According to CoinMeta, the exchange business of Gemini is shrinking, and its regulatory licenses may become more valuable assets. The price of Gemini Space Station ( GEMI ) has fallen by about 80% since its listing, raising doubts about whether it will become a target for acquisition. Lorenzo Valente, the head of digital asset research at ARK Invest, mentioned that HyperLiquid should acquire Gemini to use it as an entry point into the US-regulated perpetual futures and forecasting markets. The current market value of Gemini is $753 million, a significant drop from its peak of around $4 billion. In the second quarter, exchange revenue decreased by 38% to $12.5 million, spot trading volume fell by 66% to $3.8 billion, and platform assets decreased from $18.2 billion to $8.4 billion. Despite the shrinking exchange business, Gemini still holds important regulatory licenses, which are costly and time-consuming for competitors to replicate. Potential buyers may weigh the cost of acquiring these entities against the time and legal fees required to obtain these approvals.