Gemini completed its Nasdaq IPO on September 15, 2025, and trades under the ticker GEMI. The often-cited $2.1 billion figure came from an earlier, lower proposed share-price range—not the final IPO price. Since listing, Gemini has reported steep losses while trying to grow beyond crypto trading.
What happened to the Gemini IPO?
Gemini Space Station, Inc. went public on Nasdaq on September 15, 2025. It issued 15,937,501 Class A shares at $28 each and reported $406.3 million in net IPO proceeds before offering costs. The stock trades under the ticker GEMI.
That completed offering differed from the earlier terms behind the headline. Contemporary coverage described a proposed 16.67 million-share offering at $17 to $19 per share. The roughly $2.1 billion valuation was an implied figure associated with those earlier terms. Gemini ultimately priced its shares at $28, so the $2.1 billion headline should not be treated as the company’s final IPO valuation or market capitalization.
How did Gemini perform financially?
Gemini entered public markets with substantial losses. Its reported revenue increased in 2025, but its net loss widened sharply.
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| Fiscal year | Revenue | Net income (loss) |
|---|---|---|
| 2024 | $142.2 million | -$158.5 million |
| 2025 | $179.6 million | -$582.8 million |
These are reported annual results, not a measure of cash available to fund operations. They show that revenue growth alone did not make Gemini profitable: the company recorded a much larger net loss in 2025. The figures do not establish how much cash runway Gemini has, so investors would need to examine its balance sheet, cash flow and subsequent filings rather than infer runway from revenue or IPO proceeds.
How does Gemini make money beyond exchange trading?
Gemini’s platform supports buying, selling, storing, staking and transferring crypto assets. The company also offers custody and prediction-market products, and it added U.S. stock trading as of July 2026. Those offerings broaden the business beyond transaction fees from crypto trades, though the reported figures show that exchange activity remains important.
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Exchange activity weakened in the first quarter of 2026
In Q1 2026, Gemini’s exchange revenue fell 27% year over year to $17.2 million. Trading volume for the quarter was $6.3 billion, compared with $13.5 billion in Q1 2025. Lower volume can pressure transaction-fee revenue when customers trade less.
Services grew in the second quarter, but exchange transaction revenue fell
For Q2 2026, Gemini reported total revenue up 37% and services revenue up 149%, while exchange transaction revenue declined 38%. The reported growth rates do not specify their comparison period here, so they should not be read as necessarily sequential or year-over-year. The mix points to a strategic effort to grow services, but a single quarter does not establish that those lines can offset a sustained decline in trading.
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- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
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What does the $100 million Winklevoss-linked investment mean?
In May 2026, Winklevoss Capital Fund invested $100 million in Gemini at $14 per share, paying in bitcoin. Tyler Winklevoss said, “We believe the market has significantly undervalued Gemini, and that this investment will allow us to set up the company for its next phase of growth.”
The investment supplied capital and signaled confidence from a fund linked to Gemini’s co-founders. It is not proof that the stock was undervalued: that is the investor’s stated view, not an independently established valuation. The $14-per-share figure also does not by itself establish the value of GEMI today or the terms of other share classes.
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- EAL5+ CERTIFIED SECURE ELEMENT + FINGERPRINT PROTECTION — Your private keys stay encrypted offline on a certified EAL5+ chip, the same security tier used in EMV bank cards. Built by DCENT, securing crypto since 2018. Fingerprint authentication adds a second layer no PIN-only wallet can match.
- 10,000+ ASSETS NATIVE ON 100+ BLOCKCHAINS — Hold Bitcoin, Ethereum, XRP, Solana, Cardano, popular stablecoins (USDT, USDC), and NFTs in one wallet. No third-party apps, no fragmented setup — every supported asset works straight out of the box.
- TAP-TO-SIGN MOBILE EXPERIENCE — Pair your wallet with the DCENT mobile app over Bluetooth. Manage tokens, review transactions, and access in-app swap features directly from your phone — no cables, no desktop required.
- WEB3 & dAPP ACCESS VIA METAMASK — Connect to MetaMask and other browser extension wallets to manage NFTs, claim airdrops, and access dApps. A large screen and intuitive 4-button interface keep every transaction clearly visible before you sign.
- SEAMLESS FIRMWARE UPDATES & 30-DAY MONEY-BACK GUARANTEE — Apply security updates without resetting your wallet or migrating funds. Backed by Amazon's 30-day money-back guarantee — your purchase is risk-free.
What should investors examine before considering GEMI?
- Trading-volume exposure: Gemini’s Q1 2026 figures show how a decline in exchange volume can coincide with lower exchange revenue. Compare future volume and transaction revenue trends.
- Revenue mix: Track whether services growth persists and becomes a larger, durable source of revenue, rather than relying on one quarter’s growth rates.
- Profitability and cash needs: Review updated net losses, operating cash flow, cash balances and financing needs. The 2025 loss is a warning about profitability, but it does not disclose current runway.
- Custody and institutional scale: Assess the scale and economics of custody and other services separately from consumer exchange activity; the figures above do not quantify those businesses.
- Regulatory footprint: Check current company filings and relevant regulator disclosures for the jurisdictions and products that matter to you. The facts here do not establish a complete, current regulatory profile.
- New products: Stock trading and prediction markets may diversify offerings, but product availability and contribution to revenue should be verified in current company disclosures.
GEMI is a listed stock, not a crypto token. Its share price and market capitalization change over time; neither is established by the IPO terms or the investment figures above. Use current market data and the latest company filings when assessing the stock.
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