Gemini Space Station (GEMI) Registration Filing summary

Company overview and business model

• Operates a global digital asset exchange, custody, and crypto services platform serving retail and institutional users in over 60 countries.

• Core offerings include spot and derivatives trading, staking, OTC desk, regulated stablecoin (GUSD), credit card, and NFT marketplace.

• As of June 30, 2025: 523,000 monthly transacting users, 10,000 institutions, $18B in assets on platform, $285B lifetime trading volume, $800B+ in transfers processed.

• Focus on security, compliance, and regulatory licensing; operates through regulated entities in the US and abroad.

• Vertically integrated, crypto-native technology stack enables rapid product innovation and secure custody.

Financial performance and metrics

• FY 2024: $142.2M total revenue, net loss of $(158.5)M, Adjusted EBITDA of $(13.2)M; 69.7% of revenue from transaction fees.

• Six months ended June 30, 2025: $68.6M total revenue, net loss of $(282.5)M, Adjusted EBITDA of $(113.5)M; 65.5% of revenue from transaction fees.

• Key metrics as of June 30, 2025: 523,000 MTUs, $24.8B trading volume, $18.2B assets on platform.

• Revenue mix includes transaction fees, custody fees, staking, credit card, NFT marketplace, and interest income.

• Operating expenses increased in 1H 2025 due to higher sales/marketing and technology investments.

Use of proceeds and capital allocation

• Net proceeds from IPO to be used for general corporate purposes and may be used to repay third-party indebtedness, including Galaxy Lending Agreement and NYDIG repurchase agreement.

• Management retains broad discretion over allocation of proceeds.