Gemini Space Station, Inc., founded by Tyler and Cameron Winklevoss, is preparing to go public on the Nasdaq Global Select Market under the ticker GEMI. The company plans to offer 16.7 million Class A shares at a price range of $17 to $19. If priced at the midpoint of $18 per share, the deal would raise approximately $300 million in gross proceeds. At that level, the IPO implies a market capitalization of roughly $2.1 billion and a post-offer enterprise value of about $2.6 billion, once pro forma cash and debt are considered. The transaction is being led by a broad group of underwriters, including Goldman Sachs, Citi, Morgan Stanley, Barclays, and BofA Securities, with additional participation from Cantor, Cowen, Wells Fargo, Needham, Rosenblatt, and JMP. A directed share program will also allow up to 10% of the offering to be allocated to Gemini customers. Proceeds from the deal are expected to be used for general corporate purposes as well as repayment of certain outstanding debt.
Founded in 2014, Gemini has built a vertically integrated crypto platform that emphasizes security and regulatory compliance as its brand identity. The company offers spot and derivatives trading, custody, staking, and over-the-counter services, alongside its NYDFS-regulated stablecoin (GUSD). In recent years, Gemini has expanded its product portfolio with a Mastercard-powered crypto credit card and through the acquisition and operation of Nifty Gateway, an NFT marketplace and studio. Most recently, the firm launched tokenized equities trading in Europe. With licenses secured or pending in the EU, Singapore, Australia, and Bermuda, Gemini positions itself as a regulated, global gateway for digital asset trading and custody.
The company differentiates itself through its regulatory-first approach, with a trust-company license from the NYDFS and compliance with SOC 1 and SOC 2 security audits. It has also invested in proprietary infrastructure, such as its GILP matching and quoting engine, and implemented hardware security key authentication for customers. This focus on oversight and institutional-grade controls is intended to attract both retail users and larger institutions seeking a safer, more compliant digital asset platform.
Financially, Gemini has shown revenue growth but remains significantly loss-making. Revenues rose from $98.1 million in 2023 to $142.2 million in 2024, representing a 45% year-over-year increase. However, losses persisted, with the company reporting a net loss of $319.7 million in 2023 and $158.5 million in 2024. The first half of 2025 showed revenues of $68.6 million, down slightly from $74.3 million in the first half of 2024, alongside a net loss of $282.5 million, impacted by fair-value adjustments and related-party charges.
While Gemini has narrowed its losses since 2023, it remains in investment mode, prioritizing expansion and compliance initiatives over short-term profitability. Investors will need to weigh the company’s improving trajectory against ongoing volatility in its financial results.
Looking ahead, Gemini’s growth strategy is centered on expanding into new regulated markets, scaling its derivatives offerings, and diversifying revenue through tokenized assets. The company’s international expansion plans include licensing under MiCA and MiFID in the European Union, approval from the Monetary Authority of Singapore, and the launch of trading operations in Australia and Bermuda. Partnerships, such as its credit card collaboration with Mastercard, also highlight Gemini’s intent to integrate digital assets into mainstream financial products.
The IPO arrives at a moment when crypto remains under both investor and regulatory scrutiny. By emphasizing compliance and transparency, Gemini hopes to distinguish itself from less-regulated competitors. The offering range suggests a relatively cautious valuation, aimed at balancing investor enthusiasm with recognition of the company’s current financial risks. With the dual-class share structure, the Winklevoss brothers will retain roughly 95% of the voting power post-offer, ensuring continued founder control over strategic direction.
For investors, Gemini represents an opportunity to gain exposure to a regulated crypto platform at a valuation below that of Coinbase. Its brand reputation for security and compliance, coupled with global licensing efforts, could provide a long-term competitive edge. However, substantial losses, heavy reliance on trading volumes, and the uncertain regulatory environment remain critical risk factors.
Gemini’s debut stands as one of the most significant fintech and crypto offerings of 2025. It showcases the next stage in the maturation of digital asset platforms, where compliance and institutional adoption are increasingly seen as essential to growth. While not without risks, the IPO offers a glimpse into the future of regulated digital asset trading — and whether Wall Street is ready to embrace it.