Gemini Space Station Debuts on Nasdaq Under “GEMI” Ticker

Lead: Gemini Space Station, Inc. began trading on the Nasdaq Global Select Market today under the ticker symbol GEMI after pricing its initial public offering at $28.00 per share for 15,178,572 Class A shares.

Nut Graf: The debut marks a landmark transition for the cryptocurrency exchange founded by the Winklevoss twins, aiming to raise up to $433 million and validate growing institutional interest in digital-asset platforms.

Record Pricing and Strong Demand

• Gemini priced its IPO at $28 per share, above its raised range of $24-$26, reflecting robust investor appetite for crypto-related listings.
• The offering totaled 15.18 million shares, with underwriters granted a 30-day option for an additional 300,565 shares to cover over-allotments.

High-Profile Underwriting and Strategic Partnerships

• Goldman Sachs & Co. LLC and Citigroup led the bookrunning syndicate, joined by Morgan Stanley, Cantor Fitzgerald, and others.
• Nasdaq invested $50 million via a private placement, integrating Gemini’s custody and staking services with its Calypso platform for institutional clients.

Valuation Amid Market Recovery

• The IPO targets up to $433 million in proceeds and implies a valuation near $3.08 billion, up from an initial $2.22 billion estimate.
• Gemini reported $68.6 million in H1 2025 revenue and a net loss of $282.5 million, underscoring challenges in achieving profitability.

Industry Implications and Outlook

• As the third U.S.-listed crypto exchange after Coinbase and Bullish, Gemini’s listing signals renewed confidence in crypto equities following the GENIUS Act’s passage in July 2025.
• Investors and analysts will watch trading performance closely for indications of sustained institutional adoption and regulatory clarity in the digital-asset space.