Gemini Space Station, Inc. Class A Common Stock (GEMI) Stock

Gemini Space Station, Inc. Class A Common Stock (GEMI) is a Financials stock trading at $4.13 (as of 2026-08-20), with a market capitalization of $501.46M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Gemini Space Station, Inc. operates a crypto platform for purchasing, trading, and storing digital assets such as bitcoin and ether. Its services include derivatives exchange, staking, over-the-counter trading, custody, stablecoin, credit-card access, and NFT-related tools, serving retail users as well as institutional investors.

Understand Gemini Space Station, Inc. Class A Common Stock: how it makes money

Gemini Space Station, Inc. builds a crypto platform where users can buy, sell, and store crypto, and it also offers services like derivatives exchange, staking, an over-the-counter desk, custody, stablecoin, and a U.S. credit card, earning money through crypto-related transaction, exchange, and services revenue.

The company monetizes activity on its crypto platform, with revenue tied to platform usage and crypto trading flows (reflected in platform assets and transacting users) that show up as transaction and exchange revenue, plus additional services revenue.

Revenue by segment (latest quarter)
Services	$0.0B
Exchange	$0.0B
Transaction	$0.0B
OTC	$0.0B
Credit Card	$0.0B

Business quality (Weak): Good: clear operating KPIs and revenue drivers. Limitation: provided revenue line items may overlap, so segment totals are approximate.

Valuation: At 0× earnings, GEMI trades 97% below the Banking average (13×). Note: one-time items can distort reported P/E.

Bull case

Platform scale is sizable, with Assets on Platform of 11.1 USD_B: Large asset base can support ongoing platform engagement, which should be relevant to transaction and services monetization.
Engagement appears broad, with Monthly Transacting Users of 589000.0: Higher user activity aligns with the presence of Transaction Revenue (0.02 USD_B) and Exchange Revenue (0.02 USD_B).
Revenue mix includes meaningful Services Revenue (0.03 USD_B): Services offerings create multiple ways to earn revenue beyond a single product line, such as transaction activity.

Bear case

Profitability is weak, with operating margin of -187.4 for the latest reported period: Operating losses can limit financial flexibility and increase the risk that the business needs sustained improvement to reach durable profitability.
Some service revenue lines are reported as 0.0 USD_B, including Staking Revenue, Custodial Fee Revenue, and Advisory Fee Revenue: This suggests parts of the broader product catalog may not be generating revenue in the latest quarter, or are not yet meaningful earners.
Credit risk signals exist, with Charge-offs of 1141.0: For credit-card activity, charge-offs can pressure results, especially if credit performance worsens.

Valuation — source: SEC EDGAR (first-party)
Price	$4.13
Market Cap	$501.46M
Price / Book	1.07
Price / Sales	2.79
FCF Yield	-48.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$179.57M
Net Margin	-324.6%
Revenue Growth (YoY)	36.6%
EPS Growth (YoY)	-96.7%
FCF Growth (YoY)	30387.4%

Financial Health — source: SEC EDGAR
Altman Z-Score	-1.80 (distress)

Valuation vs Sector & Industry
Sector P/E (Financials)	15.1
Industry P/E (Banking)	12.9

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Altimeter Capital Management, LP ($38.34M)
Institutional Holders Tracked	10

Company
Sector	Financials
Industry	Banking
CEO	Tyler Winklevoss
Employees	700
Country	US
IPO Date	2025-09-12

Related Companies (Business model: Crypto Exchange / Custody / Staking; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.