The IPO Buzz: Gemini Space Station Says NASDAQ is a Strategic Investor

Gemini Space Station (GEMI Proposed), a global cryptocurrency exchange founded in 2014 by Cameron and Tyler Winklevoss – also known as the Winklevoss twins – disclosed early today that NASDAQ has agreed to buy up to $50 million of stock in a private placement concurrent with its IPO, according to an S-1/A filing dated Sept. 9, 2025. Reuters reported on the agreement – citing people familiar with the situation – in a story early today before the federal filing was available.

Gemini’s IPO – 16.67 million shares at a price range of $17.00 to $19.00 – is expected to raise $300 million, if  priced at the $18.00 mid-point of its range, according to its S-1/A filings. Under those terms, Gemini would have a market cap of about $2.1 billion.

Gemini’s IPO is set for pricing on Thursday night, Sept. 11, 2025, to trade Friday, Sept. 12, on the NASDAQ.

Goldman Sachs, Citigroup, Morgan Stanley and Cantor are leading the joint book-running team for the IPO.

Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods (A Stifel Company), Needham & Co. and Rosenblatt are also joint book-runners, according to the S-1/A filing.

Gemini Space Station said in the prospectus that it caters to individual retail users of the cryptoeconomy as well as to institutional investors, including asset managers, hedge funds, proprietary trading firms and corporations.

“As of June 30, 2025, we serve approximately 523,000 MTUs (monthly transacting users) and approximately 10,000 institutions in over 60 countries, with over $18 billion of assets on our platform, over $285 billion in lifetime trading volume, and over $800 billion in transfers processed on our platform. Since our founding, we have watched the overall crypto market capitalization expand from under $10 billion to over $3 trillion as users discover the onchain world.”

Gemini Space Station is not profitable, according to the financial statements in the prospectus. Gemini reported a net loss of $399.65 million on revenues of $137.25 million for the 12 months that ended June 30, 2025.

(For more information about these companies, please check the IPO Calendar  and the individual IPO Profiles found on the IPOScoop.com  website.)

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