Investment bank KBW initiated coverage of Gemini Space Station (GEMI) with a market perform rating and a $27 price target, describing the crypto exchange as a well-rounded digital asset platform poised for long-term growth.

Nevertheless, wrote analyst Bill Papanastasiou, Gemini for now remains unprofitable and discounted valuation to competitor Coinbase is warranted "as the impact from execution and market risk is elevated."

KBW said Gemini’s ecosystem, spanning trading, custody, credit cards, staking, stablecoins, and tokenized equities, offers cross-selling potential as the crypto market expands.

The bank highlighted Gemini’s credit card business as a key growth driver, noting that it has more than 100,000 users and strong conversion into exchange activity thanks to crypto-based rewar

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