GEMINI SPACE STATION INC CLASS A (GEMI)
Financials · Cryptocurrency exchange and digital asset platform · NASDAQ
Gemini is a regulated cryptocurrency exchange serving retail and institutional users with integrated trading, custody, staking, and prediction markets built on institutional-grade security infrastructure.
What GEMINI SPACE STATION INC CLASS A does
Gemini is a cryptocurrency exchange platform founded in 2014 that provides retail and institutional users access to trading, custody, staking, and other digital asset services. The company operates a comprehensive platform including spot and derivatives trading, an OTC trading desk, institutional-grade custody, a NYDFS-regulated stablecoin (GUSD), a U.S. credit card program, and a prediction markets platform (launched December 2025). All customer assets are held in full on the platform, and the company holds money transmitter licenses across all 50 U.S. states.
Themes: cryptocurrency exchange, digital asset custody, prediction markets, stablecoin / GUSD, crypto-to-fiat on-ramps, institutional crypto trading, retail crypto trading
Fundamentals
- Price$4.19 as of 2026-08-24 close
- Market cap$513M as of 2026-08-24
- P/En/a negative earnings
- Net margin-278.9% as of 2026-08-24
- ROE-107.7% as of 2026-08-24
- Debt / equity1.03 as of 2026-08-24
- Revenue growth (YoY)+41.5% as of 2026-08-24
- Revenue CAGR (3y)+35.3% SEC XBRL
- Beta3.15 as of 2026-08-24
- Last reported earnings2026-08-13 SEC EDGAR Form 8-K (Item 2.02)
How GEMI compares in its sector
- net profit marginbottom 10% 538 covered Financials peers, as of 2026-08-24
- operating marginbottom 10% 534 covered Financials peers, as of 2026-08-24
- return on equitybottom 10% 575 covered Financials peers, as of 2026-08-24
- 3-year revenue CAGRtop 25% 347 covered Financials peers
- free cash flow (absolute dollars, latest fiscal year)bottom 10% 431 covered Financials peers, as of FY2025
Position among covered Financials companies that report each metric (minimum 5 peers). A relative position within our covered catalog — not a valuation, quality, or investment judgment. A higher percentile is simply a higher value (for P/E, more expensive on earnings — never "better"). Informational only.
Analyst consensus
- Consensus ratingHold (2.88 mean, 1=Strong Buy…5=Strong Sell) — 9 analysts
- Mean price target$5.08 range $3.20 – $7.00; median $5.00
Analyst estimates, as of 2026-08-21. These are third-party analyst opinions and price targets, aggregated — not a recommendation, prediction, or advice from stocks-llm. Informational only.
Analyst EPS estimate for GEMI
- Consensus EPS estimate-$0.5533 next reporting period, as of 2026-08-21
Change over time is not available yet: it needs two readings of the same reporting period at least 30 days apart, and we have been recording these estimates since 2026-08-04. An estimate for a DIFFERENT quarter is not a revision, so a reading from before the last report is never compared with one after it.
The consensus estimate for the next reporting period, and how it has moved between readings of that SAME period. A change is measured only between readings estimating one period — when a company reports, the consensus moves to the next quarter and the two numbers are not comparable. Informational only, not a forecast and not advice.
Key risks (from latest filing)
["Unprofitable with negative net margins (-278.9%) and significant operating losses ($109 million net loss in Q1 2026), raising questions about path to profitability","Restructuring announced in February 2026 to exit international markets (UK, EU, Australia), reducing revenue streams and signaling operational challenges","High dependence on trading volume and transaction fees, which declined significantly (trading volume down from $13.5B to $6.3B YoY) despite revenue growth from product expansion"]
What changed in the latest 10-Q
AI-assisted comparison of GEMI's 10-Q filed 2026-05-15 against the prior one filed 2025-11-10.
