Gemini Space Station (GEMI), a cryptocurrency exchange founded by the Winklevoss twins, priced its IPO at $28.00 – $2.00 above the top of its recently increased price range – and trimmed the deal’s size at pricing to 15.2 million shares – down from 16.7 million shares in the prospectus – to raise $425.6 million on Thursday night, Sept. 11, 2025. At pricing, Gemini had a market cap of about $3.3 billion. Gemini’s stock jumped in its NASDAQ debut – opening at $37.01 – up $9.01 for a 32.2 percent gain from its $28.00 IPO price – at 1:40 p.m. EDT today – Friday, Sept. 12, 2025 – on the NASDAQ. The terms in the prospectus had called for a price range of $24.00 to $26.00 – raised from the original price range of $17.00 to $19.00. (Editor’s Note: This column, posted early today, Friday, Sept. 12, 2025, was updated early Friday afternoon to include Gemini’s debut on the NASDAQ.)
Goldman Sachs, Citigroup, Morgan Stanley and Cantor led the joint book-running team.
Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods (A Stifel Company), Needham & Co. and Rosenblatt were also joint book-runners, according to the S-1/A filing.
About 30 percent of the IPO was earmarked for retail – to Robinhood and other brokers, according to an S-1/A filing on Tuesday, Sept. 9, 2025:
“We currently anticipate that up to 30% (30 percent) of the shares of Class A common stock offered hereby will, at our request, be offered to retail investors through Robinhood Financial, LLC, SoFi Securities LLC, Futu Securities International (Hong Kong) Limited, Moomoo Financial Singapore Pte. Ltd, Moomoo Financial Inc., Webull Financial LLC and/or other platforms, as selling group members, via their online brokerage platforms. These platforms are not affiliated with us.”
Gemini disclosed on Tuesday that NASDAQ would become a strategic investor in the company by buying $50 million of stock in a private placement concurrent with the IPO. Reuters reported on the agreement – citing people familiar with the situation – in a story early today before the federal filing was available.
Gemini Space Station was founded in 2014 by Cameron and Tyler Winklevoss, also known as the Winklevoss twins.
In the prospectus, Gemini said that it caters to individual retail users of crypto as well as to institutional investors, including asset managers, hedge funds, proprietary trading firms and corporations.
“As of June 30, 2025, we serve approximately 523,000 MTUs (monthly transacting users) and approximately 10,000 institutions in over 60 countries, with over $18 billion of assets on our platform, over $285 billion in lifetime trading volume, and over $800 billion in transfers processed on our platform. Since our founding, we have watched the overall crypto market capitalization expand from under $10 billion to over $3 trillion as users discover the onchain world.”
Gemini is not profitable, according to the prospectus: Net loss of $399.65 million on revenue of $137.25 million for the 12 months that ended June 30, 2025.
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