Gemini Space Station, Inc. Receives Buy Rating Amid Strategic Expansion into Prediction MarketsWe believe the addition of prediction markets to GEMI's platform should benefit fee revenue generation. We have been positive on HOOD's expansion into these markets, which have proved to be attractive revenue generation opportunities. We do note, however, that pending regulatory disputes on sports-betting and prediction markets could materially impact the near-term and long-term prospects of prediction markets. Sports-related contracts currently dominate prediction market volume, accounting for 60%+ of total activity on platforms like Kalshi and Polymarket. In our view, if sports- related contracts are removed, prediction market volumes will be severely impacted.According to DeFi Rate, as of the last 30 days, total sports-related contract volume on Kalshi was ~$5.7b, or 93% of Kalshi's ~$6.2b in total contract volume.