Robinhood (HOOD) fell 2.3%.
• Nasdaq will supply real-time market data; Apex Clearing Corp. will act as custodian and clearing broker.
• The service is unavailable in Alabama, Arkansas, Illinois, Massachusetts, Texas, Puerto Rico, Washington D.C., and Guam.
• GEMI trades at $4.35, down 86% over the past year, though revenue grew 39% in the last twelve months.

Gemini Space Station launched commission-free stock trading in the U.S. on Tuesday, expanding beyond its crypto roots as it looks to build what the Winklevoss twins are calling a full financial super app.

The crypto platform will let customers in qualifying jurisdictions trade thousands of U.S. exchange-listed securities directly through the Gemini app. Nasdaq will supply real-time market data, and Apex Clearing Corp., a subsidiary of Apex Fintech Solutions, will serve as custodian and clearing broker.

Securities are offered through Gemini Galactic Markets, LLC, a FINRA and SIPC member. Fees may still apply for certain transaction types.

Gemini Space Station, Inc., GEMI

GEMI stock was trading at $4.35 before the news, and slid 3.9% in early Tuesday trading following the announcement. The stock is down 86% over the past year, with a market cap of around $526 million. Revenue grew 39% over the last twelve months, but the company remains unprofitable.

The move puts Gemini in direct competition with Robinhood (HOOD) and Coinbase (COIN). Both stocks felt the pressure — COIN dropped 2.4% and HOOD fell 2.3% on Tuesday.

Regulatory Foundation Already in Place

Gemini isn’t starting from scratch on the regulatory side. The company received FINRA approval to operate as a broker-dealer back in 2022. It has since updated that registration to operate as an introducing broker, allowing it to route customer orders in all NMS securities to Apex for execution and clearance.

In April 2026, Gemini also secured a Derivatives Clearing Organization license from the CFTC — another piece of the broader regulated platform puzzle the company is building.

The service is not currently available in Alabama, Arkansas, Illinois, Massachusetts, Texas, Puerto Rico, Washington D.C., or Guam.

Earnings Miss but Revenue Climbing

In Q1 2026, Gemini posted an EPS of -$0.93, missing the forecasted -$0.61 — a miss of roughly 52%. Revenue for the quarter came in at $50.27 million, up 42% year-over-year.

Mizuho cut its price target on GEMI from $12 to $10 earlier this year but kept an Outperform rating, pointing to the company’s push toward becoming a diversified markets platform.

At the company’s annual meeting, shareholders re-elected six directors including Tyler and Cameron Winklevoss to serve until 2027.

InvestingPro data currently suggests GEMI may be undervalued at current price levels.

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