Gemini Space Station, Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The red rating here is not about the share price and not about the valuation. It rests on two evidenced findings that touch the substance of the business. First, as of June 30, 2026 the CEO and interim CFO themselves classify disclosure controls as not effective, citing five material weaknesses unremediated since the prospectus of September 11, 2025 — including, of all things, the reconciliation of digital assets between the internal ledger and the blockchain. For a house safeguarding $8.4 billion of customer assets that is not a footnote; it is the core control of the business. Second, $258.8 million of the financial liabilities are owed to the founders' family office, with no stated maturity, callable at any time and repayable by the end of the same business day — against $188.6 million of unrestricted cash. A good deal argues against the rating, and it belongs on the record: stockholders' equity is clearly positive at $468.3 million, the filing carries no going-concern qualification, management considers its resources sufficient for at least twelve months, revenue is growing and operating results have improved for a third consecutive quarter. Where the evidence sits between two levels, the more cautious one applies — and here a core business whose volume has fallen to a third in a single year comes on top of the control and dependency findings. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Gemini is one of the best-known crypto brands in the world and has traded on Nasdaq since September 12, 2025. Revenue is growing — $45.5 million in the quarter ended June 30, 2026, up 37 percent — yet the core business is shrinking: trading volume fell from $11.3 billion to $3.8 billion and assets on platform from $18.2 billion to $8.4 billion. The new growth comes from a credit card whose loss provisions almost matched its revenue in the same quarter, from an OTC desk the company itself calls potentially not repeatable, and from an advisory fee paid in warrants. On top of that sit $258.8 million of bitcoin loans from the founders' family office, callable within one business day, and disclosure controls management itself calls not effective as of June 30, 2026. Not investment advice.
Growth
Revenue rose from $98.1 million (2023) to $142.2 million (2024) and $179.6 million (2025), and in the first half of 2026 to $95.7 million from $68.6 million a year earlier. Monthly transacting users grew to 580,000 as of June 30, 2026 from 523,000 a year before.
Core business
In the quarter ended June 30, 2026 exchange trading volume fell from $11.3 billion to $3.8 billion, exchange revenue from $20.2 million to $12.5 million and assets on platform from $18.2 billion to $8.4 billion. The exchange share of total revenue dropped from 60.8 percent to 27.5 percent.
Quality of the new revenue
The $16.2 million of credit card revenue in the quarter ended June 30, 2026 sits against $16.1 million of credit loss provisions after a fraud cohort and $8.2 million of crypto rewards. The $2.7 million advisory fee was paid in warrants, and the company itself flags the $4.7 million of OTC revenue as potentially not repeatable.
Controls and reporting
As of June 30, 2026 management classifies disclosure controls as not effective, citing five material weaknesses known since the prospectus of September 11, 2025 — including the reconciliation of digital assets between the internal ledger and the blockchain. Per the filing, no material misstatement resulted.
Funding and dependencies
Cash of $188.6 million and own crypto holdings of $331.0 million (June 30, 2026) against roughly $481 million of financial liabilities, $258.8 million of which is owed to the founders' family office with no maturity and callable within one business day. Cash used in operating activities in the first half of 2026: $105.9 million against $18.5 million.
Cost rebuild
Operating expenses fell 15 percent from the first to the second quarter of 2026, from $144.5 million to $122.4 million, and total salaries and compensation excluding stock-based compensation fell 20 percent to $27.9 million. Per the earnings release of August 13, 2026, operating loss improved for the third consecutive quarter.
Worth Noting
Gemini reached our research list through the SEC filing list: the trigger was the quarterly report for the period ended June 30, 2026, filed on August 13, 2026. Metrics screens in our in-house stock scanner do not yet apply to a stock that has only traded since September 12, 2025.
Risk of confusion: "Gemini" is also the name of a well-known AI product family from a U.S. technology group, and a zodiac sign. This analysis refers exclusively to the crypto exchange Gemini Space Station, Inc. (Nasdaq: GEMI, CIK 0002055592), headquartered in New York.
