A compliance-first crypto exchange re-rated into a sub-$1B stock—now trying to become a regulated derivatives and prediction-markets “super app” before cash burn forces dilution.
Overview
Gemini Space Station, Inc. (GEMI) is a New York-based digital asset platform and custodian founded in 2014 by Cameron and Tyler Winklevoss. Despite the name, it is not aerospace-related; it operates as regulated crypto-market infrastructure connecting traditional finance to the cryptoeconomy through trading, custody, payments, and yield-like services. Gemini differentiates via a **compliance-first** posture (NY Trust license; expansion toward MiCA in Europe; CFTC DCM license for prediction markets via Gemini Titan), positioning itself as a regulated alternative to offshore exchanges. Revenue is split between transaction income and growing service fees: Q3 2025 Exchange revenue was **$25.15M**, alongside Credit Card income, Staking (25% take-rate on rewards), custody on **$21.3B assets on platform**, and interest income. Institutional clients drive most spot volume (Q3: **$14.6B of $16.4B**). After its Sept 2025 IPO (raised ~$425M; valuation ~$3.3B), Gemini reported strong revenue growth but very large losses (Q3 net loss **$159.5M**) largely tied to IPO-era SBC and scaling costs.