Gemini Space Station IPO: how to trade Gemini shares

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When is the Gemini IPO date?

Gemini Space Station, Inc (Gemini), the US-based cryptocurrency exchange and custodian founded by Cameron and Tyler Winklevoss, is finally preparing for its long-anticipated initial public offering (IPO). The company publicly submitted its S-1 registration in September 2025, marking one of the year’s most closely watched fintech IPOs.

Gemini intends to list Class A common stock on the Nasdaq Global Select Market under the ticker ‘GEMI’. Reports suggest it will offer around 16.7m shares, with a price range of $17-$19, aiming to raise around $317m. If fully subscribed (including underwriters’ options), the IPO could value Gemini at $2.2bn or more (source: Reuters).

Why now? Gemini first considered going public in 2021, around the same time as Coinbase’s blockbuster IPO. But the crypto market downturn in 2022-23, combined with regulatory uncertainty, delayed those plans. 

Key factors influencing IPO timing include:

• Crypto market sentiment: bitcoin and ethereum have rallied in 2025, reigniting investor appetite for crypto-linked equities.

• Regulatory clarity: after years of SEC crackdowns, exchanges like Gemini could benefit from new licensing frameworks in the US.

• Competition: Coinbase remains the only large US-listed exchange; Gemini’s IPO offers investors an alternative.

• Liquidity pressure: investors and the Winklevoss twins want to realise returns from Gemini’s 2021 $7.1bn private valuation.

• IPO market window: US tech listings rebounded in 2025 after two quiet years, opening the door for fintech deals.

If approvals progress smoothly, Gemini stock could begin trading by late 2025.

What is Gemini Space Station?

Despite its name, Gemini Space Station is not a space business but a leading cryptocurrency exchange and custodian. Founded in 2014 by the Winklevoss twins, Gemini built its reputation as a compliance-first, security-led platform, designed to appeal to both retail users and institutions wary of unregulated offshore exchanges.

The company has grown into a prominent US crypto firm, with a product suite that includes:

• Spot trading: support for 70+ cryptocurrencies, including BTC, ETH, and altcoins.

• Custody services: institutional-grade storage of over $18bn in crypto assets.

• Staking: rewards for delegating tokens, with Gemini taking a service fee.

• Gemini Dollar (GUSD), a US dollar–backed stablecoin, used for trading and payments.

• OTC trading desk: for high-net-worth and institutional clients.

• Gemini credit card: offers crypto rewards on everyday spending.

• Nifty Gateway (NFT marketplace): acquired in 2019, it gives Gemini exposure to the digital collectibles sector.

• Gemini Earn (paused): a yield program that allowed users to earn interest on crypto deposits; suspended in 2023 after regulatory disputes.

Key milestones in Gemini’s history

• 2014: founded in New York, launches as a regulated US crypto exchange.

• 2018: expands custody and stablecoin services; launches Gemini Dollar (GUSD).

• 2019: acquires Nifty Gateway, moving into NFTs.

• 2021: valued at $7.1bn in a funding round led by Morgan Creek and others.

• 2023: earn program halted after legal disputes; Gemini pivots back to core trading and custody.

• 2025: Files IPO, targeting a Nasdaq listing.

Gemini has always tried to differentiate itself from competitors by focusing on trust and compliance. While Binance and FTX faced regulatory scrutiny and collapse, Gemini marketed itself as ‘the regulated choice’. This cautious approach slowed its growth compared to Coinbase, but it built a reputation with institutions and regulators that could prove advantageous as a public company.

How does Gemini make money?

Gemini’s revenue model is primarily fee-based, spanning retail and institutional services.

Gemini serves both retail traders and institutional investors, giving it a diversified revenue base. Retail remains volatile, rising during bull markets and collapsing during downturns. Institutional custody, by contrast, provides steadier income. Gemini has also experimented with products like Gemini Earn (yield on deposits), but regulatory pushback forced its suspension.

Financials

• 2024 revenue: $142m (+45% YoY), net loss $158m.