Two share classes: the market value of about $555 million refers to all 129.7 million shares (Class A and Class B) at the closing price of August 21, 2026. Counting only the 54.5 million traded Class A shares produces a far smaller number — and omits 58 percent of the capital.
Analyses are written to stay valid: every figure carries its own as-of date. Price, valuation and short interest data are as of August 23, 2026 and are not a reason to buy.
Stock Watch
This analysis is as of September 5, 2026. Stock Watch will tell you what's changed at GEMI since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 3.50 $ to 25.70 $ · Last price: 5.20 $ (As of: September 28, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/29/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Capital Markets
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Gemini Space Station, Inc. GEMI | 0.7 | – | 0.0 | -26.7 | -171.7 | 2.8 | -78.2 |
| Morgan Stanley MS | 305.4 | 16.8 | 0.0 | 87.6 | 40.6 | 11.5 | 23.7 |
| Goldman Sachs Group Inc GS | 270.3 | 16.7 | 0.0 | 82.1 | 38.6 | -1.4 | 16.4 |
| Charles Schwab Corp SCHW | 168.9 | 20.1 | 0.0 | 97.5 | 49.4 | 6.5 | 4.3 |
| Interactive Brokers Group Inc IBKR | 147.7 | 37.6 | 3.4 | 93.0 | 76.8 | 9.8 | 32.3 |
| Robinhood Markets Inc HOOD | 106.2 | 56.4 | 50.1 | 91.9 | 38.5 | 51.6 | -4.4 |
| Nomura Holdings Inc NMR | 29.2 | 11.9 | 0.0 | 78.0 | 30.8 | 5.6 | 37.8 |
| LPL Financial Holdings Inc LPLA | 25.2 | 27.2 | 12.1 | 29.9 | 11.1 | 37.2 | -6.3 |
| Circle Internet Group, Inc. CRCL | 23.3 | – | 42.9 | 22.0 | 6.5 | 63.9 | -28.6 |
| Median of companies shown | 106.2 | 20.1 | 0.0 | 82.1 | 38.5 | 9.8 | 4.3 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2023 | 98 | -312 | -320 | -2.03 | -207 | -110 | 1,211 |
| 2024 | 142 | -166 | -159 | -0.99 | -109 | -261 | 1,594 |
| 2025 | 146 | -524 | -583 | -4.97 | -218 | 541 | 1,802 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | – | – | 43 | – | -172.70 | -5 | -7 |
| 2025: Q1 | – | – | 34 | -7.70 | -411.70 | -18 | -20 |
| 2025: Q2 | -3.46 | – | 34 | -7.70 | -411.70 | 0 | -1 |
| 2025: Q3 | -5.96 | – | 51 | 49.20 | -315.10 | -62 | -65 |
| 2025: Q4 | -1.27 | – | 60 | 39.30 | -513.60 | -138 | -141 |
| 2026: Q1 | -0.85 | – | 50 | 46.60 | -216.70 | -54 | -55 |
| 2026: Q2 | -0.89 | 74.30 | 46 | 32.70 | -236.70 | -51 | -52 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 2 of our scanner strategies — each hit links to the scanner.
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -2.82 | -4.00 – -2.18 | 185 | 75.9% | 3 |
| 12/31/2027 | -2.01 | -2.50 – -1.56 | 222 | 28.8% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Gemini setzt maschinelles Lernen und KI-Modelle im eigenen Betrieb ein — für Betrugserkennung, Identitätsprüfung, Kundendienst-Chatbots und seit Kurzem für KI-Agenten in der Softwareentwicklung —, verkauft aber selbst kein KI-Produkt.
View the full file — quotes, sources, reviewed filings
„We currently use machine learning and AI, both proprietary and third-party technologies, to support our products, processes, and internal operations and have plans to expand our use of AI in the future. For example, we use AI models to assess the risk of ACH fraud and duplicate accounts, assist with identity verification, analyze customer feedback, and power customer service chatbots."
Wir nutzen derzeit maschinelles Lernen und KI — sowohl eigene als auch fremde Technologien —, um unsere Produkte, Prozesse und internen Abläufe zu unterstützen, und planen, unseren KI-Einsatz künftig auszuweiten. Beispielsweise setzen wir KI-Modelle ein, um das Risiko von ACH-Betrug und Doppelkonten zu bewerten, bei der Identitätsprüfung zu unterstützen, Kundenrückmeldungen auszuwerten und Chatbots im Kundendienst zu betreiben.
