TechFlow News, March 20: According to The Block, cryptocurrency exchange Gemini is facing a class-action lawsuit in New York. Plaintiffs allege that Gemini made false or incomplete statements to investors regarding its business strategy before and after its initial public offering (IPO) in 2025.
The lawsuit was filed this Wednesday in the U.S. District Court for the Southern District of New York. Defendants include Gemini and its co-founders Tyler Winklevoss and Cameron Winklevoss. Plaintiffs contend that Gemini’s IPO documents positioned the company as a crypto platform focused on expanding its monthly active user base and international presence, while failing to disclose that it was preparing for a major strategic pivot.
Gemini’s stock began trading on the Nasdaq in September 2025, closing its first trading day at $32. As of this Thursday, the share price has fallen to $6.01—representing a decline of over 80%.