• H1 2025 revenue: $67.9m, net loss $282m – widening losses despite higher crypto activity, due to regulatory and compliance costs.

Investors will want to see whether Gemini can improve operating leverage as a public company, or whether heavy compliance spending will continue to weigh on margins.

What might influence the Genesys live stock price?

Once listed, Gemini’s stock performance will depend on both internal execution and broader market forces.

Macroeconomic and sector trends

Investor sentiment towards SaaS companies could play a large role in Genesys’s valuation after listing. Demand for cloud and AI-driven platforms may positively impact price, but higher interest rates or volatility in broader equity markets could temper valuations and shift capital away from growth-oriented names.

Company fundamentals

The strength of Genesys’s annual recurring revenue (ARR), its ability to retain customers, and the path to improving margins will be closely watched. While the company is profitable on an adjusted EBITDA basis, heavy investment in R&D and sales has constrained net income. Investors will want to see a clear trajectory towards sustainable profitability, particularly as legacy customers are transitioned to Genesys Cloud CX subscriptions.

Competition and innovation

Genesys competes with Five9, NICE, Cisco, and Salesforce in the CX space, all of which are investing heavily in AI and automation. Its ability to differentiate through AI-powered engagement and deep integrations with platforms like Microsoft Teams, Salesforce, and Zoom will be critical. If Genesys cannot maintain its innovation edge, there is a risk of customer churn and pricing pressure from rivals.

Regulatory and governance landscape

As a global provider of customer data services, Genesys is subject to stringent compliance regimes such as GDPR in Europe and CCPA in California. Any breach or regulatory misstep could damage trust with enterprise clients and negatively impact its valuation. Additionally, as it transitions from private equity ownership to the public markets, governance standards and disclosure practices will come under greater scrutiny.

ESG and trust factors

As a custodian of customer funds, Gemini’s reputation for security is critical. Any breach or regulatory fine could damage trust and valuation. Conversely, its US regulatory status may attract investors wary of offshore exchanges.

Market sentiment and trading behaviour

The debut performance of Genesys shares will also be shaped by market mood. If it is seen as a credible AI play, the stock may command premium multiples similar to high-growth SaaS peers. Conversely, if investors perceive its AI positioning as overstated, Genesys could be valued closer to legacy call-centre providers. Early earnings results, analyst coverage, and guidance will all play a role in setting expectations.

You can keep your finger on the pulse of the markets with expert insight from our in-house analysts. Check out our news and analysis section for more. 

How to trade Gemini shares via CFDs

When Gemini lists, contracts for difference (CFDs) will allow traders to speculate on its stock price without owning shares.

How to get started

• 1. Choose a platform Trade on Capital.com for access to thousands of shares, including fintech and crypto-related names.

• 2. Open an account
  Provide personal details, verify identity, complete suitability checks.

• 3. Add funds
  Deposit via card or bank transfer; start small and manage risk carefully.

• 4. Track Gemini’s performance
  Use charts, indicators, and alerts to monitor IPO volatility.

• 5. Go long or short
  Expecting price rises? Go long. Predicting a drop? Go short. Apply stop-loss* and take-profit orders.

Note: Crypto-linked IPOs are among the most volatile in the market. CFDs give you flexibility in either direction, but careful risk management is essential. IPOs can also be volatile, especially in the early days of trading. CFDs let you act on price swings in either direction, but always apply risk management. CFDs are traded on margin, and leverage higher than 1:1 magnifies both potential losses and gains. Past performance is not a reliable indicator of future results. 

Learn more about contracts for difference in our CFDs trading guide.

*Standard stop-losses are not guaranteed. Guaranteed stop-losses incur a fee when activated. 

Which crypto and fintech stocks can I trade?

While waiting for Gemini’s IPO, traders can consider:

• Coinbase (COIN) – the largest US-listed crypto exchange.

• PayPal (PYPL) – expanding into crypto payments and wallets.

• Block (SQ) – Square’s parent company with Bitcoin and blockchain integrations.

• Robinhood (HOOD) – Trading app with strong crypto revenue share.

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