Gemini Space Station, which operates a cryptocurrency exchange, filed on Friday with the SEC for an initial public offering that we estimate could raise $400 million.
The New York, NY-based company is a regulated cryptocurrency exchange serving retail and institutional clients in over 60 countries. Its offerings include spot and derivatives trading, staking, OTC trading, custody, a stablecoin, and other crypto-related products. As of June 30, 2025, Gemini had 523,000 monthly transacting users, 10,000 institutions, $18 billion in crypto under custody, and $285 billion in lifetime trading volume.
The company was founded in 2014 and booked $136 million in sales for the 12 months ended June 30, 2025. It plans to list on the Nasdaq under the symbol GEMI. Gemini Space Station filed confidentially on February 14, 2025. Goldman Sachs, Citi, Morgan Stanley, Cantor Fitzgerald, Evercore ISI, Mizuho Securities, Truist Securities, Cohen & Company Securities, Keefe Bruyette Woods, Needham & Co., and Rosenblatt Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
