G
Gemini Space Station, Inc.
Period
FY 2025
Revenue
$179.57M
Net Income
$-582.81M
Total Assets
$1.80B
Equity
$540.87M
Shares Out
—
Op. Cash Flow
$-218.11M
Business
Gemini Space Station, Inc. operates Gemini, a cryptocurrency exchange platform providing trading, custody, staking, and related financial services for retail and institutional users. The platform offers spot and derivatives trading, over-the-counter trading, institutional custody, a USD-backed stablecoin (GUSD), a Mastercard credit card with crypto rewards, and prediction markets through its CFTC-regulated subsidiary. Gemini serves users across more than 60 countries, with primary operations in the United States and planned wind-down of international operations in certain markets.
Summary from 10-K filed 2026-07-01
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Total revenue | 180 | 142 | 98 | |
| Salaries and compensation | 226 | 130 | 141 | |
| Technology | 77 | 64 | 55 | |
| General and administrative | 77 | 51 | 155 | |
| Transaction losses | 21 | 20 | 28 | |
| Sales and marketing | 97 | 23 | 21 | |
| Transaction processing | 26 | 20 | 10 | |
| Total operating expenses | 525 | 308 | 410 | |
| Operating loss | −346 | −166 | −312 | |
| Realized and unrealized gain (loss) on crypto assets and receivable, crypto assets pledged | −1 | 463 | 368 | |
| Realized and unrealized gain (loss) on related party crypto loans | −32 | −417 | −355 | |
| Change in fair value on related party convertible notes | −26 | −31 | −4 | |
| Change in fair value on related party loans | −119 | 0 | 0 | |
| Interest expense on related party loans | −53 | −43 | −17 | |
| Interest expense on third party loans | −16 | −12 | −9 | |
| Interest expense on funding debt | −1 | 0 | 0 | |
| Other income (expense), net | 6 | 55 | 5 | |
| Total other income (expense), net | −243 | 15 | −12 | |
| Net loss before income taxes | −589 | −151 | −324 | |
| Income tax benefit (provision) | 6 | −8 | 4 | |
| Net loss | −583 | −159 | −320 | |
| Basic (in dollars per share) | −15.52 | −32.24 | −66.25 | |
| Diluted (in dollars per share) | −15.52 | −32.24 | −66.25 | |
| Weighted average shares outstanding - basic (in shares) | 38 | 5 | 5 | |
| Weighted average shares outstanding - diluted (in shares) | 38 | 5 | 5 | |
| Foreign currency translation, net of tax | 470,000 | −15,000 | 600,000 | |
| Change in fair value attributable to instrument-specific credit risk | −3 | 2 | 664,000 | |
| Total other comprehensive income (loss) | −2 | 2 | 1 | |
| Comprehensive loss | −585 | −157 | −318 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 252 | 43 | 33 | — | |
| Restricted cash and cash equivalents | 115 | 28 | — | — | |
| Customer custodial funds | 527 | 576 | 383 | — | |
| Crypto assets held | 440 | 470 | — | — | |
| Receivable, crypto assets pledged | 0 | 168 | — | — | |
| Accounts receivable, net | 31 | 65 | — | — | |
| Credit card receivables pledged, net | 189 | 0 | — | — | |
| Prepaid expenses and other current assets | 52 | 37 | — | — | |
| Total current assets | 1,606 | 1,388 | — | — | |
| Software, property and equipment, net | 15 | 17 | — | — | |
| Intangible assets, net | 140 | 162 | — | — | |
| Other non-current assets | 41 | 27 | — | — | |
| Total assets | 1,802 | 1,594 | — | — | |
| Custodial funds due to customers | 527 | 574 | — | — | |
| Accounts payable | 3 | 18 | — | — | |
| Accrued expenses | 55 | 39 | — | — | |
| Third party loans | 75 | 118 | — | — | |
| Related party loans | 404 | 562 | — | — | |
| Funding debt | 154 | 0 | — | — | |
| Other current liabilities | 22 | 38 | — | — | |
| Total current liabilities | 1,240 | 1,349 | — | — | |
| Lease liabilities | 21 | 20 | — | — | |
| Related party convertible notes | 0 | 249 | — | — | |
| Related party loans | 0 | 237 | — | — | |
| Total non-current liabilities | 21 | 506 | — | — | |
| Total liabilities | 1,261 | 1,855 | — | — | |
| Commitments and contingencies | — | — | — | — | |
| Convertible preferred units: 30,955 Series A Units authorized, issued and outstanding with an aggregate liquidation preference of $223,022 as of December 31, 2024; 8,910 Series B Units authorized as of December 31, 2024; 8,887 Series B Units issued and outstanding as of December 31, 2024; and the Series B Units had an aggregate liquidation preference of $423,903 as of December 31, 2024. No shares authorized, issued, and outstanding as of December 31, 2025. | 0 | 534 | 534 | 534 | |
| Common Units: 54,201 Common Units authorized as of December 31, 2024; 50,761 Common Units issued and outstanding as of December 31, 2024. No shares authorized, issued, and outstanding as of December 31, 2025. | 0 | 0 | — | — | |
| Preferred stock, par value $0.001 per share; No shares authorized, issued and outstanding as of December 31, 2024; 20,000 shares authorized, no shares issued and outstanding as of December 31, 2025 | 0 | 0 | — | — | |
| Treasury stock at cost; 0 and 284 shares as of December 31, 2024 and December 31, 2025, respectively | −568,000 | 0 | — | — | |
| Additional paid-in capital | 2,584 | 662 | — | — | |
| Accumulated other comprehensive income | 887,000 | 3 | — | — | |
