Gemini

Founded in 2014 by Cameron and Tyler Winklevoss, Gemini is a New York-based cryptocurrency exchange and custodian operating under a NYDFS limited-purpose trust charter. It issues the Gemini dollar (GUSD), one of the earliest regulated US stablecoins, and offers spot trading, custody, staking, and a crypto rewards card. The company — listed as Gemini Space Station, Inc. — went public on Nasdaq in September 2025 under ticker GEMI, pricing its IPO at $28 per share for a valuation of roughly $3.3 billion and raising about $425 million. Public-market life has been rough: Q1 2026 revenue rose 42% year-over-year to $50.3 million but came with a $109 million net loss, and the stock traded around $4.26 on June 30, 2026 — roughly 85% below the IPO price. In May 2026 Winklevoss Capital injected $100 million via a private placement at $14 per share, and the company holds a CFTC derivatives clearing organization (DCO) license as it pushes into derivatives and prediction markets.

Gemini is a compliance-first US exchange and custodian whose 2025 Nasdaq listing made it one of the marquee public crypto-exchange stocks alongside Coinbase and Bullish.

gemini.com Exchanges & Trading

United Statespublic · NASDAQ: GEMI

At a glance

Total raised

$925M

last round private placement (post-ipo)

Headcount

501-1k

approximate · public range

Headquarters

New York

United States

Founded

2014

12 years active

Status

Public

Ticker · NASDAQ: GEMI

Patents on file

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AI bull / bear

Bull case

Gemini is a deeply out-of-favor stock with a genuinely improving business mix underneath. Q1 2026 revenue grew 42% year-over-year to $50.3M, and the composition is the real story: services revenue and interest income more than doubled (up 122% to $24.5M, now 49% of the top line versus 31% a year earlier), with credit-card revenue up nearly 300% to $14.7M — the company is weaning itself off spot-trading fees faster than any public-exchange peer. The compliance-first architecture the market once mocked as slow is now the asset: a NYDFS trust charter, the regulated GUSD stablecoin, custody with SOC examinations, and a newly granted DCO license opening CFTC-regulated derivatives and prediction markets. The founders are underwriting the downside personally — Winklevoss Capital injected $100M in bitcoin at $14 per Class A share in May 2026, double the then-market price — and the stock's collapse to the low single digits means a roughly $500M-class market cap against $825M in lifetime capital raised. If derivatives, predictions, and the card keep compounding while crypto equities re-rate, Gemini offers the most convex risk/reward among the public exchanges: priced for irrelevance, positioned for a regulated-products cycle it spent a decade preparing for.

Bear case

Gemini went public at $28 in September 2025 and traded at $4.26 by June 30, 2026 — an ~85% drawdown that reflects arithmetic, not sentiment. The company lost $109M in Q1 2026 against $50.3M of revenue; at that burn, the $425M IPO proceeds fund roughly a year, which is precisely why the founders' $100M injection at $14 per share reads less like conviction and more like a bridge — related-party capital propping up a business the market won't fund at any price near the IPO. Scale is the structural problem: Coinbase and Kraken each dwarf Gemini in volume, liquidity, and product surface, and exchange economics reward liquidity concentration ruthlessly — the #4 US venue pays the same fixed compliance and security costs on a fraction of the flow. The growth story leans on interest income (rate-sensitive), a credit card (a low-margin, high-charge-off business other fintechs fled), and prediction markets where Kalshi and Polymarket — the latter now backed by ICE — have insurmountable leads. Add IPO-related lawsuits, dual-class governance that entrenches the twins, and continued dilution risk, and Gemini looks like a subscale exchange with a strong compliance brand, in an industry where compliance is table stakes and scale is destiny.

Generated by editorial-sourced · July 1, 2026Refreshes quarterly · see disclosures