Gemini Space Station (GEMI) Registration Filing summary

Company overview and business model

• Operates a global digital asset exchange and custodian platform, offering trading, custody, staking, stablecoin, credit card, and NFT services in over 60 countries.

• Serves retail and institutional users, with 549,000 monthly transacting users and $21B+ in assets on platform as of July 2025.

• Core revenue is generated from transaction fees, with additional streams from custody, staking, credit card, and NFT marketplace fees.

• Focuses on security, compliance, and regulatory licensing, holding all required money transmission licenses in the US and key international markets.

• Proprietary technology stack supports 24/7/365 operations and advanced blockchain integrations.

Financial performance and metrics

• 2024 total revenue: $142.2M; net loss: $(158.5)M; Adjusted EBITDA: $(13.2)M.

• Six months ended June 30, 2025: total revenue $68.6M; net loss $(282.5)M; Adjusted EBITDA $(113.5)M.

• Transaction revenue comprised 69.7% of 2024 revenue and 65.5% for the first half of 2025.

• Assets on platform as of June 2025: $18.2B; trading volume for first half 2025: $24.8B.

• Credit card receivables grew to $93.5M as of June 2025, with over 70,000 cards issued.

Use of proceeds and capital allocation

• Estimated net proceeds of $322.3M from IPO and concurrent private placement at $18.00/share midpoint.

• Proceeds intended for general corporate purposes, including product development, capital expenditures, G&A, and repayment of third-party debt.

• Management retains broad discretion over allocation of proceeds.