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Gemini’s IPO: When the Winklevoss Crypto Company Went Public

Gemini Space Station priced its IPO at $28 per share and began Nasdaq trading as GEMI in September 2025. Here are the key dates, voting-control terms and latest reported results.
From TheFinanceBase Team2 min to read
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Gemini Space Station, Inc. completed its IPO in September 2025. Its shares priced at $28 each, began trading on Nasdaq as GEMI on September 12, and the company announced the offering’s close on September 15. The $17–$19 range announced at launch was only an initial estimate, not the final price.

When did Gemini go public?

Gemini filed its registration statement with the U.S. Securities and Exchange Commission in August 2025. On September 2, the company announced the IPO launch. Its Class A common stock began trading on the Nasdaq Global Select Market under the symbol GEMI on September 12, 2025. Gemini announced that the offering had closed on September 15.

The filing identifies Gemini Space Station, Inc. as the registrant. The SEC filing index records the original S-1 submission: SEC filing index.

What was Gemini’s IPO price?

Gemini’s September 2 launch announcement described a proposed offering of 16,666,667 shares at an expected price of $17 to $19 per share, subject to market conditions and change. On September 11, the company announced that it had priced the shares at $28 each—above that initial range. The final price is the historical IPO offer price; it does not indicate the price at which GEMI trades now.

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At launch, Gemini also described a 30-day underwriters’ option to purchase up to 2,396,348 additional shares from the company and 103,652 from selling stockholders. The company’s closing announcement later confirmed that the underwriters exercised the option in full. Gemini’s announcements provide the initial terms, final pricing, and closing details.

What did public shareholders receive—and who retained voting control?

The IPO sold Class A common stock, but the offering did not give public investors voting control of Gemini. In the final prospectus, the company said that after the IPO and concurrent private placement, public Class A holders collectively represented 5.3% of combined voting power. Cameron and Tyler Winklevoss and their affiliates held all Class B common stock, representing 94.7% of combined voting power. The prospectus described Gemini as a Nasdaq “controlled company.” These percentages refer to voting power, not simply the proportion of shares owned.

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How was Gemini performing after its IPO?

In an August 13, 2026 results release, Gemini reported $45.5 million in revenue for the quarter ended June 30, 2026, a 37% increase from $33.3 million in the same quarter a year earlier. That headline growth masked a substantial shift in revenue mix:

Measure Q2 2026 Comparison reported by Gemini
Total revenue $45.5 million Up 37% year over year from $33.3 million
Exchange revenue $12.5 million Down 38% year over year from $20.2 million
Services revenue $23.5 million Up 149% year over year from $9.5 million
Operating expenses $122.4 million Down 15% sequentially from $144.5 million in Q1 2026

Gemini attributed the year-over-year exchange-revenue decline to a softer crypto market and lower trading volume. It reported $3.8 billion in total trading volume for Q2 2026, compared with $11.3 billion in Q2 2025. The company also said its operating loss improved by approximately $17.2 million, or 18%, sequentially. These are company-reported results: revenue growth and a sequentially narrower operating loss do not establish profitability or predict future results. The figures are in Gemini’s Q2 2026 release; the reporting period and filing date are confirmed by its SEC Form 10-Q.

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