Eric Pan on Instagram: "Should you buy the Gemini IPO? Here’s the quick breakdown. Founded by the Winklevoss twins. Raising $317M at a ~$2.2B valuation to repay third-party debt. Revenue grew from $98M (2023) to $142M (2024) — ~45% up. But losses were heavy: -$320M (2023), -$158M (2024). 1H 2025 loss: -$282M — worse than all of 2024. Against peers: Coinbase & Kraken. Gemini is smaller on market cap, users, MAUs, and share. Valuation looks richer: ~15× P/S vs ~10× for peers. Tailwinds: compliance