Management's Discussion & Analysis (MD&A)
- Added:
- Newer filing (2026-05-15) references audited financial statements for year ended December 31, 2025, included in Annual Report on Form 10-K filed March 31, 2026
- Newer filing adds: 'In December 2025, we launched Gemini Predictions, a regulated prediction markets platform operated by our DCM affiliate and wholly-owned subsidiary, Gemini Titan, LLC'
- Newer filing adds: 'In February 2026, we announced plans to exit and wind down operations in certain international markets, including the United Kingdom, the European Union and other European jurisdictions, and Australia (the "Restructuring")' with reference to Note 4
- Newer filing adds CFTC regulatory approval reference: 'event-based derivatives alongside our existing crypto trading services'
- Newer filing reports MTU metric of 589,000 (March 31, 2026) compared to older filing's 587,000 (September 30, 2025)
- Newer filing reports Assets on Platform of $11.1 billion (March 31, 2026) compared to older filing's $21.3 billion (September 30, 2025)
- Newer filing reports Trading Volume of $6.3 billion (Q1 2026) compared to older filing's $16.4 billion (Q3 2025)
- Newer filing shows exchange revenue at 34.2% of total revenue for Q1 2026 vs 49.7% for Q3 2025
- Newer filing states retail investors accounted for 87% of exchange revenue (Q1 2026) vs 90% in older filing (Q3 2025)
- Newer filing reports transaction fees represented 48.0% of revenue for Q1 2026
- Removed:
- Older filing (2025-11-10) mission statement: 'unlock the next era of financial, creative, and personal freedom' removed; replaced with 'build the bridge to the future of money and markets'
- Older filing vision statement about crypto redesigning global financial system removed from newer filing
- Older filing statement 'we serve approximately 587,000 MTUs and approximately 10,000 institutions in over 60 countries' (institutions and geographic scope) removed from newer filing
- Older filing reference to '$21.3 billion of assets on our platform' removed; replaced with $11.1 billion
- Older filing mention of 'Web3 studio for NFTs' removed from newer filing
- Older filing reference to 'tokenized equities, backed 1:1 by underlying equities, available to Gemini users in the E.U.' removed from newer filing
- Older filing references to co-branded credit cards with Ripple (August 2025) and Solana (October 2025) removed from newer filing
- Older filing statement 'U.S. credit card' replaced with 'U.S.-based credit card program' in newer filing
- Older filing's Initial Public Offering and Concurrent Private Placement section entirely removed from newer filing
- Older filing reference to 'marketplace fees in Nifty Gateway Studio' removed from newer filing
- Older filing's detailed historical comparison periods (three and nine months ended September 30, 2025 vs 2024) removed from newer filing
- Reworded:
- Mission statement changed from 'unlock the next era of financial, creative, and personal freedom' to 'build the bridge to the future of money and markets'
- Description of Gemini changed from 'trusted bridge between the traditional financial system and the emerging cryptoeconomy' to 'trusted cryptocurrency platform building secure financial infrastructure'
- Vision language changed from 'decentralized future' to 'financial future that is more open, fair, and secure'
- Credit card product description changed from 'U.S. credit card' to 'U.S.-based credit card program'
- Exchange product description simplified; removal of specific co-branded partnerships and NFT platform references
- Revenue model language refined from 'through fees' to 'primarily through fee-based revenue'
- Card Sign-Ups metric changed from 63.7k (Q3 2025, 9 months: 86.8k) to 13.1k (Q1 2026, 3 months)
- Lifetime Transacting Users changed from 1,605k (Q3 2025) to 1,680k (Q1 2026)
- Business metrics table restructured: newer filing shows only three-month comparison (2026 vs 2025) versus older filing's side-by-side three and nine-month periods
- Notes:
- Older filing text appears truncated at end of MTU definition; comparison limited to available text
- Different reporting periods prevent direct period-to-period reconciliation (Q1 2026 vs Q3 2025)
- Some removals may reflect different scope of disclosure in quarterly vs other filing types
- Asset and volume metrics decreased significantly between periods; cause not explained in text comparison alone
Risk Factors
- Added:
- There can be no assurance that Gemini Predictions will gain sufficient user adoption or market share, and there is no guarantee that it will generate meaningful revenue for our business. (added in newer filing, 2026-05-15)
- Removed:
- As we continue to expand and localize our international activities, our obligations to comply with the laws, rules, regulations, and policies of a variety of jurisdictions will increase and we may be subject to inquiries, investigations, and enforcement actions by U.S. and non-U.S. regulators and governmental authorities, including those related to sanctions, export control, and anti-money laundering. (removed in newer filing, 2026-05-15)
- Reworded:
- Changed from 'our ability to grow our exchange, custody, and NFT businesses' to 'our ability to grow our exchange and custody businesses' - removed reference to NFT businesses (2026-05-15 vs 2025-11-10)
- Notes:
- Newer filing text appears truncated at end of document, limiting full comparison of remaining risk factor details
- Older filing text also appears truncated, preventing complete verification of all downstream content
AI-assisted comparison of two SEC filing sections. It describes wording and theme changes only, makes no materiality, legal, or investment judgement, and is not financial advice. Informational only — not financial advice.
