Gemini shares slide after stock-trading debut outlines intensified competition with Coinbase and Kraken

Gemini announced it is extending its platform beyond crypto, launching commission-free stock trading for U.S. customers directly in the Gemini app. The company positioned the change as part of a broader push to let users manage more of their financial lives inside one interface, but shares of Gemini fell in the morning trade after the announcement.

The stock-trading feature, according to the company’s description cited in Tuesday’s market coverage, is available for exchange-listed securities with a 0% commission structure. The post also said Nasdaq will provide real-time market data, while Apex Clearing Corporation, described as a wholly owned subsidiary of Apex Fintech Solutions, will serve as custodian for customer assets.

The timing and messaging land in a crowded moment for financial apps moving into equities. The same coverage framed Gemini’s equities launch as competing head-on with Coinbase, Kraken, and Block’s Cash App, which have already been expanding “commission-free” or low-cost stock trading options for retail customers.

Coinbase has been pushing an “Everything Exchange” strategy that, the market post said, included launching U.S. stock trading through Apex Clearing in February. Kraken, it added, already offers commission-free trading across more than 11,000 stocks and ETFs, while Cash App Investing selected Apex as its clearing and custody provider in May after migrating away from DriveWealth.

Gemini’s move also follows a longer arc inside the company’s own planning. The coverage noted that Gemini had flagged equities as a future priority in a Q4 2025 letter to shareholders, making Tuesday’s launch a step toward that previously indicated roadmap.

Even with the new product, the stock reaction underscored how investors are weighing momentum in crypto and the broader risk environment. The post said Gemini’s shares were still dropping despite the update, and it characterized the move as arriving as cryptocurrency market momentum cooled after an earlier rally on Monday.

Still, the company did not provide a full set of trading-operational details in the market write-up. It did not specify, in the text cited here, the exact schedule for eligibility rollouts, whether there are limitations on which security types are initially available, or how customer funding and settlement processes compare with Gemini’s core crypto workflows.

Looking ahead, investors will likely focus on whether Gemini can convert its existing user base into consistent equity trading activity, and whether competitors respond by adjusting pricing, app features, or clearing partnerships. The next key tell is whether Gemini’s early commercial traction shows up in usage metrics or guidance, beyond the product announcement itself.