10-Q · 2026-08-13 · View SEC filing
„Recently, we have begun using AI agents in our software development processes, including to author and review code, subject to human review and approval before code is merged."
Seit Kurzem setzen wir KI-Agenten in unseren Softwareentwicklungsprozessen ein, auch zum Schreiben und Prüfen von Code — vorbehaltlich menschlicher Durchsicht und Freigabe, bevor Code zusammengeführt wird.
10-Q · 2026-08-13 · View SEC filing
„We also use third-party generative AI tools under enterprise agreements for internal use cases such as resume screening and developer support."
Außerdem nutzen wir generative KI-Werkzeuge Dritter im Rahmen von Unternehmensverträgen für interne Anwendungsfälle wie die Vorauswahl von Bewerbungen und die Unterstützung von Entwicklern.
10-K · 2026-03-31 · View SEC filing
Filings Reviewed: 10-Q 2026-08-13 · 10-K 2026-03-31 · 8-K 2026-08-13 · 8-K 2026-02-17 · 424B4 2025-09-15
Rated on August 24, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years no data
- More than 10% revenue growth is expected for the coming year -67.7%
- Share count grows by less than 3% a year no data
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -151.7%
- Gross margin at 40% or higher and without meaningful erosion 58.0%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 44 m net cash
- Operating cash flow covers the profits of the last three years 527 m
- Return on capital at 15% or higher, or up versus two years ago -93.4%
- Insiders hold at least 10% or are net buyers 3.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% 23.1%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 23.1%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight –
- Max. EBIT decline < 50% –
- Return on equity > 15% -145.3%
- ROCE > 15% -93.4%
- Expected return > 10% -19.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 20, 2026 | Stojanovic Danijela | Interim CFO | Sell | 7,940 | 4.05 | 32,157 |
The company
About the Company
Gemini Space Station, Inc. betreibt eine Kryptowährungsplattform in den Vereinigten Staaten und international. Das Unternehmen bietet Gemini, eine Plattform, die es Nutzern ermöglicht, mit einer Reihe digitaler Vermögenswerte und Angebote zu handeln, diese zu verwahren und daraus Erträge zu erzielen; Gemini ActiveTrader für fortgeschrittenes Charting, mehrere Ordertypen sowie die Möglichkeit, mehrere Märkte zu überwachen und dort zu handeln; sowie Gemini Derivatives für den Handel mit Perpetual Contracts mit Cross-Collateralization für Risiko- und Kapitalmanagement. Es bietet außerdem Gemini Prediction für den Handel mit Event Contracts, Verwahrungslösungen sowie die Gemini Credit Card, mit der Nutzer Krypto-Prämien verdienen können. Das Unternehmen bedient institutionelle Investoren, darunter Vermögensverwalter, Hedgefonds, Eigenhandelsunternehmen und Konzerne, sowie private Kleinanleger. Gemini Space Station, Inc. wurde 2014 gegründet und hat seinen Sitz in New York, New York.
- Employees
- 650
- Headquarters
- New York, NY
- Address
- 600 Third Avenue, 10016 New York, United States
- Phone
- 646 751 4401
- Website
- gemini.com
- IPO Date
- 09/12/2025
- ISIN
- US36866J1051
Management
| Name | Title | Birth Year |
|---|---|---|
| Tyler Winklevoss | Co-Founder, Chairman & CEO | 1983 |
| Cameron Winklevoss | Co-Founder, President & Vice Chairman | 1983 |
| Danijela Stojanovic | Interim Chief Financial Officer | 1982 |
| Ryan Todd | Head of Investor Relations & Strategy Lead | – |
| Chris Mariadason | Chief Compliance Officer | – |
| Kate Freedman | Interim General Counsel & Corporate Secretary | – |
| Jeff Tiller | VP & Chief of Staff | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/13/2026 Gemini Space Station, Inc. (GEMI): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 28, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.