Gemini Space Station IPO: how to trade Gemini shares

Create an account  Open a demo account

When was the Gemini IPO date?

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

Gemini listed Class A common stock on the Nasdaq Global Select Market under the ticker 'GEMI' on 12 September 2025. The company offered 15.2 million shares at $28 each, raising $425 million. The IPO valued Gemini at $3.3 billion (Reuters, 12 September 2025).Why then? 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.

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 that influenced IPO timing included:

• Crypto market sentiment: bitcoin and ethereum 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 was the only large US-listed exchange; Gemini's IPO offered investors an alternative.
• Liquidity pressure: investors and the Winklevoss twins wanted 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: Completes IPO, listing on Nasdaq in September.

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 Gemini live stock price?

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

Crypto market sentiment and regulatory environment

Bitcoin and ethereum price movements directly impact trading volumes and revenue. Regulatory clarity in major markets, particularly the US and EU, will influence institutional adoption of Gemini's services. The company's MiCA licence from Malta's financial authority strengthens its European expansion prospects.

Company fundamentals

Gemini's path to profitability will be closely watched. The company faces the challenge of growing revenue whilst controlling compliance and operational costs. Key metrics include monthly active users, assets under custody , and trading volume growth.

Competition and market position

Gemini competes directly with Coinbase and faces pressure from international exchanges. Its positioning as the 'regulated choice' may appeal to institutions, but it must demonstrate this translates to sustainable market share and pricing power.

Technology and innovation

Investment in platform capabilities, staking services, and custody infrastructure will impact competitiveness. The success of products like the Gemini credit card and GUSD stablecoin adoption will diversify revenue streams.

Market sentiment and IPO performance

Post-IPO stock performance has been volatile, with shares declining 24% from first-day highs. Early earnings results and management guidance will shape investor expectations and valuation multiples.

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

Now that Gemini is listed, contracts for difference (CFDs) allow traders to speculate on its stock price without owning shares.

How to get started

• 1. Choose a platformTrade 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 post-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. Newly-listed stocks can 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.

FAQs