Gemini Space Station (GEMI) Registration Filing summary

Company overview and business model

• Operates a global digital asset exchange and custodian, serving retail and institutional users in over 60 countries, with $21B+ in platform assets and $285B+ in lifetime trading volume as of July 31, 2025.

• Offers a comprehensive platform including spot and derivatives trading, staking, OTC desk, institutional-grade custody, a regulated stablecoin (GUSD), a crypto rewards credit card, and an NFT marketplace.

• Focuses on security, compliance, and user experience, holding licenses in all required U.S. states and key international markets.

• Revenue is primarily transaction-based, with diversification into custody, staking, credit card, and NFT-related fees.

• Mission is to bridge traditional finance and the cryptoeconomy, emphasizing education, innovation, and regulatory leadership.

Financial performance and metrics

• For the year ended December 31, 2024: total revenue $142.2M, net loss $(158.5)M, Adjusted EBITDA $(13.2)M; for the 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.

• As of June 30, 2025: $51.1M in cash and equivalents, $1.57B in total assets, $2.1B in total liabilities, and $(1.74)B in accumulated deficit.

• Key business metrics as of June 30, 2025: 523,000 monthly transacting users, 1.5M lifetime transacting users, $18.2B in assets on platform, $24.8B in trading volume for the first half of 2025.

• Significant operating losses driven by high expenses, legal settlements, and market volatility; revenue growth tied to crypto market cycles.

Use of proceeds and capital allocation

• IPO expected to raise approximately $272.3M (or $313.0M if underwriters exercise their option in full), net of expenses, at an assumed price of $18.00 per share.

• Proceeds will be used for general corporate purposes, including product development, administrative expenses, capital expenditures, and repayment of third-party debt.

• Management retains broad discretion over allocation of proceeds; no specific amounts or timing committed.