GEMI

Company Overview — What Does Gemini Space Station, Inc. Do?

Our mission is to unlock the next era of financial, creative, and personal freedom. Gemini envisions a future where crypto will redesign the global financial system, the internet, and money in a way that provides greater choice, independence, and opportunity for all. As a trusted bridge between the traditional financial system and the emerging cryptoeconomy, we are providing access for individuals and institutions to a decentralized future that is more open, fair, and secure. Gemini was founded in 2014 to be the most trusted, secure, and easy way to buy, sell, and store crypto assets. As of July 31, 2025, we serve approximately 549,000 MTUs and approximately 10,000 institutions in over 60 countries, with over $21 billion of assets on our platform, over $285 billion in lifetime trading volume, and over $830 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. Our core exchange product has expanded over time to become a comprehensive platform for our users to engage with the cryptoeconomy, including a derivatives exchange, staking services, an over-the-counter (“OTC”) trading desk, institutional-grade custody, a New York Department of Financial Services (“NYDFS”)-regulated stablecoin, a U.S. credit card, and a Web3 studio for NFTs. We support a large variety of crypto assets on our platform, including bitcoin, ether, and stablecoins. We strive to deliver a seamless user experience to both retail and institutional users: • Retail: We often serve as a primary gateway for individual retail users into the cryptoeconomy. We provide a user-friendly, secure platform and mobile app for users to buy, sell, store, stake, and transfer a variety of crypto assets. Our products aim to suit the needs of beginners and sophisticated users alike. • Institutional: We provide institutional investors, including asset managers, hedge funds, proprietary trading firms, and corporations with a robust and secure platform to access crypto markets. We offer advanced trading, OTC trading, and institutional-grade custody. On the Gemini platform, a user can begin their crypto journey with $1 or $1 million and engage with our continually updated educational materials to learn about all aspects of the cryptoeconomy. Since our founding, we have sought to adhere to high standards of security, regulation, and compliance. We operate exchanges through regulated entities in the United States and abroad. In addition, we offer digital asset custody services through Gemini Trust, a New York limited purpose trust company. All customer assets are held in full on our platform, ensuring every unit of cryptocurrency or fiat held by a user is available to the user. We hold money transmission licenses (“MTLs”) or the statutory equivalent in all states that require such licenses so that we are able to operate in all 50 states and have direct access to fiat banking rails. We believe our early focus on security and compliance has made us one of the most trusted brands in crypto and on-ramps into the cryptoeconomy. Our crypto-native technology stack at the core of our platform enables us to support advanced functionality and complex blockchain integrations while serving the demands of a global, 24/7/365 crypto market. Our proprietary, in-house custody solutions enable us to offer products that are both secure and easy to use. This approach to security, innovation, and an elegant user experience has created a powerful flywheel effect. Our product innovation and security have attracted a growing, loyal user base, which has allowed us to reinvest in new, innovative products at the forefront of a complex and rapidly growing industry. This furthers our competitive position and helps solidify us as one of the leading on-ramps into the cryptoeconomy. We have grown to a significant scale since our founding and continue to benefit from a loyal user base that expands over time. Longer term, we expect to continue to grow and diversify our transaction-based revenue through the growth of newly launched products, such as derivatives, and the diversification of assets on our platform to represent a wider variety of crypto-asset use cases with less cross-asset correlation in volatility. We also expect growth in non-transaction revenue to contribute to smaller market-based fluctuations in our results. Our total revenue is largely generated from transaction fees earned on volume-based trades across retail and institutional users. For the year ended December 31, 2024, transaction revenue represented 69.7% of total revenue, and our total revenue was $142.2 million, with net income (loss) of $(158.5) million and Adjusted EBITDA of $(13.2) million. For the six months ended June 30, 2025, transaction revenue represented 65.5% of total revenue, and our total revenue was $68.6 million, with net income (loss) of $(282.5) million and Adjusted EBITDA of $(113.5) million. Our principal executive offices are located in New York, New York. Gemini Space Station, Inc. (GEMI) is classified as a small-cap stock in the Financials sector, specifically within the Trading industry. The company is led by CEO Tyler Winklevoss and employs approximately 700 people, headquartered in NEW YORK, New York. With a market capitalization of $501M, GEMI is one of the notable companies in the Financials sector.

