Another tech-focused company is going public. On Wednesday, the buy now, pay later firm Klarna Group finally made its public debut, one of a number of high-profile listings to take place this week alone.
Now, cryptocurrency exchange Gemini Space Station is expected to begin trading today. Here’s what you need to know about Gemini and its initial public offering (IPO).
What is Gemini?
Gemini Space Station, Inc., better known simply as Gemini, is a cryptocurrency exchange platform.
While you may not have heard of Gemini, there’s a good chance you know the name of the exchange’s founders: Cameron and Tyler Winklevoss. The two twin brothers were immortalized in 2010 film The Social Network, which explored the beginnings of Facebook.
After the Winklevoss twins settled their lawsuit with Mark Zuckerberg, the duo became interested in the then-burgeoning world of cryptocurrency. In 2014, after being dissatisfied with other cryptocurrency exchanges, the brothers decided to launch their own.
Today, Gemini is one of many global cryptocurrency exchanges, offering investors a platform to buy and sell numerous tokens. But Gemini also offers a selection of other financial services, including a Gemini Credit Card, which lets users earn cryptocurrency rewards for spending on the card.
Gemini by the numbers
According to the company’s most recent amendment to its Form F-1 filed with the U.S. Securities and Exchange Commission (SEC), Gemini’s key metrics include:
Over $21 billion worth of assets on the platform
1.5 million lifetime transacting users
More than 700 employees worldwide
Over $830 billion worth of transfers on the platform
More than 70,000 credit cards issued
Gemini, like most crypto exchanges, primarily monetizes its platform through fees it collects on various transactions.
For the year ending December 31, 2023, Gemini says it brought in total revenue of $98.1 million. And for the year ending December 31, 2024, the company says it brought in $142.2 million in total revenue.
However, the company still had a net loss for both years. In 2023, the net loss was $319.7 million, and in 2024, the net loss was $158.5 million.
Gemini’s finances before that are been is a bit of a mystery. As the firm notes in its prospectus, it currently qualifies as an “emerging growth company,” which means it can follow less stringent financial disclosure requirements.
“As a result, we are permitted to, and intend to, rely on exemptions from certain disclosure requirements that are applicable to other companies that are not emerging growth companies,” the company states.
When is Gemini’s IPO?
Gemini priced its shares on Thursday at $28. It is expected to list its stock today, Friday, September 12.
What is Gemini’s stock ticker?
Gemini’s shares will trade under the ticker “GEMI.”
What exchange will Gemini’s shares trade on?
Gemini shares trade on the Nasdaq Global Select Market.
What is the IPO share price of GEMI?
Gemini’s shares will begin trading at $28 each. As noted by CNBC, this is well above the share price range Gemini had originally forecast, which was between $17 and $19 apiece. The higher offering price was the result of more demand than originally expected in Gemini’s shares.
How many GEMI shares are available in its IPO?
Over 15.1 million shares of Class A common stock are being offered in Gemini’s IPO. But what’s interesting is that this number of shares is actually below the initial planned offering of 16.67 million shares.
The reduction is due to the fact that Gemini decided to cap the proceeds of its IPO at $425 million, which Reuters noted is unusual.
But due to that cap limit—and with shares priced at $28 apiece—Gemini needed to reduce the amount of shares it offered from its initially planned 16.67 million shares to fewer than 15.2 million.
How much will Gemini raise in its IPO?
Gemini raised just over $425 million in its IPO. As noted above, this was a limit the company itself set on the proceeds.
How much is Gemini worth?
with its IPO share price of $28, Gemini is now worth around $3.3 billion, according to CNBC.
Gemini is the latest high-profile tech IPO in 2025
Gemini’s IPO today will be closely watched by Wall Street to see how investors react to the newly listed shares once they begin trading.
While there’s no predicting which way GEMI shares will move in the days and weeks ahead, Gemini likely does stand to benefit from investor enthusiasm in the crypto and fintech space.
The company is far from the only crypto and fintech firm to go public this year.
In March, crypto and stock trading platform eToro went public on the Nasdaq Global Select Market.
Then, in June, Circle Internet Group went public on the New York Stock Exchange (NYSE).
That offering was followed in August by cryptocurrency exchange Bullish’s IPO on the NYSE.
However, not all these IPOs have seen their shares rise in the weeks after their listings.
As of yesterday’s market close, eToro’s shares are down more than 14% since their debut, according to Yahoo Finance data. Bullish shares have taken a worse beating—down more than 43%.
The story is better for Circle Internet Group, whose shares are up 93% so far.
In short, Gemini and its investors are hoping the stock will perform more like Circle. But only time will tell whether that ends up being the case.
