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MARKETS / NASDAQ / GEMI
NASDAQ · FINANCE SERVICES · SMALL CAP

Gemini Space Station, Inc. GEMI

3 fiscal years on record · USD · FY2025 reported · SEC filings only
$179.6M
▲ 26.3% YoY
$-582.8M
$-220.1M
In brief

What this company does

Gemini's products and services include spot and derivatives trading, staking, an over-the-counter (OTC) trading desk, institutional-grade custody, a New York Department of Financial Services (NYDFS)-regulated stablecoin, a U.S. credit card, and a prediction markets platform. It generates revenue primarily from transaction fees on trading volume across its retail and institutional platforms, as well as fees from services and interest income associated with custody, staking, its credit card program and other services. It operates exchanges through regulated entities in the United States and abroad. As of December 31, 2025, it served users and institutions across more than 60 countries. It holds money transmitter licenses or the statutory equivalent in all states that require such licenses, allowing it to operate in all 50 states. It offers digital asset custody services through Gemini Trust, a New York limited purpose trust company. Gemini was founded in 2014.

Written from the business description in Gemini Space Station, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 31 March 2026. Every sentence was checked against that document before publication.

Growth
USD 179.6M
Revenue, FY2025 · full 3-year series below
Revenue $M Net income $M
FY2025 · Revenue 179.6 · Net income -582.8
80M160M-200M-400M202320242025
Compound annual growth
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−325 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -192.5% · Net -324.6%
-100%-200%-300%202320242025
ROE

Not applicable: equity was negative in this period, so return on equity has no meaning.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -220.1
-80M-160M202320242025

Total assetsUSD 1.8B
EquityUSD 540.9M
CashUSD 252.2M
Current ratio1.29×

Equity funds 30% of total assets.

The 3-year record
3 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023
Revenue $B0.20.10.1
Operating income $B−0.3−0.2−0.3
EBITDA $B−0.3−0.1−0.3
Income tax $B−0.00.0−0.0
Net income $B−0.6−0.2−0.3
Free cash flow $B−0.2−0.1−0.2
EPS, diluted $−15.52−32.24−66.25
Dividend / sh $···
Payout %···
ROE %···

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 10 reconciliationsAUDITED

Reconciled in 3 of 19 fiscal years. 66 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityFinance Services
Listed onNASDAQ
Incorporated inNevada
Fiscal year endsDecember 31
SEC categoryemerging growth company
Data on record since2023

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