Gemini Space Station, Inc. (GEMI) Stock Rating — Avoid (April 2026)

As of April 2026, Gemini Space Station, Inc. receives a Avoid rating with a composite score of 17.7/100 and 1 out of 5 stars from the Blank Capital Research quantitative model.GEMI ranks #4,421 out of 4,446 stocks in our coverage universe. Within the Financials sector, Gemini Space Station, Inc. ranks #891 of 891 stocks, placing it in the lower half of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

GEMI Stock Price and 52-Week Range

Gemini Space Station, Inc. (GEMI) currently trades at $4.49. The stock lost $0.38 (7.8%) in the most recent trading session. The 52-week high for GEMI is $45.89, which means the stock is currently trading -90.2% from its annual peak. The 52-week low is $5.57, putting the stock -19.4% above its annual trough. Recent trading volume was 1.9M shares, reflecting moderate market activity.

Is GEMI Overvalued or Undervalued? — Valuation Analysis

Gemini Space Station, Inc. (GEMI) carries a value factor score of 12/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-book ratio stands at 0.97x, versus the sector average of 1.22x. The price-to-sales ratio is 0.73x, compared to 0.90x for the average Financials stock.

At current multiples, Gemini Space Station, Inc. trades at a premium to most Financials peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

Gemini Space Station, Inc. Profitability — ROE, Margins, and Quality Score

Gemini Space Station, Inc. (GEMI) earns a quality factor score of 17/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -431.0%, compared to the Financials sector average of 8.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -129.4% versus the sector average of 1.2%.

On a margin basis, Gemini Space Station, Inc. reports gross margins of -78.0%. The operating margin is -192.5% (sector: 21.8%). Net profit margin stands at -324.6%, versus 17.7% for the average Financials stock. Revenue growth is running at 106.3% on a trailing basis, compared to 9.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

GEMI Debt, Balance Sheet, and Financial Health

Gemini Space Station, Inc. has a debt-to-equity ratio of 233.0%, compared to the Financials sector average of 121.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 1.29x, suggesting adequate working capital coverage. Total debt on the balance sheet is $0. Cash and equivalents stand at $487M.

GEMI has a beta of 3.21, meaning it is more volatile than the broader market — a $10,000 investment in GEMI would be expected to move 221.3% more than the S&P 500 on any given day. The stability factor score for Gemini Space Station, Inc. is 11/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

Gemini Space Station, Inc. Revenue and Earnings History — Quarterly Trend

In TTM 2026, Gemini Space Station, Inc. reported revenue of $180M and earnings per share (EPS) of $-15.52. Net income for the quarter was $-583M. Gross margin was -78.0%. Operating income came in at $-346M.

In FY 2025, Gemini Space Station, Inc. reported revenue of $180M and earnings per share (EPS) of $-15.52. Net income for the quarter was $-583M. Operating income came in at $-346M.

In Q3 2025, Gemini Space Station, Inc. reported revenue of $51M and earnings per share (EPS) of $-6.67. Net income for the quarter was $-160M. Operating income came in at $-121M.

GEMI Dividend Yield and Income Analysis

Gemini Space Station, Inc. (GEMI) does not currently pay a dividend. This is common among smaller companies in the Trading industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Financials dividend stocks may want to explore other Financials stocks or use the stock screener to filter by dividend yield.

GEMI Momentum and Technical Analysis Profile

Gemini Space Station, Inc. (GEMI) has a momentum factor score of 17/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 29/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.

GEMI vs Competitors — Financials Sector Ranking and Peer Comparison

Within the Financials sector, Gemini Space Station, Inc. (GEMI) ranks #891 out of 891 stocks based on the Blank Capital composite score. This places GEMI in the lower half of all Financials stocks in our coverage universe. Key competitors and sector peers include WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) with a score of 62.9/100, OPPENHEIMER HOLDINGS INC (OPY) with a score of 62.6/100, Enact Holdings, Inc. (ACT) with a score of 61.6/100, International General Insurance Holdings Ltd. (IGIC) with a score of 61.3/100, and PARKE BANCORP, INC. (PKBK) with a score of 60.4/100.

Comparing GEMI against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full GEMI vs S&P 500 (SPY) comparison to assess how Gemini Space Station, Inc. stacks up against the broader market across all factor dimensions.

GEMI Next Earnings Date

No upcoming earnings date has been announced for Gemini Space Station, Inc. (GEMI) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy GEMI? — Investment Thesis Summary

The quantitative profile for Gemini Space Station, Inc. suggests caution. The quality score of 17/100 flags below-average profitability. The value score of 12/100 indicates premium valuation. Momentum is weak at 17/100, a headwind for near-term performance. High volatility (stability score 11/100) increases portfolio risk.

In summary, Gemini Space Station, Inc. (GEMI) earns a Avoid rating with a composite score of 17.7/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on GEMI stock.

Related Resources for GEMI Investors

Explore more research and tools: GEMI vs S&P 500 comparison, top Financials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare GEMI head-to-head with peers: GEMI vs WTM, GEMI vs OPY, GEMI vs ACT.