| Accumulated deficit | −2,043 | −1,460 | — | — | |
| Total stockholders equity (deficit) | 541 | −795 | −644 | −491 | |
| Total liabilities, convertible units, and stockholders equity | 1,802 | 1,594 | — | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Depreciation and amortization | 31 | 33 | 32 | |
| Impairment | 650,000 | 376,000 | 21 | |
| Gain on conversion of convertible notes and term loans | −6 | 0 | 0 | |
| Realized and unrealized loss (gain) on crypto assets and receivable, crypto assets pledged | 1 | −463 | −368 | |
| Stock-based compensation | 85 | 6 | 16 | |
| Crypto assets received as revenue | −31 | −16 | −9 | |
| Crypto asset payments for expenses | 53 | 98 | 10 | |
| Warrants received as revenue | −5 | 0 | 0 | |
| Non-cash lease expense | 4 | 1 | 2 | |
| Realized and unrealized loss (gain) on derivatives | 4 | −2 | 0 | |
| Other operating activities, net | 6 | 4 | 3 | |
| Purchase of crypto assets | −240 | −62 | −36 | |
| Disposal of crypto assets | 323 | 87 | 26 | |
| Accounts receivable | −7 | −249,000 | −28 | |
| Other assets | 30 | 43 | 2 | |
| Accounts payable and accrued expenses | 3 | −144 | 67 | |
| Payables due to related parties | 28 | 35 | −5 | |
| Payables due to third parties | 5 | 11 | 1 | |
| Payables due for funding debt | 254,000 | 0 | 0 | |
| Lease liabilities | −6 | −2 | −4 | |
| Other liabilities | −114 | −48 | −7 | |
| Net cash used in operating activities | −218 | −109 | −207 | |
| Proceeds from disposal of crypto assets | 123 | 145 | 57 | |
| Purchases of credit card receivables | −1,237 | −431 | −88 | |
| Proceeds from repayments of credit card receivables | 1,074 | 375 | 71 | |
| Capitalization of internally developed software costs | −6 | −5 | −6 | |
| Purchase of software, property and equipment | −2 | −1 | −729,000 | |
| Other investing activities, net | −81,000 | −350,000 | 299,000 | |
| Net cash provided by (used in) investing activities | −48 | 84 | 33 | |
| Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs | 391 | 0 | 0 | |
| Proceeds from issuance of common stock in connection with concurrent private placement with Nasdaq | 50 | 0 | 0 | |
| Custodial funds due to customers, net of redemptions | −45 | 191 | −698 | |
| Proceeds from related party convertible notes | 0 | 25 | 75 | |
| Proceeds from related party loans | 15 | 0 | 0 | |
| Proceeds from third party loan, net of discount | 74 | 10 | 107 | |
| Proceeds from funding debt | 393 | 0 | 0 | |
| Repayment of funding debt | −238 | 0 | 0 | |
| Repayment of third party loans | −117 | 0 | — | |
| Net cash provided by (used in) financing activities | 514 | 225 | −521 | |
| Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents | 248 | 200 | −696 | |
| Cash paid during the period for interest | 35 | 22 | 30 | |
| Conversion of convertible notes to common stock in connection with IPO | −870 | 0 | 0 | |
| Conversion of convertible preferred units to common stock in connection with initial public offering | 534 | 0 | 0 | |
| Related party loans received in crypto assets | 418 | 200 | 204 | |
| Conversion of related party loans into related party convertible notes | 246 | 0 | 0 | |
| Repayments of related party loans denominated in crypto assets | 411 | 302 | 364 | |
| Credit card receivables posted as collateral for funding debt | 189 | 0 | 0 | |
| Crypto assets posted as collateral for third party loans, net | 243 | 109 | 102 | |
| Crypto asset collateral received (returned) for derivatives, net | −14 | 15 | 0 | |
| Repayment of third party loan interest denominated in crypto | 5 | 11 | 0 | |
| Change in fair value attributable to instrument-specific credit risk | 0 | 2 | 664,000 | |
| Related party convertible notes received in crypto assets | 0 | 45 | 55 | |
| NFT artist commissions and cross listings paid with crypto assets | 0 | 0 | 6 | |
| Account receivable collections denominated in crypto assets | 0 | 8 | 4 |
Filings
Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro
Material Events
Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro
Insiders
Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro
Institutional Holders
Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro
Frequently asked questions
What is Gemini Space Station, Inc.'s CIK number?
Gemini Space Station, Inc.'s SEC CIK number is 0002055592 (2055592). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Gemini Space Station, Inc.'s SEC filings?
All of Gemini Space Station, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Gemini Space Station, Inc. last report earnings?
Gemini Space Station, Inc. (GEMI) most recently filed an earnings 8-K with the SEC on May 14, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0002055592-26-000048). This is Gemini Space Station, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Gemini Space Station, Inc.'s most recent earnings 8-K?
Gemini Space Station, Inc.'s latest earnings 8-K (Item 2.02) was filed May 14, 2026 under accession 0002055592-26-000048. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Gemini Space Station, Inc.'s latest earnings 8-K →
Look up any company's CIK number →