Insider activity (SEC Form 4)
0 open-market purchases and 1 open-market sale by insiders in the last 90 days.
- Last 90 days0 buys · 1 sell ($37465) — 1 selling insider
- Last 180 days0 buys · 4 sells ($450856) — 2 selling insiders
Activity heuristic: net selling (a transparent product heuristic from the counts above, not a prediction or advice)
Most recent open-market transaction: 2026-07-02. As of 2026-08-25.
View full insider trading history → View SEC Form 3/4/5 filingsAsk about GEMI's insider activity →
Only open-market purchases (SEC code P) and sales (code S) are counted here. Option exercises, vesting/awards, gifts, and shares withheld for taxes are excluded — they are compensation or mechanical, not open-market conviction. Sales may be planned and non-discretionary (e.g. a Rule 10b5-1 plan) and are not necessarily bearish; open-market buying is not a recommendation to buy. Informational only — not financial advice.
Institutional ownership (13F)
4 institutional 13F filers reported holding GEMI as of 2026-03-31 (quarter-end position, filed within 45 days).
- Distinct 13F filers 4
- Reported shares held 1,798,279
- Reported value $7,948,394
reported quarterly holdings change (2025-12-31 → 2026-03-31): 0 new, 1 increased, 2 decreased, 1 exited. Change counts cover only managers that filed 13F reports in BOTH quarters, derived between two quarter-end snapshots — not same-day trades; a single manager is never said to have "bought" or "sold".
Institutional holdings are quarter-end long positions reported on SEC Form 13F-HR, filed up to 45 days after the quarter ends — they are delayed, are not real-time trades, exclude short positions and most non-US securities, and are not investment advice. Any increase/decrease is a reported change between two quarterly snapshots, not a same-day purchase or sale. These are quarter-end snapshots from the 13F filings on SEC EDGAR, filed within 45 days — not real-time, and any change is a difference between two quarterly reports, not a same-day trade. Informational only — not financial advice.
Short interest (FINRA)
GEMI had 11,198,056 shares of reported short interest as of the 2026-07-31 FINRA settlement date (delayed, bi-monthly; not real-time).
Short interest as a percent of shares outstanding is not shown for GEMI because we do not hold a verified share count to divide it by. The reported figures above are unaffected.
- Reported short interest (shares) 11,198,056
- Prior settlement (shares) 11,968,542
- Reported change -6.44%
- Days to cover (reported) 10.75
Reported to FINRA as of the 2026-07-31 settlement date. Short interest is reported to FINRA and published on a delayed, bi-monthly schedule (as of a settlement date, disseminated roughly eight business days later) — it is NOT real-time, does not cover every venue or all US trading, and is not a short-squeeze prediction or investment advice. Days-to-cover is the value FINRA reports; percent of float is not shown because the source file carries no share-count denominator — where a percent appears it is of shares OUTSTANDING, the larger base, and is therefore a floor on percent of float. Informational only — not financial advice.
Competitors & peers
- Coinbase (COIN)
- Kraken
- Binance
- FTX
- Crypto.com
- Celsius Network
- Upbit
AI-enriched competitor set. Linked names are companies covered by stocks-llm; other named peers are shown for reference only.
Compare GEMI vs…
Frequently asked questions
What does GEMINI SPACE STATION INC CLASS A (GEMI) do?
Gemini is a cryptocurrency exchange platform founded in 2014 that provides retail and institutional users access to trading, custody, staking, and other digital asset services. The company operates a comprehensive platform including spot and derivatives trading, an OTC trading desk, institutional-grade custody, a NYDFS-regulated stablecoin (GUSD), a U.S. credit card program, and a prediction markets platform (launched December 2025).
What sector is GEMINI SPACE STATION INC CLASS A (GEMI) in?
GEMINI SPACE STATION INC CLASS A (GEMI) is classified in the Financials sector. Its industry is Cryptocurrency exchange and digital asset platform. It trades on NASDAQ.
Who are GEMINI SPACE STATION INC CLASS A's (GEMI) competitors?
Notable peers of GEMINI SPACE STATION INC CLASS A (GEMI) include Coinbase, Kraken, Binance, FTX and Crypto.com. This peer set is informational only — not financial advice.
Where does stocks-llm's data on GEMI come from?
Fundamentals and prices come from market data, as of 2026-08-24; company filings and profile facts come from SEC EDGAR. All figures are delayed daily-close data shown with their as-of date — informational only, not financial advice.
Fundamentals: market data, as of 2026-08-24. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-08-24.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.