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Gemini Space Station (GEMI) investor relations material
Gemini Space Station IPO Filing summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Company overview and business model
Operates a global digital asset exchange, custody platform, derivatives exchange, stablecoin, credit card, and NFT studio, serving retail and institutional users in over 60 countries.
Founded in 2014, the platform has processed over $285B in trading volume and $830B in transfers, with $21B+ in assets on platform as of July 2025.
Core revenue is generated from transaction fees, custody, staking, credit card, and NFT marketplace fees, with a focus on security, compliance, and user experience.
The company issues the GUSD stablecoin and offers the Gemini Credit Card, which provides crypto rewards on purchases.
Recent product launches include tokenized stocks in the EU and a co-branded credit card with Ripple.
Financial performance and metrics
2024 revenue: $142.2M; net loss: $(158.5)M; Adjusted EBITDA: $(13.2)M.
H1 2025 revenue: $68.6M; net loss: $(282.5)M; Adjusted EBITDA: $(113.5)M.
Transaction revenue comprised 69.7% of 2024 revenue and 65.5% of H1 2025 revenue.
As of June 2025: 523K monthly transacting users, 1.5M lifetime users, $18.2B assets on platform, $24.8B H1 2025 trading volume.
Cash and cash equivalents as of June 2025: $51.1M; pro forma as adjusted post-IPO: $641.2M.
Use of proceeds and capital allocation
Estimated net proceeds of $432.5M (at $25/share IPO price) to be used for general corporate purposes, including product development, admin, capex, and debt repayment.
Management retains broad discretion over allocation; proceeds from concurrent $50M private placement with Nasdaq, Inc.
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