The New York, NY-based company plans to raise $300 million by offering 16.7 million shares at a price range of $17 to $19. At the midpoint of the proposed range, Gemini Space Station would command a fully diluted market value of $2.3 billion.
The company is a regulated cryptocurrency exchange serving retail and institutional clients in over 60 countries. Its offerings include spot and derivatives trading, staking, OTC trading, custody, a stablecoin, and other crypto-related products. As of June 30, 2025, Gemini had 523,000 monthly transacting users, 10,000 institutions, $18 billion in crypto under custody, and $285 billion in lifetime trading volume.
Gemini Space Station was founded in 2014 and booked $136 million in revenue for the 12 months ended June 30, 2025. It plans to list on the Nasdaq under the symbol GEMI. Goldman Sachs, Citi, Morgan Stanley, Cantor Fitzgerald, Evercore ISI, Mizuho Securities, Truist Securities, Cohen & Company Securities, Keefe Bruyette Woods, Needham & Co., and Rosenblatt Securities are the joint bookrunners on the deal. It is expected to price the week of September 8, 2025.