Gemini Space Station, the crypto exchange founded by Cameron and Tyler Winklevoss, filed an updated registration statement for its initial public offering, detailing banking partnerships.
Goldman Sachs, Citigroup, Morgan Stanley and Cantor Fitzgerald are named as lead bookrunners, with Evercore ISI, Mizuho, Truist Securities and others acting as co-managers.
The filing confirms a confidential SEC submission from June and indicates the sale of Class A common shares under the ticker GEMI.
Financial disclosures show $142.2 million in revenue and a net loss of $158.6 million for 2024, and $68.6 million in revenue with a $282.5 million net loss in H1 2025.
Earnings before interest, taxes, depreciation and amortization revealed a $13.2 million loss in 2024 and a $113.5 million loss in the first half of 2025.
Risk factors cited in the S-1 highlight regulatory uncertainty, industry-wide blockchain network developments and the maintenance of open-source protocols.
Gemini joins Circle, eToro and Bullish as crypto firms pursuing public listings, reflecting increased institutional appetite for exchange exposure.
The company’s move follows a period of strategic expansion, including new custody offerings, liquidity partnerships and product integrations that broaden its service ecosystem.
Potential investors will monitor market conditions, competitive dynamics, and regulatory guidance as Gemini advances its IPO timetable toward a fourth-quarter launch.
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